"My go-to trade is a variation of an X classic. I trade 15-minute charts and plot my Fibonacci lines over the opening range. I look for a pullback to the 50% level, and a valid candlestick pattern and support from a rising 5 or 8EMA. An example from today is VRML, where I entered on a break of the sixth bar's high. I also trade the "beyond the Fibonacci extension" setups a lot on these types of trades, but for the purposes of this comment I just want to discuss the initial setup described above. I have been trading it for 13 months now, and crunching the data my win rate is around 63%. With good money management, it has been a profitable setup but I am curious if any readers have been able to tweak these to get the winning percentage higher. Feedback is appreciated."
Here is David's chart:
Is This Market Headed Higher or Lower?
6 hours ago