So here are the slightly longer term fib fans I am watching. How close are your line's to mine? Trade yours, not mine, yours will be more accurate for your trading.
I changed this to an 8 hour candle so the image is more visible but let me tell you the times that these fan lines cross the resistance levels as potential times and levels to sell into this trade.The times I see on the 2 hour chart show 8am Eastern tomorrow morning at a price near 1.0100. The next cross happens at the same time, 8 am Eastern on October 1st (Monday morning). How predictive will these be. Are you feeling brave or disciplined enough to buy it now with the hopes or expectations of the price going up to 1.0100 by tomorrow morning.
I want you to be disciplined and not brave and I want you to be expecting the specific move and not hoping. Yes there is a difference. I personally am willing to wait until it gets up a little higher and then trade it rather than taking the short term trade. If you drop it down to an hourly chart there is plenty of opportunity to trade this in the channel, just make sure you are getting out of the trade at the right time.
4 comments:
My fibs are bigger than yours.
Yes, well I have heard that people that have bigger fibs are trying to compensate for smaller account sizes.
So now that the little fan has broke how do you feel about it? It has pushed through and tested the 1.00 level again. Could this be a break or another bounce?
Even with the break, I am anticipating a retest of 1.0000 as the resistance. But we will see. I told all of you to watch and put your hand on the trigger if you were going to trade it this morning. You would be up about 30% on your option priemium/risk.
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