Posted by DigiNomad on 9th of Jun 2023 at 11:43 am
78.6 Fib as potential target? Trying to find an example in the
broad market where a bear market rally pushed all the way up to
78.6...could have sworn there were a few examples, but no luck
finding them so far. Happens to me all the time on smaller
time frames, but it looks like a double top is actually more common
on the weekly chart (e.g. 2000 high & 2007 high - double
top).
Diginomad I am amazed you missed the 29th of January 2018. The
market turned down from 2871 off an evening star pattern which
Steve and Matt made very clear in their newsletters. Soon
thereafter we had a trend long signal. Suffice to say, I got
slaughtered. Then we hit a massive wick low of 2529 on the 5th of
Feb. So how far did it go. On the 12th March 2018 we saw the
retracement fail at the 78.6% Fib of2808. Needless to say, this
changed my trading completely and instead of 20-30 contracts
overnight I now only trade 3-4 on a signal or on any of my other
systems. I also make use of quite a few of the macro contracts.
Lesson learned, Sleep overnight dont sweat over every trade.
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78.6 Fib as potential target?
SPX 61.8% Fib hit, Aug 2022 highs is 4325
Posted by DigiNomad on 9th of Jun 2023 at 11:43 am
78.6 Fib as potential target? Trying to find an example in the broad market where a bear market rally pushed all the way up to 78.6...could have sworn there were a few examples, but no luck finding them so far. Happens to me all the time on smaller time frames, but it looks like a double top is actually more common on the weekly chart (e.g. 2000 high & 2007 high - double top).
Diginomad I am amazed you
Posted by mundy on 9th of Jun 2023 at 11:46 pm
Diginomad I am amazed you missed the 29th of January 2018. The market turned down from 2871 off an evening star pattern which Steve and Matt made very clear in their newsletters. Soon thereafter we had a trend long signal. Suffice to say, I got slaughtered. Then we hit a massive wick low of 2529 on the 5th of Feb. So how far did it go. On the 12th March 2018 we saw the retracement fail at the 78.6% Fib of2808. Needless to say, this changed my trading completely and instead of 20-30 contracts overnight I now only trade 3-4 on a signal or on any of my other systems. I also make use of quite a few of the macro contracts. Lesson learned, Sleep overnight dont sweat over every trade.