Fibonacci/PPS/Volume/Indicators/
There are so many skeptics out there regarding Fibonacci.. It works for me, and they say to stick with what works, correct?
Anyway, if you're curious about fibonacci and the different ways to apply it, I'm documenting my trades where I used fibonacci for price levels. It's such a great undervalued tool. I love it
Anyway, if you're curious about fibonacci and the different ways to apply it, I'm documenting my trades where I used fibonacci for price levels. It's such a great undervalued tool. I love it
To use Fibonacci in a situation like this, you would need to measure the closing area Friday to the HOD today.
1.40 low - 3.88 high
As you can see from the chart, It retraces to the 2.93 area, volume increases, %R begins moving towards 0.
The second retracement occurs at the 2.64 area. Volume increases, %R moves toward 0. Temp support is formed.
The final retracement occurs at the 2.35 area. Once again, volume increases, %r reverses.
That's 3 trades off of one stock using Fibonacci to identify support.
The reason it works, simple math. The same pattern appears in every chart whether or not you perceive it.
Based on Fibonacci alone, I can tell you NVAX is going to 5.44, unless something changes with the possible "pandemic"
For clarity can you post all your entries and exits? Also, if you believe strongly that it is going to $5.44, are you holding some or did you just daytrade it?
ReplyDeleteThe first position from 2.93 was exited at 3.24. I exited here because it failed to take out the previous fib support, which when it does take it out, it's good indication it's going higher.
ReplyDeleteThe second position from 2.64 was exited at 2.94 after it failed.
Half of my position from 2.36 was sold a/h at 2.90 and I'm holding the rest o/n which I plan on selling on any strength in the morning.
I may keep a very small amount from 2.36.. haven't decided yet.