More Fibonacci

How I knew where SSW would hit its low and how I knew where to take profits on COIN

Instead of looking at resistance on the chart, which is always helpful as many traders look for previous price levels as resistance/support, many people use Fibonacci. As you can see from this chart of COIN, it broke the price resistance from March. 

To use fibonacci for areas to take profits, first you measure the daily candlestick so that 161% moves up.. This becomes your first level to take profits. As you can see from the chart, my target of 1.76 was off by .03. If you used previous prices on the chart, you would've missed the high by .13. A .10 cent difference. 

Here is a chart of SSW. A person in the chatroom I frequent was playing the bounce. He bought in at 7.01 (a round number) and decided if it was to go lower, he would average down. After it broke 7, I told him not to touch it until 6.22.

The next day, 6.20 was the low of the day. You can see from the chart where I got this number.