SPDR S&P 500 (SPY)

[Morphius6]

Nothing proprietary...just style

Just pick a time period of hi lo and draw fib fan if your chart system has it. The key is the current day's prices should be trading between the fib lines you just drew. The time period can be as simple as yesterday's trading... I was looking at the low from 8/4 am low to 8/5 high...and watch the fib lines and today's trading dancing tru them or bounce off of them.

Sorry I can't do a screen shot for you.

The key is to be humble if you are wrong and get out ASAP.

One of my important rules I abide by is preserving capital...trading is the process of receiving cash in return...if you let it expire worthless...you get nothing in return.......thus you are NOT a trader...you're a gambler...and I try not to gamble.

Forgive my banter...I try to help others avoid errors I made very early in my trading career...now 35 years under my belt.