Replies to post #44132 on lowtrade

[lowtrade]

Perfect example of planning the trade and trading the plan.

Trade 2.30 to 2.50

Trade 2.20 to 2.90

Looking for bounce above 50% FIBs

FIBs bounce was tradable, but because it was below 50% continuation may not break top resistance. Trade 2.90 to 3.40


FIBs retracement Rule of Thumb;

If flag 1st bounce comes from 38% expect top resistance broken on bounce. If from 50% expect top resistance on bounce. From 61% expect 38% and from below 61% expect 1st bounce to reach 50%.

Tip; the more FIBs retracement lines crossed, the lower the odds for top resistance to be broken again.

Tip; Flags usually come in 3's