Another entry at the 423.6 if the first one doesn't go up. Not that much support on the long term though. Just based on over-soldness.

Swings and scalps

Another entry on the long fib 423.6.

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Head and shoulders. This often means increase in downward momentum.

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Bill Williams calls it a decision. The market consolidates, back forth back forth finally deciding then boom a fib is born with it's subsequent extension.

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image Perhaps I'll move the target up if it gets to breakeven or put the stop at a decent profit level and let it run.

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Is this an actual trendline break? Short on a pullback?

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The last fib was also a rejection of the 23.6 on a smaller scale perhaps this larger one will hold.

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A more aggressive entry on a retrace, just in case it doesn't retest the level.

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Another entry on the 261.8. 23.6 confluence. A look at the 1 min how ridiculous.

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Market down today checking for correlations. Drops faster than it rises, nice volume.

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Set the target back to the 423.6, at least just shy of it this time, not being greedy about to the pip.

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No way. It didn't trigger? Perhaps some consolidation at this level though.

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Confluence of 161.8 levels. Mapping consolidation and break out is what fibs help with the most. Get in on the first pull back and target the extensions. Then, however, other fibs form during consolidation, overpowering one another. I suppose it ...

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Rising above the confusion of all these other support and resistance fib areas. However that old trendline from the 5 min chart for some reason still holds.

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Stopped. About to stop out again. Interesting fib formation though. Fizzling out after hitting the 261.8.

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Re-entry at the channel line.

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The 23.6 held. Too bad I stopped out and had to pay commission twice jumping back in. I had the stop just above the 23.6 but not far enough above it.

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image

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Risking another $1

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I think another test of the 161.8 with more momentum on the bounce is next, unless it really spikes down. Entry order with $7 stop.

Swings and scalps