This is not the most usual trade I make but I noticed along the years that price tends to hit the 1.27 level of Fib ezxtension and retrace to the baseline 1.
I had calculated the fib extension last week and waited for the price to confirm reading through price-action. It has.
Based on backtesting, it has an 80% history of retracement to baseline levels at least, so I opened a small short position with TP at 159.50 to be conservative and a tight SL.
I had calculated the fib extension last week and waited for the price to confirm reading through price-action. It has.
Based on backtesting, it has an 80% history of retracement to baseline levels at least, so I opened a small short position with TP at 159.50 to be conservative and a tight SL.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.