V Pattern (XYABCD) FIB# calculation YA= XY * 1.618 (also could be 1.13, 1.272) AB= YA * 1.272 (also could be 0.786, 1.13,1.618) BC= AB * 0.382 (also could be 0.5, 0.618 ) XD1= 1.618 extension of XY XD2= 2.24 extension of XY XD3= 3.16 extension of XY
I will create detailed trading plan according to following price action: 1. If Price goes into demand zone at least 10% 2. if any Reversal candle in demand zone 3. if any faulse breakout 4. If down trendline break near demand zone 5. If a breakaway Gap near demand zone 6. If Bounce up and cross over SMA8
I created similar V Pattern projection on SPY 3/27/2020. It had been proved by market price action. See the linked Related Idea.
Comment
I prepare to long the Pullback, but GLD did not go down any more. If I sold some put at that time, at least, I got some money for lunch. Next time, I need to plan more strategies in option.
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