Breakout and Fibonacci Retracement with Uptrend Would like to share my trading strategy that combines the three elements as below.
1. Identify a stock that has been in a consistent uptrend
2. Consolidation for longer period. (Above case: > 120 days)
3. Use Fibonacci retracement levels to identify the potential support for first fraction shares buying opportunity.
4. Use trendline to identify the potential support for the second fraction shares opportunity.
This trading strategy combines technical analysis and trend-following principles.
Remember, no trading strategy is foolproof, and risk management is crucial.
