Put the fib at the real breakout level (cause that's where the rally started then) and you get an OTE at 252. that makes good sense in combination with the price action we are seing now ... long wicks down to the ote (typical ote buying) !
it's based on a concept called OTE. Optimal Trade Entry. It assumes that big players (a.k.a. whales) are not interested in taking profits until this OTE level is reached. It's the zone between the .786 and .618 level. the midlevel of .705 is often pretty close to where a bounce happens so that's why I'm using it.
there is more to this concept. If you are interested check out this website and watch the video trading lessons :) cheerz http://theinnercircletrader.com/Tutorials.htm
the trades didn't work. the charts themself are still usefull I hope. nothing tragic about 2 trades going wrong. look at my average risk/reward ratios. they are around 5 usually ... so even after 4 losing trades in a row I'm still profitable :P
I don't use fibs, nor ICT terminology, so I wouldn't know but I know the general direction and bar by bar analysis were showing me another thing altogether.
I'm still bearish, target is a retest of 150 at the very least, down to 86-124 as an extreme move.
After that, hard to say.
I asked Magnus if he could publish it to watch the last dip, maybe to go long with tight stops at the trend line, so merely lost anything, but the R/R was worth it, so I may be faulty for publishing it, I doubt any of us was long during that crush anyway :)
I wasn't long and infact started shorting just after we broke the green trend line :)
There is no reason to say it's your fault that I published it. It's good that I published it :D people can learn from my mistakes aswell