(same idea I already posted, just kinda made the chart a bit cleaner)
I'm kinda thinking we come up, get rejected at the 0.618 level at 43300 (where ill open a short), and we continue back down where I will be looking to close it at 41480 and go long. This one is a bit riskier than the trades I usually take so lets see how it plays out
White lines are fib retracement going from top to bottom, blue lines are trend based fib extension. So estimating the bottom is 41480, I can see the top should ideally be 43300 which then lines up very close to the 0.618 level (red line) telling me that this could be the move coming up
Basically the rules I have for myself will be to open the short, if a 30 min candle happens to CLOSE above the 0.618 level (around 43400) I'll probably start looking to find an exit on my position and take the loss. If a candle can't close above these levels, I'll keep my position open.
Hopefully this works out.
I'm kinda thinking we come up, get rejected at the 0.618 level at 43300 (where ill open a short), and we continue back down where I will be looking to close it at 41480 and go long. This one is a bit riskier than the trades I usually take so lets see how it plays out
White lines are fib retracement going from top to bottom, blue lines are trend based fib extension. So estimating the bottom is 41480, I can see the top should ideally be 43300 which then lines up very close to the 0.618 level (red line) telling me that this could be the move coming up
Basically the rules I have for myself will be to open the short, if a 30 min candle happens to CLOSE above the 0.618 level (around 43400) I'll probably start looking to find an exit on my position and take the loss. If a candle can't close above these levels, I'll keep my position open.
Hopefully this works out.
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Realized i likely put my fib retracement levels at the wrong points.. here's what I'm looking at now with a sell order open at 42725
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finally my order was filled.. lets see where this takes me
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didnt expect that to move up so high, setting a stop loss in minimal profit
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my original sell order placed at 43300 just filled
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re-doing the trend based fib extension I think 41560 is the floor, changing my buy price to that
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took profits on the short and buy order at 41550 just filled