NQ one hour time frame is in an up channel. I am waiting for a counter trend line break bullish at a known level of U-turn either at the bottom of the channel or above the channel.
Josh, I used an up fib extension at the lowest point from 9.24 at 9am CST to 9.24 1pm CST that made me some money.
I got out at the then down channel's resistance level of 11133 since resistance levels tend to push the market down. However, the market continued upwards to my up fib's extension of 11229. My first question: 1) Should I have kept my position until it hit my up fib extension? I want to say that by exiting my position at the resistance level I was managing my risk. Would that be a fair assessment?
Also, now that we have a proper high (9.25 7am CST to 9.28 8am CST), couldn't I just move my up fib extension rather than wait for the market to drop to support or break bullish and drop on the backside of resistance? Which strategy takes priority; fibs or low prices?
I appreciate your feedback if you are able to address. -Allen
allentguti
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CORRECTION: I did not use a proper low when moving my fib. I should have used 9.24 3pm CST as the low, not 9.25 7am CST. Still not quite sure which strategy takes priority; fibs when applied and moved correctly or trend lines, specifically levels of resistance.
If anyone can shed light, I would be grateful! -Allen
naslondon1978
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Hello Joshua, is it good to buy now and go long?
Thanks
naslondon1978
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Hello, is it good to buy now and go long?
LuisBeltre
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Talk to us Josh will it retest Support?
LuisBeltre
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We got movement bro
naslondon1978
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Hello Joshua, is it good to buy now and go long?
Thanks
I got out at the then down channel's resistance level of 11133 since resistance levels tend to push the market down. However, the market continued upwards to my up fib's extension of 11229. My first question: 1) Should I have kept my position until it hit my up fib extension? I want to say that by exiting my position at the resistance level I was managing my risk. Would that be a fair assessment?
Also, now that we have a proper high (9.25 7am CST to 9.28 8am CST), couldn't I just move my up fib extension rather than wait for the market to drop to support or break bullish and drop on the backside of resistance? Which strategy takes priority; fibs or low prices?
I appreciate your feedback if you are able to address. -Allen