I have already entered this trade as of now in between working my normal job. I want to short the pullback on that huge run up. My take profit is set for 102.5 near the .5 retrace. I am expecting it to hit the monthly/weekly ghost pivot (purple m) or go as far as the weekly pivot at the .618 retrace.
Trade closed: stop reached
⋅
Trade closed at stop for a profit of 245 on a 1.0 lot. I will look for a good re-entry and pursue this until the end of the week because I don't think it is done yet.
I rarely use fibs but am starting to incorporate into my trading. Someone here helped by showing me the top to bottom adding of fibs but I believe this is only handy when the market is going down - when up, it's good to start 4rm bottom to top, 4rm my experience:) Keep it up!
TradZ
⋅
I believe your Fibs are placed incorrectly. If you start from top to bottom and go no further than the bottom of green bar, you will see a retracement@103.35 area on the 0.618:)
Dreadlegion
⋅
Ah ok thanks. I'm still new to the fib thing but you are probably right. Using that low point seemed good to establish a low low.