This morning, I did a quick scalp on SPY. At the time the Fib 123.50 level was visited the STO on the SPY 5 minute chart was around 90, giving me some courage to short for a .24 profit.
Monday, April 02, 2012
The Fib 123.60 Extension Pit Stop
I've seen it over and again: as the price breaks through the current range, the Fib 123.50 extension level is often a pit stop and can be faded for a scalp if you want to be naughty. If that level is a confluence with another support/resistance, then the odds are even better.
This morning, I did a quick scalp on SPY. At the time the Fib 123.50 level was visited the STO on the SPY 5 minute chart was around 90, giving me some courage to short for a .24 profit.
This morning, I did a quick scalp on SPY. At the time the Fib 123.50 level was visited the STO on the SPY 5 minute chart was around 90, giving me some courage to short for a .24 profit.
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