I've been extremely active today due to the current nature of the market. Here we have another possible opportunity to get in on the upside. I'm stalking a move to the upside providing all the rules are met when this 8 hour candle closes. Once again we're seeing the price pull back to the 61.8% fib level. I don't base my trades off the higher time frames off fibs, they just assist me on assessing how far the price has moved and where it currently sits. As I trade predominately off pull backs, it's crucial for me that I'm entirely conscious of this.
By using the 8 hour as our trigger, we have a trending and converging higher time frame. My only reservation about this trend is on the daily time frame. That spike on the 15th of October has left a sour taste on the charts for me.
It's important to remember, that although we are seeing a lot of opportunities that it's important to only select the best. Ensure you minimise and manage your risk where you feel best fits.
If you're interesting in learning the methods I use, head over to www.tradercobb.com
Peace, and remain patient.
By using the 8 hour as our trigger, we have a trending and converging higher time frame. My only reservation about this trend is on the daily time frame. That spike on the 15th of October has left a sour taste on the charts for me.
It's important to remember, that although we are seeing a lot of opportunities that it's important to only select the best. Ensure you minimise and manage your risk where you feel best fits.
If you're interesting in learning the methods I use, head over to www.tradercobb.com
Peace, and remain patient.