Hi everyone, first idea post. I did a basic fibonacci retracement to determine the 50% and 61.8% pull back levels and set the stop loss to one fib level down (with cushion) , then did a fibonacci extension to determine targets. I set the first target to 88.6% and the second to 100% of fib extensions. Hoping for feedback from more experienced traders. Constructive criticism is welcome and encouraged!!!
Entrance: $1.60-$1.75
Take Profit Target 1: $2.25
Take Profit Target 2: $2.40
Stop Loss: $1.33
Entrance: $1.60-$1.75
Take Profit Target 1: $2.25
Take Profit Target 2: $2.40
Stop Loss: $1.33
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Last chart was labeled wrong. Correct chart here.
My thought is that if the hourly candle closes above the diagonal trend line, the price will go up to the next fib level, apprx $2.09.
My thought is that if the hourly candle closes above the diagonal trend line, the price will go up to the next fib level, apprx $2.09.
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Highest 1hr closing price ever acheived