Yahoo gapped up but could not really make a solid move above the ORH. At 11:30 price broke below the ORH with a solid red bar and then YHOO printed 2 IBs. I entered on the break of the second IB's low and exited at the 50% fib retracement line. I plotted my fib ext lines from the previous day low to the ORH following Trader X post: Fibonacci lines, indicators, and the Holy Grail.
1 comment:
Great trade.
Why did you choose 50% fib. retracement as target? Trader X does not mention anything about 50% target.
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