Emini Trades Down Toward and Reverses at our Fibonacci Target Dec 29
Thu, Dec 29, 2:31 PM ET, by Corey Rosenbloom
Today’s session reminds us exactly why you should bookmark our page and read our morning Fibonacci target updates if you’re a short-term trader.
Why? We’ve had the same Fibonacci Grid since December 15th and price reached our initial target three times since then and today broke under that key level and traded straight down to our 38.2% target… and then reversed up away from it.
Valuable information to have? You bet. You’re trading blindly without it.
Here’s today’s updated Emini (@ES) trading levels for your trades:
As I mentioned in the teaser, we were targeting the 2,238 level IF and WHEN price broke under our 2,251 level as was expected for a steeper pullback.
That’s precisely what happened yesterday and today with price breaking 2,251 and falling toward 2,238.
You had a series of short-term intraday trades to take as price moved toward this target.
What now? It’s a target for a reason – look for price to bounce “up away from” it.
If you’re new to this style of simple level trading, welcome aboard and keep checking back or get more details beyond just the @ES (stock scans, money flow, education) by becoming a member!
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”
SDI Glossary: "price" Definition
SDI Glossary: "Finance" Definition
SDI Glossary: "Stock" Definition
SDI Glossary: "Trend" Definition
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