From the Highs Back to our First Fibonacci Level Jan 11
Wed, Jan 11, 2:11 PM ET, by Corey Rosenbloom
I always find it fascinating when price does exactly what it’s supposed to do – and profitable!
After two “bear trap” failed breakouts, price fell sharply to our first Fibonacci target just now.
Here’s today’s updated Emini (@ES) trading levels for your trades:
As discussed and planned last night with members, we were expecting a swing down away from the 2,270 level at least toward the first target near 2,255 (Fibonacci).
That’s exactly what’s happened today with a rapid sell-off once price failed to hold above 2,270.
We try to keep the method and planning simple and focus on what works – sometimes it’s as simple as level and scenario planning like this.
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).”
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