November 23rd, 2021 Filed under Future Trading News, Index Futures | Comment (0)
Dear Futures Trader,
Get Real Time updates and more on our private FB group!
An exercise in Fibonacci extensions….
As the NQ
started moving lower today ( I actually prefer the MNQ as it causes less stomach ache when moves against me….), I was looking for a target profit on a short position a client of mine had.
I draw FIB extension for yesterday sell off move and applied it to the high on the bounce made early this morning….Today it turned out out to be an excellent tool (click for LARGER IMAGE)
….gave me targets, possible trailing stops, possible re-entry and more ( always easier looking back after the fact)….Of course there are many times where this will NOT work but you may want to take a look at Fibonacci extensions as another tool in your arsenal and just Fibonacci retracement….
Short Trading week ahead with Thanksgiving Holiday this week.
See trading schedule below
, be aware of the different reports, what is the market focusing on and the different closing times for the different markets between tomorrow and Friday/Sunday evening.
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time when it comes to Futures Trading.
Futures Trading Levels
Economic Reports, source:
This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.