Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Dear Futures Trader,
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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.
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Tags: E-Mini NASDAQ > E-Mini NASDAQ 100 Future Trading > E-mini NASDAQ-100 Chart > Emini NQ > Fibonacci extensions > micro emini nasdaq > Mini Nasdaq > Mini Nasdaq chart > Resistance Fibonacci Level
Posted in: Future Trading News | Index Futures