I've been seeing this pattern quite frequently with fib levels where it almost reaches it and then spikes, hits it then reverses. How strong of a reverse is the question. Good for scalping.
Blasted past trendline and stopped at the confluence of 261.8 and major resistance level. I've been catching this falling knife without a whole lot of success since it the 0.8700 level. Bull flag after bull flag. Fortunately I was able to keep my losses small.
When fibs don't work, it is because momentum goes with a larger fib. More in depth study needed here. The overlapping thereof. There is a lot of math to study, I have to re-learn. It may take me a while but this question will be answered.
To bring it back to meditation, it is like when there are several portals looking, or prophecies. They can't all be the future. Many are false, or partially correct. Like trading, recognizing the truest one brings in more prophetic power (principal to invest) by taking it from the other less true or more peripherally true ones. I suppose this is why there is war and evil in the world. Deities eating each other. Each government, religion, club, clique, sports team, business, insect, person really, having their own prophecy. Nobody has absolute truth. One prophecy supersedes another, until balance. Then a new prophecy is cast (spell or rune in other words). Perhaps another big bang. Gravity being the constant that creates order to the chaos, resulting in Fibonacci levels. The strange attractor? I'm not really grasping what a strange attractor is in chaos theory.
Witnessing how the eternal war works via watching price action.
Stopped out. Tight stops work when catching knives, for the most part. Overloading the position is bad though.
One thing to note is that there really was a Sunday spike, even though it is Monday my time. New weekly candle is the point. I want to study this further. Big players watch the weeklies and add big money when they see a fresh new candle.
It's not quite at the 423.6 level yet, so my current position is likely to stop out if I don't get it to break even soon. Sell entry here. It hasn't broke all the big resistance quite yet.
