DislikedThis is an illustration of the difference of entering from the inner levels vs waiting for the high or low to break. As a beginner it may be best to wait for the high or low to break and thats a good way to learn trading since you are trading a support or resistance break that way. Just wanted you to know Im not saying you did it wrong just that I developed my strategy from entering where the trades begin, not necessarily waiting on a support or resistance level to be broken or breached.Ignored
Hi Bo,
I realize the chart above is just an illustration but I dont see how a trader could have entered at the March 17 14:00 time point at price 2.0087 since the fib could not have been drawn until a few bars later at 2.0023. low. And so the 2.0087 point would not have been defined until after the fact of price already hitting the 2.0023 and retracing in order to draw the fib low.