Monday is a US bank holiday so there may not be much action....may be a ranging day. Those are always good for some scalping.
What technique do you use for scalping on ranging days? Do you also counter trade?
Your 2 cts. would be very appreciated.
(ok, now back to trend annalysis!)
Talking about Fibos, I draw them on every move so I get a feeling of the price direction for the moment, I love to zoom out on every tf to get a bigger picture. I like to watch them on 15m tf and refine my entries. Once a trend is defined, Fibos work like a charm to fine-tune entries, sl and tp´s.
I usually wait for it to close a candle below ( if going shot, of course) the next fibo level it just hit. For example, if it retraces up to fibo 61, I´ll get in when it closes below fibo 50. Sl a few pips above fibo 61.
I try to modify my position size in order to set a sl of 50 pips or more, due to high volatility we´ve been seeing these days.
...just my 2 cts.