Flag Bounce Emini Fibonacci Grid Update August 4

Aug 4, 2016: 12:49 PM CST

Our Bounce Continued – price fell toward our initial Fibonacci Target and has now bounced higher within the range.

Here’s today’s updated Fibonacci and Emini (@ES) trading levels for your plans and trades:

Here’s a reference guide of how to use and trade from these morning updates.

We still can’t use our larger Fibonacci Retracement Grid levels WITHOUT an actual larger retracement.

There’s no major update on the grid – the 23.6% level remains at 2,145 and the prior high zone is just above 2,170.

We’re seeing a “Flag” or tight parallel trendline channel develop on the short-term rally.

Note the tight intraday trendlines and play the movement toward or away from 2,170 (and 2,145 again0.

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Corey Rosenbloom, CMT

Afraid to Trade.com

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1 Comment

One Response to “Flag Bounce Emini Fibonacci Grid Update August 4”

  1. Orton Says:

    It’s interesting to see where the price goes from this level, I would be closely following it in order to have better results. I mostly love doing scalping which is so much easier to do with my broker OctaFX, as they have tidy spreads from 0.2 pips to high leverage up to 1.500 plus much more, it’s all very good and something which helps up with performance while they also have rebate scheme that gives 50% back on all trading orders.