From the Highs Back to our First Fibonacci Level Jan 11

Jan 11, 2017: 1:53 PM CST

I always find it fascinating when price does exactly what it’s supposed to do – and profitable!

After two “bear trap” failed breakouts, price fell sharply to our first Fibonacci target just now.

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

As discussed and planned last night with members, we were expecting a swing down away from the 2,270 level at least toward the first target near 2,255 (Fibonacci).

That’s exactly what’s happened today with a rapid sell-off once price failed to hold above 2,270.

We try to keep the method and planning simple and focus on what works – sometimes it’s as simple as level and scenario planning like this.

If you’re new to this style of simple level trading, welcome aboard and keep checking back or get more details beyond just the @ES (stock scans, money flow, education) by becoming a member!

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Corey Rosenbloom, CMT

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Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”

1 Comment

One Response to “From the Highs Back to our First Fibonacci Level Jan 11”

  1. Henry Says:

    I always prefer trading when the trend is strong, but we need to make sure we keep things tight with strong money management, as only then we will be able to perform well and will be able to achieve greater results. I do it all nicely through OctaFX, as they are awesome by all means with having low spreads, high leverages, bonuses and even more; it’s all picture perfect here and helps me working out nicely and keeps me entirely comfortable.