After completing a perfect bull flag (in pure text-book example) as expected, the US Dollar Index is now forming a bearish ‘sell’ signal at the target of $80.50, which is worth our attention.

Pardon the purposeful alliteration, but let’s look at the Daily Dollar Doji Sell Signal:

It’s hard to come up with a good title that gets you to read a post about “Fibonacci Confluence,” but it’s an important and useful tool you can learn – if you haven’t already – that can help you uncover possible targets for intraday traders to play for, and also areas of hidden resistance (or support) that sets up a reversal trade when combined with other indicators.

Let’s take a look at today’s Fun Fibonacci Confluence in the intraday SPY.

It’s true that failed trades sometimes can teach us more than successful trades, especially if we take the time to learn what went wrong – as in “Did I make a trading error” or “Did the market do something unexpected?”

There was a particularly high probability trade set-up that triggered late Friday afternoon that failed due to the afternoon surge, but there were a few hints and lessons we can learn from this experience, so let’s take a look!