Fibonacci Bounce Emini Update Aug 3

Bycjrosen

Yesterday’s sell-swing took us straight to our Fibonacci Retracement target ahead of a bounce up off this pivot.

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.

Price broke the support at 2,150 (short-term range) and plunged straight into our 2,145 Fibonacci Level.

After a little nip under this spot, buyers intervened and bounced the market up away from our support target.

Today gives us a bit more upside action and we’re focusing on 2,150 and 2,145 again as target/pivots.

Want these levels and additional analysis/strategy planning in advance each evening?

Get these levels in advance with in-depth planning and trading opportunities by joining the Daily Membership.

Afraid to Trade Premium Content and Membership

Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.

Corey Rosenbloom, CMT

Afraid to Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

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).

Similar Posts

Patterns in Priceline PCLN Range and Breakout Levels

Bycjrosen

Priceline (PCLN) gapped down from a lengthy trading range yesterday but may be trying to re-enter it. Let’s search for “Patterns in Priceline” and plan any trading opportunity from there: First, let’s focus on the Rising Range Price Pattern as highlighted above. PCLN is a high-priced stock that traders can approach with option strategies, even…

|

Remember Remember the Fibonaccis in November

Bycjrosen

Borrowing a phrase from the Guy Fawkes Day chant “Remember, Remember the 5th of November” (popular in the United Kingdom), I thought it was fitting to take a look at the “Fibonaccis in November,” namely the Dow, NASDAQ, and S&P 500 61.8% large-scale Fibonacci retracements – which are playing a role in the current market…

|

July 12 Market Internals Reveal Dangerous Divergences

Bycjrosen

A standard mid-day check of market internals shows us a blatant negative divergence – this time with market internals turning negative as price clawed its way to a new swing high this morning. It’s a situation you certainly need to watch closely.  Let’s take two perspectives of the SP500 Market Internals. First, the standard view:…

| |

What Happened to Monsanto MON? Lessons from the Fall

Bycjrosen

Last night I was doing relative strength analysis on stocks to the S&P 500 year to date and found out that Monsanto (MON) was the second-worst performing stock – relative strength wise – in the entire SP500 year to date. It wasn’t that long ago that Monsanto and Potash (POT) were high-flying stocks that swing…

2 Comments

  1. Pingback: Fibonacci Retracement Target - TradingGods.net

  2. Got to be seriously careful with these bounces, as it could be very dangerous with things, so that’s why we got to be very wise with everything. I always keep myself comfortable and relaxed with everything. It’s to do with OctaFX broker where they have outstanding conditions with tidy spreads, high leverage, bonuses and many facilities like those, it’s all what makes me trade with comfort and allows me to be successful as well, so brings a lot to the table.

Comments are closed.