Monthly Archives: March 2007

Sometimes the obvious Fibonacci targets don’t work the way you expect. That’s the time to remind yourself that the objective is to make money — not to be correct. The market opened without much volume and tried to break out … Continue reading →

Today we had more A-B-C patterns, but instead of marking them on the chart I’ve drawn in the pullbacks that made up the “B” sections. Often pullbacks will repeat the size of the previous retracement, giving you a price level … Continue reading →

Single Fibonacci levels often mark turns in the market, but it’s always more reassuring to have multiple reasons to consider a trade. If several Fib measurements line up at nearly the same price it’s called a Fibonacci Cluster. Today started … Continue reading →

After nice signals yesterday, the market wouldn’t cooperate today. We continued yesterday’s closing decline, but none of the turning points matched the Fib levels I was watching. The first pullback didn’t even reach 38%, and the final decline reversed before … Continue reading →

The market often will reverse direction when it gets new information. What continues to amaze me is how often those reversals occur right at chart points that correspond to support and resistance, trendlines, Fibonacci, or High-Low-Close levels. Today I’ve turned … Continue reading →

I don’t think today needs very much comment, but an example of a trading tip appeared during the first few bars this morning. Candlestick extensions above and below the day’s open and close have various names. Some call them wicks, … Continue reading →

I ended the last post saying that I’d be willing to take a trade in either direction, but neglected to mention the third posibility — sideways again. Perhaps all that excitement yesterday was just short covering after all. We started … Continue reading →