This is not the most usual trade I make but I noticed along the years that price tends to hit the 1.27 level of Fib ezxtension and retrace to the baseline 1.
I had calculated the fib extension last week and waited for the price to confirm reading through price-action. It has.
Based on backtesting, it has an 80% history of retracement to baseline levels at least, so I opened a small short position with TP at 159.50 to be conservative and a tight SL.
I had calculated the fib extension last week and waited for the price to confirm reading through price-action. It has.
Based on backtesting, it has an 80% history of retracement to baseline levels at least, so I opened a small short position with TP at 159.50 to be conservative and a tight SL.
