Though I was not trading today, I kept an eye on any potential nice setup. I saw a setup in E-mini Russell 2000 futures. Though final target 161.8% fib level was not achieved, It did hit 138.2% which was good enough to cover commission and bag some profit.
Q & A
- Is the trend up or down? Would you be looking to get long or short this futures contract? Trend is up. Looking at Long
- Where would you get long/short this futures contract ? Long above 12th bar high which is a inside bar above Fib extension
- Where would you put the initial protective stop? Below 12th bar low
- When would you stop trading for the day? After position is established/2pm NY time
- Where would you exit the position?Target Fib extension 138.2% and 161.8%