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Re: Fibonacci Pullback Strategies
well, I finally found it.
Here's a chart of an actual trade this past Friday. Notice that there's was an earlier retracement to .382 area but I didn't take as it was 11:55 am. I avoid doldrums time at all cost. My entry was at 12:50PM, some sort of risky time for me but hey, you gotta be pushy sometimes.
Yellow vertical lines are cycle finder lines. As a rule I wait 2 cycles before taking profit. In this particular case, note that 2 cycle were passing closing time. I decided to take the 1st cycle as it was wide enough for a market play.
Notice that profit target was on a confluence of the fib extension, but the target failed. I pulled out at the end of the cycle. One of rules is not to leave any open orders before closing time.
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