Readers of my blog know I have been a fan of Facebook for some time. After many months of sideways action, Facebook finally broke out to new all times highs in the past few weeks. Recall from my prior post FB Breakout back in March of 2015, I recalculated Fib Levels and came up with what you see on the left.
As the move ran its course, I realized that prices topped out right at the green line at the 89.28 level - or within 12 cents of the level I calculated back in March! Well I took that as a hint and closed half of my position in the lower 88's and at a nice profit. Then as the stock came in and found resistance at the lower snow line about 86 I bought back my Facebook shares sold about 2 points higher.
Needless to say, I am finding the fib levels to be a big help trading around a core position in Facebook.
In the past few days, I have been hard at work updating fib levels for several key stocks that have exceeded the 423% level which is the end of the voodoo sequence. These updates include key stocks suck as AMZN, NFLX, NTES, REGN and TSLA.
Unlike prior posts, I'm not going to reveal the levels here, but I will save the details for those who get the indicator free from my Yahoo Group. You can get my Fiblines indicator for Thinkorswim for free, just send an e-mail to fx-mon@yahoogroups.com.
Good luck and good trading.
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