Monday, November 16, 2015
Its been a wild few weeks in financial markets. One of my favorite stocks Facebook had a wild ride after earnings, rallying from the high 90's at my last post up to the upper snow line just south of 110.
Recall this was one of the potential stopping points from my blog post FB Breakout - Again.
Since then noticed how Facebook bounced off the white line at 109.75 (within 8 cents) then sold off down to the lower red line at 100.45 (within 2 cents) then bounced hard.
I used this information to sell against the upper part of the range, and buy into the lower end of the range. The trades were not perfectly executed by any means. But it shows the power of the Fib Lines in predicting support and resistance levels ahead of time.
FYI - you can get my Fib Lines lines indicator for Thinkorswim for free, just send an e-mail to email@example.com.
Take care and good trading.
Posted by C. Smith at 5:36 PM