When the necklie is broken, wait for a retracment (draw the fib line from the top of the second shoulder to the bottom and wait for the ambush zone). Many traders put a stop loss a little above neckline and the m arket often goes up to take out those traders and push the price temporarily higher.
Sunday, October 25, 2009
Trading Strategy - Using Fibonacci on a Head and Shoulders
When the necklie is broken, wait for a retracment (draw the fib line from the top of the second shoulder to the bottom and wait for the ambush zone). Many traders put a stop loss a little above neckline and the m arket often goes up to take out those traders and push the price temporarily higher.
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