Added another short here, we are at the top of the 2nd leg up of todays up move and there is a large chance of a meaningful retrace here at ATH. First target 3012, second 3005ish, intraday time perspective. Short term timeframe im looking at a break of the 3021 trendline. The 1m steep trend line has been broken and retested as you can see on this second screenshot, further adding confidence in my short trade.
Yes I use fibs a lot for targets and to find S/R preemptively. I combine them with trend lines and my 20 EMA and that makes up the gist of my trading style, add in some experience, pattern reading and acting on my intuitions and voila.
This isnt what I wanted to see, losing confidence in the short but I am wondering if its just a 1 tick above trick to fool the shorts or if its gonna be a slow cooker up for the rest of the day. Dumped half of the position here at a 2.75 pt loss, keeping the other for a potential retrace and will reevaluate there.
but u got give it to him, he does see the big picture, i use 10k and b1s1 as my over all trend indicator, ha ha