The Daily is my bread & butter for the big pic.... for shorter term/ intraday moves 15/30 min... It`s also beneficial to use your fibs as profit taking targets... I have a proprietary system for that as a fib extension system that works incredibly well... Fibs, when used correctly, are invaluable to me.
I know why you posted that phrase with a green color. It is because you are smoking the green stuff and you are stoned, because nobody knows the hell you are on about with that. *pass the puff puff man!* Whoop!
Its interesting, but I must be using fib incorrectly, or differently. On every single time frame I could only see maybe 1, or 2 at a push, where any fib levels had a lower bounce off. If anything they seemed to support more upward bounces but again none were on a precise fib level. I did try a few shorts at some fib levels today but the price has blasted upwards through each level again. Unless it starts to change direction now at this pivot point, it looks like its about to blast upwards hard today.
NQ Daily stopped printing oversold last night, woke up tis morning and finally saw same for ES Daily, once this happens it's generally when bulls try to make a push. Given this typical expectations would be 4482 ish on ES as a min target and NQ about 14850ish as bare bones target. Really should not be difficult at all to hit these levels given how much we've came down, plus having FED invent as a catalyst... if the bulls are alive at all. Personally going to look for a setup to fade these area's. Otherwise for the morning just keeping it light and waiting for a strong setup I understand(long or short). For evening will most likely just wait and look to capitalize on people over reacting during FED and trade that reaction.
Grab your fibs at swing hi/ swing lo.... but also need to read Price Action of these levels... also depends where we are in the context of an overall move... time of day, etc.... Perfect example is yest PA... we rallied from 12 - 3pm... I`m big on the 3 0`clock drop or pop.. which is a CT / counter trend set up... we had a 2 top at 4402.. right at the 50% Fib from 1/17 to 1/24 gap day .... at exactly 3 pm ... That was an ideal short set up with 3 confirming indicators! It`s how you piece it together ... you will develop these Spidy senses over many years of screen time... Hope this helps & GL!
Something to ponder... after doing my typical homework last night & referencing LF`s chart here... we have the potential for the mother of all H&S set ups on the D... 550 handle mover! next month or two would act as a right shoulder buildout as well as a move into the sell strike zone... don1t be too eager... this is a long term buildout with, i`m sure a super squeeze spikes or two to make shorties sweat & rethink their position!