Hubert Senters here.
Let’s take a look at some free technical analysis tools that you can use to help find better entries and exits.
So in this video, we’re going to discuss Fibonaccis. Now, there are several different ways that you can use for Fibonaccis and there are several different levels.
So I’ve got the lines on the chart here. I’m just going to double left click. I need to format them and you can see it’s got the 0, the 100, 23.4, the 38.2, 50 percent and the 61.8 percent.
Now, lots of people will customize this. I actually like to level up my trading with the leash on so it takes stuff away because usually it’s the paradox of choice.
You have too much information on the chart and you can’t make a really good buying or selling decision. So what I like to do is remove all of them but the 50 and the 61.8.
So but if you can keep monitor if you want to then I’ll just set that as a default then I’m hitting ok. So when I’m looking at this I immediately know that I want to mess with that zone. That’s where I want to play.
Let me show you an example of how this works. So this is the Nasdaq. And all I’m doing. So you can see this is the low in November and that was the high. That’s going to be lined up and go ahead and tell you perfectly with the 10 percent.
Just because I bet it does. Watch one and then two. Look at there. It lined up perfectly. So I like to do this trade which is called an ambush trade where I pick a low, I click and I drag it up to a most recent high.
And then I’ll let it pull back and then I like to bid or buy in that zone. Now, that’s for a long. For a short you can do the exact same thing.
So if you’re going to go long this is going to go from the bottom to the top. If you’re going to do a short then you would do top to bottom so let’s use that same little peak and see what it gives us here.
Let me try this side. I have no idea if it’s going to work out or not but let’s see. Top to bottom. Look at there from top to bottom. It bounced up here and then rolled back over.
Now, that one will shorter lived because this thing is in a major uptrend not a major downtrend so just keep that in the back of your mind.
Now, on tomorrow’s video we would discuss that was it was had to do with a retracement either a long or a short where we’re using the Fibonacci price lines.
In tomorrow’s video we’re going to discuss how to potentially do targets with either extensions or projections.
Trade Thirsty is hosting a webinar with Vantage Point. How Successful Traders Pick Their Stocks, Wednesday, May 5th at 7PM EST. It’s a neat piece of software they have.
3-Day algorithm that will predict with pretty good certainty where it’s going to go up or down and that could be the edge that you need.
I’m going to HYPERLINK you to the registration page.
Good luck. Hope it helps. See you on the next video.
Hubert.
