Hubert Senters here.
I got a question from Rich. Hubert, I was looking at CMG the other day and noticed since 12/16/2018 and has been almost straight up. Seeing this I did a Fibonacci analysis using fib extensions. The points I used were 326 on 4/23/18. High of $530.68 on 8/16/18 low of $383.66 on 12/26/18 gives the $161.8 extension slightly above it’s recent high. Just wondering if these points were used were valid. It sure would be nice to spot these trades beforehand.
Sorry guys I can’t read today. I’m just borderline. Just crazy. I’m on the struggle bus today so let’s take a look at this CMG. Since this went up, yeah. So I’m going to walk you through how I would do this and then you can see so it’s pretty simple. It should just jump out at you that fib extensions or column projections extensions or trace it. There are all kinds of much different ones.
Using a retracement means it’s coming back towards you an extension means it’s going away from you and projection also means going away from me. So you’re probably right. Here’s how I would do it. I would just go from the dead low here. Then you can go from the high here and then the low here. That’s easy. Yeah. So that’s pretty. It lines up with your – you said $530. I’m saying $519. It’s not a huge difference.
So that’s how I would do it. Now, you could place them anywhere you wanted to. You just want to make sure that you consistently do them low, high, low or low, high, high or low. And then what I would do is after I get this gap set-up I would then do a new one there so that’s how you do it.
You can also do them on multiple time frames and fibs are useless and so are, you know, above or below the cloud it’ll help you out but you may not think you’re fun doing that right there.
When you say just wondering these points were used valid. Yeah. I think you’re doing it just fine. It sure would be nice to spot these trade beforehand. Well, here’s the thing most people spot these trades beforehand. It’s actually having the courage and the discipline to actually do them is the thing, right because you can see trade all over the place.
I mean humans are like pattern recognizing and recognizing machines and sometimes we’ll see patterns even when they’re not there. It’s just having the courage and the discipline to actually place the trade and make sure you have a risk reward ratio that is going to be in your favor as opposed to in the market’s favor. Good question Rich.
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Good luck. Hope it helps. And I’ll see you on the next video.
Hubert.
