Hubert Senters here.
I got a question from a viewer.
Hubert, I enjoy your videos. Thank you. I appreciate that.
Could you explain how you use targets for price? I know that you look at previous highs as one target.
Yeah. It’s just good old-fashioned support and resistance on that stuff.
That is obvious. However how you use Fib extensions to develop other targets?
All right Ron so let’s take a look at a chart. So this will work on a bunch of different stuffs. Obviously you want to either be on a massive uptrend or a massive downtrend.
If it’s going sideways it’s going to be damn near impossible you’re going to make money with it. So in this case, we’re looking at MRNA, Moderna.
And it’s probably going higher. It’s in a valid uptrend. So what I’m going to do is I’m going to use a tool in Trade Station called Fibonacci Price Extension. I’m going to grab it.
And then I’m going to find a low, a high and then a higher low. So this is going to be my low point. That right there click twice is going to be my high point and then a new higher low.
If you look at it, it will kind of show you what it’s doing. Start, second, third. So one, two, three. A low point. A high point. A higher low.
Now, it will tell me that this obviously going to go, try to test this most recent high so it’s around $180-ish so that’s about $178. So $178, $180 $212, $245 and then $265. Those are upward targets for MRNA using Fibonacci Extensions for my price targets.
Good luck. Hope it helps. See you on the next video.
Hubert.
