Fibonacci Retracement Trading

Way too much information....keep it simple.
Dont worry about how the number are obtained and the math behind it all.
Just use the fibs and extentions and they will give you an idea of where the market should go.
The first support and resistance after the open (or about 30 minutes) will set the tone for the morning. Once the targets are hit, wipe the slate clean and reset the fibs onto the next run.

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Today I thought I would post a snapshot of todays trade.
The consumer sentiment release was this morning.

You really dont have to look far the figure this one out, just take a stroll thru a mall and see how many people are buying stuff.
Looks pretty bleak.
Anyway here is the trade I entered. I took the High and low from open, and placed an order once the opening momentium slowed down. Exited after the release and the price broke thru the 61% fib line.

Profit of $360 after comm.
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The QQQQ had a nice runup before the FOMC minutes release.
Took advantage of this and played a pullback. The runup was overdone.
Used the High after the release as a starting point to pick my trade exit point.
Nice $680 profit after commission.
"Buy the rumor...SELL the news" works again.

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I have a soft spot for Fibs. I use them differently, but the "art" of fibs gives me pleasure. Nice journal, keep it up. It's very clean
 
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