Convergence at oil
What a day on WTI OIL! Very good setups, but later strong move up. Look at this – almost 2.5$ up in 2 hours.
But if you were short and were using Fibonacci extensions, than you probably were in cash when that move took place.
The key was to draw properly Fibonacci ratios. First one was from top at 97.20 to low at 96.23, second one was from top at 96.70 to low at 96.04. First entry was at break of red support line, great exit point was at 161.8% extension where was convergence.
Later we had second chance to reentry short position and close it at 261.8% extension.
Look closely at chart and learn 🙂