Tramline Trading – Book [PDF]

Summary
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Tramline Trading – Book

On every chart I open I am quick to apply the Fibonacci retrace levels and to keep them there. This is to give me a handy reference for likely reversals from counter-trend moves and to plan either my exit or to set up a new low-risk trade as close as possible to the appropriate level.

I always start with the most recent significant high and low. Retracements are divided into two kinds; a shallow retrace of 23% or even 38%, and a deep retrace of 62% or even 78%. The 50% level is my favorite target to aim for in most cases.