Get Excellent Entries Using Fibonacci Retracement

Captured +11% +$2,240 profit on MELA’s +18% move Monday, textbook swing trading right from my video lessons and the daily watch list. Here’s the breakdown.

Monday morning’s watch list at 7:56 a.m. Eastern

“MELA – Good news sent shares flying last week, from $2.08 Tuesday to $4.05 resistance Wednesday. Let’s look for entry above $2.83, swing for 5-20% on the way $3.50 – $4. If you aren’t familiar with Fibonacci Retracement, the tool I used on the chart below, watch video lesson 7.” ~ Jason Bond

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After sending the watch list I went out and ran 6 miles between 8:30 – 9:40 a.m. Eastern. When I returned home, shares were trading above $2.83, as well as the previous days close, $3.04, so I took a position.

Bought and alerted 7,000 shares at $3.07 at 9:56 a.m. Eastern.

Did some day trading in chat, went 4 for 4 making $530 profit.

Ran another 7 miles between 12:30 – 1:50 p.m. Eastern. Monitored the portfolio and sure enough, MELA popped just like the watch list suggested it might.

Sold and alerted 7,000 shares at $3.39 +11% +$2,240 at 3:56 p.m. Eastern.

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What does the jogging have anything to do with the winning trade idea? Well, I’m trying to make it clear, I am not chained to my computer. I make more money swing trading part time than I did when I was a teacher and coach full time. If I can do it, so can you.

Everything right from Video Lesson 52: 7 Step Swing Trading and if you want to be real specific, the macro chat pattern is Video Lesson 2: Continuation Chart Pattern and the micro chart pattern Video Lesson 7: Don’t Chase It, Fibonacci Retracement.

MELA moved +18% Monday, I realized +11% of that move or +$2,240 profit in 6 hours. Yes it was a swing trade, but when we get paid so quickly it’s wise to lock the win and avoid any overnight exposure. Another fine example of executing the strategy I teach.

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