Ok so for my first “trade plan” here on forex.today I actually have a somewhat retrospective lesson that I learned back in 2008 (really!?).
I have no idea how I found out about Forex back in 2008, but I did and like many of you guys I used to watch Forex videos on Youtube. Today I was reminded of one of those videos when price exploded from the 61.8% fib level of the swing high/low formed on the 24th up to the 138.2% extension of that move in less time that it took me to go for a swim with the kids.
I actually shorted the 61.8% retracement of the double top that bounced from the D21 for 50 pips on the button when it reversed back down to retest the 132.480 area, and said to myself before leaving the house that this is going to 133.800 (138.2%).
Slightly bitter sweet to see that target hit without me for 130+ pips, but it re-iterated that lesson from 2008 and I thought I’d share it with you guys 🙂