This strategy works on all time frames and all markets.
To become a target trader, you need to know exactly where your entry, stop loss, stop to entry and take profit levels are before entering a trade. By becoming a target trader you will be able to easily know all of this and more.
Markets trend, retrace or consolidate and then trend and by understanding that markets consolidate between 61.8 and 38.2 of the extension Fibonacci levels we are able to plot a kind of “road map” for the market. Just as in the image below.
This Consolidation Fib strategy is one out of five strategies using Fibonacci levels that we trade together over Zoom in our live trading room. All of these strategies have helped us and our community of traders to know where we are and where we are going in the market and thus we are able to reduce fear to a level that enables us to make clear, calculated decisions. Our goal is to train and mentor our community to become the best traders they can be. Once you start trading well the money will follow.
– Patrick Moore, Trader