9:52am - I'm craving bacon
Trading Tip- This one may be controversial, as everyone seems to have their own methods and applications of the common Technical Analysis tools. The Fibonacci Retracement is perhaps one of the most inconsistently used tools across the board because there can be so many starting points to choose from. Over time I have found that the starting point of the Fib should be at the bottom of the candle the day before large volumes arrive. It provides the most consistent bounce targets when trading charts that receive sudden volumes like we always see in the spec market.
In this example it's 0.24; the yellow arrows showing where the start of the fib is in each chart below.
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