1) Apply the previous day's value area on your chart
2) Draw out the Fibonacci retracement/extension with x.236 and x.618 sequences
3) Look at your $TICK opening - if you have a +1000 open it's likely to be overbought in the early part, DO NOT SHORT until there is price action confirmation ie. the next candle moves below the low!
4) Enter at the next Fib point, set your take profit at the Fib below and your stop loss either at the Fib above your entry or at the close of the first opening bar
5) Commit and don't move your stops!
2) Draw out the Fibonacci retracement/extension with x.236 and x.618 sequences
3) Look at your $TICK opening - if you have a +1000 open it's likely to be overbought in the early part, DO NOT SHORT until there is price action confirmation ie. the next candle moves below the low!
4) Enter at the next Fib point, set your take profit at the Fib below and your stop loss either at the Fib above your entry or at the close of the first opening bar
5) Commit and don't move your stops!