Other readers will always be interested in your opinion of the books you've read. Whether you've loved the book or not, if you give your honest and detailed thoughts then people will find new books that are right for them.
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The chart below highlights the recent bitcoin sell-off, with a rapid deterioration followed by a shallow retracement. That sub-38. 2% retracement provides the basis for a selling opportunity should we see the price break to a new low. As such, the short is opened at $5202, with a stop at $5700 (above the prior swing low). That 500-point stop loss means that we would need 1000 points downside for a 2/1 risk-to-reward (R/R) trade, which was achieved within 36 hours. However, given the possibility for greater downside, it can make sense to take part of your profit at that 2/1 target ($4200), with the rest of the position running to a more profitable target. In such an occasion, you could shift the stop loss for the remainder of the trade to either the break-even point ($5200) or 1/1 profit target ($4700). Deep retracement Looking for entry positions within deeper retracements is another method of utilising the Fibonacci tool to gain advantageous trading opportunities. Once again it is important to take trades close to your stop loss, with these trades being taken actually at the Fibonacci level itself.
About the Author Harvey Rachlin Harvey Rachlin is the award-winning author of thirteen books and hundreds of magazine and newspaper articles. His next book, Song and System: The Making of American Pop Music will be published in March 2020 by Rowman & Littlefield. He is also a lecturer at Manhattanville College in Purchase, New York. You can learn more at his website:.