DislikedSo your bias is long because yesterday price trended up. And if the price broke the short fib you would also go short.
I assume these are high proability trades compared to the scalps.
Do you stop orders for entry?
You also have the daily Trend set, and range (retracement) set so you would basically use those fib levels as potential S/R - and if one of those were close to the current intraday long you would proably also like to see price break the higher time frame fib as well before entry.
Am I understanding this correctly?Ignored
The Daily fibs give me my direction in the market(Uptrend,Downtrend and Retracement fibs are all Daily fibs sets. I trade the Daily fibs with the Intraday and Swing fib on the 1 hour timframe. Mainly so I can get in and out of the market without suffereing from the drawdown as opposed to trading off the Daily chart and waiting out all the up and down in the market, both ways can be traded this way. Basically trading the Intraday as price moves between the Daily fib levels.
I use Stop and Limit orders it depends on which side of price I am from where I want to enter.