Here’s Why You Need To Watch The 61.8% Fibonacci Level

Shortly after the
release of the Philadelphia Fed Index
,  Nasdaq-100 Trust
(QQQQ) broke out to a new high of the day. No lunch for traders today?

(Charts courtesy of QCharts)

10:58:22 (from TradersWire)



Action

Symbol

Order Type

Setup

Stop

 Target

Current Price

Posted By

Buy

TASR buy stop at 7.96

positive stochastic divergence
7.91 8.09 7.92

TK

TASER International (TASR)
gapped up at the open on the news the company received orders from the United
Kingdom. The stock hit 8.40, but sellers and profit takers immediately stepped
in. As you can see on the 5-minute chart below, TASR began to form a support
level at the 61.8% retracement level. Also the stochastic was starting to show a
positive divergence. I placed a buy stop at 7.96.

11:47:09 (from TradersWire)

Follow up on TASR (Pt 2)

It has reached our target. Sell half. Keep stop at breakeven. 

If you have questions, feel free to
mail
them to me.