Symbol: MRVL
Type: Short
Entry: Beginning of 11 bar
Exit: 12h bar at the 119% Fibonacci Level
Result: Would have gained almost 1% @ 119%
MRVL gapped down on opening leaving a mildly strong opening bar with short upper shadow and a long lower shadow. It tried to test both the opening high, and low, within the next 2 bars. Prices began to retrace towards to opening low with the 5eMA closing in. I would have entered on the 11th bar with Resistance protected by the 5eMA. In action, I would have exited on the 12th bar when the price reached the 119% Fibonacci level. However, you can also see that once the price has reached the 119% level, prices began to retrace again, pulling the 5eMA closer. It even broke loose the 119% later and continued to fall to the 138% level.
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