Using the Fibonacci extension to catch the next target. You take the most recent low and the most recent high and then the most recent pullback. the pullback should go to around the .236 retracement for optimum performance. In the case below, the pullback is .382, not perfect but it'll do for now.
Most important thing is your out, placing stops a tick below the most recent low.
A target of 1.6 times the difference the most recent high and low is the target. It's not uncommon for the price to hit 4.6 times the difference the most recent high and low.
Sometimes they fail too....... I know it's hard to believe, but this trading business isn't 100%
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So in ending........ Use critical thinking and think for yourself.
