Daedalus has referred to this before but I thought that this was such a good example it was worth repeating. Irrespective of higher timeframe grids the position you are in is always subject to 2 different fibs in operation. I went short after the 78.6 retrace of the downtrend. When in turn that peak falls 78.6 your fib comes into play again and becomes a high probability turning point which on this occasion was tradeable in its own right. Although my profit target is the 38 area there is an arguement that to make the approach logical the better target might be 23. This squeezes the most out of the trade while having you on maximum alert for the turn
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