Here are my fib lines for FUBO as requested:
(x) On January 12 some resistance at 32.37 then once cleared it shot up
(x) Today resistance at 38.12 which broke out for a few minutes then ultimately failed
Using the 3min chart I'll explain how to avoid a fake breakout and my next play on this chart
3-min chart:
First and foremost, during the first 30min to 1hr of trading I'd only recommend using the 1min and 3min chart and play breakout levels with strict profit taking, because 9/10 times the chart will deceive you at open...I'd like to point your attention back to the 15min chart, the yellow line is my pivot level which is more important than the fib lines. This line is historic resistance on 5 different occasions and today being the sixth meaning it is a STRONG resistance level. To put it simply, we would not only have to pass the 38.07 fib line (green line), but more importantly conquer the pivot (yellow line) in order for bullish price action to be in force. So, now that you made it this far: If the yellow line is passed I'd play (Jan 15 40c) or (Jan 22 45c) **depending on what day the line is passed ofc** for a day trade.
Below you will find my 3min chart for FuboTV, noteworthy are the green and yellow lines. As you can see we did not have 1 full candle (the entire body) above the yellow line which means the resistance was not passed and thus NOT a breakout, as you can see had you prematurely bought a call thinking we'd breakout you were wrong and would have lost some money lol! However the rest looked good: (1) bullish overbought momentum (green dot on my indicator above the redlines) (2) big green volume (3) squeeze release (high volatility, Bollinger Bands exited the Keltner channel as see by the grey crosses on my indicator)
(x) On January 12 some resistance at 32.37 then once cleared it shot up
(x) Today resistance at 38.12 which broke out for a few minutes then ultimately failed
Using the 3min chart I'll explain how to avoid a fake breakout and my next play on this chart
3-min chart:
First and foremost, during the first 30min to 1hr of trading I'd only recommend using the 1min and 3min chart and play breakout levels with strict profit taking, because 9/10 times the chart will deceive you at open...I'd like to point your attention back to the 15min chart, the yellow line is my pivot level which is more important than the fib lines. This line is historic resistance on 5 different occasions and today being the sixth meaning it is a STRONG resistance level. To put it simply, we would not only have to pass the 38.07 fib line (green line), but more importantly conquer the pivot (yellow line) in order for bullish price action to be in force. So, now that you made it this far: If the yellow line is passed I'd play (Jan 15 40c) or (Jan 22 45c) **depending on what day the line is passed ofc** for a day trade.
Below you will find my 3min chart for FuboTV, noteworthy are the green and yellow lines. As you can see we did not have 1 full candle (the entire body) above the yellow line which means the resistance was not passed and thus NOT a breakout, as you can see had you prematurely bought a call thinking we'd breakout you were wrong and would have lost some money lol! However the rest looked good: (1) bullish overbought momentum (green dot on my indicator above the redlines) (2) big green volume (3) squeeze release (high volatility, Bollinger Bands exited the Keltner channel as see by the grey crosses on my indicator)