TraderWise

It’s hard to come up with a good title that gets you to read a post about “Fibonacci Confluence,” but it’s an important and useful tool you can learn - if you haven’t already - that can help you uncover possible targets for intraday traders to play for, and also areas of hidden resistance (or support) that sets up a reversal trade when combined with other indicators.

Let’s take a look at today’s Fun Fibonacci Confluence in the intraday SPY.

The 15-min chart sets up the grid we used today: