A "Royal" Fibonacci Trade Setup In DIA

Carolyn Boroden By

Earlier this week we had a nice "royal setup" in Dow Diamonds (DIA). 

We saw a healthy pullback in this name and saw support anywhere from 490.24-492.56. The actual low was made at 492.49 which was directly within this cluster. It triggered for a swing trade on both the 15 and 30 min charts with the 8/34 ema crossover, and today (Friday) we've already met target 2. We saw a rally of $15.40 from the low. 

If we do continue higher, target 3 is 517.81. With 2 targets met very quickly though we are ratcheting up stops now.

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