A Royal Setup In IWM

Royal setups are the highest probability setups.  This just means that after the market pulls back within a trend into a zone, all the moving averages on the daily chart are supporting the setup.  

For example in our recent "royal" setup in IWM, price was clearly above the 200 and 50 simple moving averages on the daily chart and we also had the 5/13 ema combo bullish as the 5 ema was clearly above the 13 ema.  The pullback zone was at the 216.33--93 area.  This zone included a 50% retracement along with a 100% projection (symmetry) and two Fibonacci price extensions.  

The actual low was made at the 216.91 level which was directly in this support zone, and so far we have rallied $9.80 from this low.  We still have higher targets at the 228.54 area and also 231.70.  Since we don't always meet targets however, I typically move up my stops as the trade unfolds!