Fibonacci Price Cluster Setup In NFLX

Fibonacci price clusters that include symmetry projections are some of the best setups available ... especially when they are setups in the direction of the trend.

We had a recent price cluster setup in NFLX at the 614.61-616.75 area.  Note that the actual low was made at 617.15 (which is close enough to the zone to watch for an entry).

Using a 5-min chart to sneak into a swing trade here, the entry was around the 629 area when we saw the 8/34 ema crossover to the upside along with taking out a prior swing high.

The initial upside targets have already been met ... so at this point I just say that I would trail up a stop on any longs.  A tight stop would be below 660.03.  Another swing low you can use for a stop is the 652.69 low. 

Remember the setup was the buy cluster, the trigger was a 5-min entry, and managing the trade starts with your initial stop below the zone...and then you trail it up as you go.

Carolyn Boroden, who is renowned for her expertise in Fibonacci price and timing analysis, hosts the Fibonacci Market Analysis service at ElliottWaveTrader.