I drew my FavFib lines onto the chart before the open of this mornings DAX trading. I also checked out how things fitted on my MarketProfile chart. The BUY on the MP chart had not much support but but the SELL had good resistance.
My plan was to take both trades. My backup on the BUY was to double down at the strong VAL support below the FavFib if the market went through the FavFib area.
As it turned out, the BUY was elected first and held. \price then moved up to the SELL where I took profit and reversed to SHORT. Not all the trades work out as envisaged but it's nice when they do. As I pointed out many times in this blog and in my training classes, envisaging is important as otherwise the market catches you by surprise. Envisaging looks at the possibilities and how they fit into my trading plan.
The Market Profile book will go through the whole process of constructing trades in this way.