GOOG — A Healthy Pullback Sets Up a Possible Entry Point

GOOG ($729.07, down $10.92) is finally experiencing a much healthier pullback after meeting important daily targets when the 1/10 high was made. There are actually 3 zones that I’m watching for a possible entry on the buy side for a swing trade now. Since I really can’t tell you which IF any of these zones will put in a low, the way that we play it is we wait for a trigger to fire off if one of the zones is tested and holds.

For example, so far we are holding above the first key decision at the 725.00 area, but I’m NOT yet seeing any buy triggers on the 15 or 30-minute chart. Using the 15-minute chart would be the more aggressive entry. For more information on how to use these levels with triggers, please refer to my website document:

http://www.fibonacciqueen.com/fibqueenguidelines.pdf

If we do hold above the 725 area and trigger, the initial upside target comes in at 747.15. If one of the lower zones is tested instead, the target will have to be recalculated.

Remember the formula: Trade setup + trigger = entry and then you manage the trade. No trigger = No trade!!