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That happens a lot and it just keeps going down. Do you use an objective measurement for "sharply declining" or do you just do it by feel?

Looks like you perfectly picked the bottom. How'd you do that?

Glad it helped. Feel free to post some of your own charts if you want. I'd like to see how other people are using this method.

can we have a couple down days, please?

This is kind of generic advice. Why would anyone ever take a trade that isn't a good setup? If I didn't think a setup was good, I wouldn't take it.

Nice work. Nonsense. "Stopping when you hit a weekly goal" is a psychological game that is actually detrimental to your success. How do you know that the remaining days in the week will be losers if the previous days in the week were winners? Winning and losing days are randomly...

The only lines I have are the fib lines. Don't get confused with the big long black line that goes across my chart. That's just OEC's platform showing you where the current price is. That's not a line I drew myself.

Yes. I do something very very similiar to this strategy in my long term account which I hold for weeks/months. Unfortunately I didn't get in on the recent market pullback so I don't have a position right now as the market takes off upward. But that's ok, it won't go up forever.

Have you done any of the following yet? No? Then you're not contributing anything to this thread. Your advice is generic guru advice. "Trust the numbers"? That doesn't even mean anything.

Can you show me which chart you're referring to?

Good troll post. When you are ready to have a serious discussion, or when you contribute any of the following, let me know: - no name calling - justification of your "secret fib #" with a quantifiable explanation of why it works (or, as you put it, why it is "a great # to buy or sell...

The answer to both is yes, but I will reply to them when I have more time. I've been really busy with another project recently. Maybe I'll eventually get around to finishing that book :D On a related note, look at daily charts go up up up. I missed an entry but little bit a while back...

This is why the say trading is a mental game. Sure, you took some profits. But you took them before your target profit. The individual trade doesn't matter, but over all it does matter. What if your next loss puts you net negative, but had you ridden this trade to its true target profit...

For day trading? I just sit there and watch it. I have all my orders placed ahead of time. If I get bored I'll open another website on my other monitor or something. For longer term stuff, I just forget about it cuz we're talking days/weeks/months there. I'm not gonna sit and stare at the...

I was just about to bump this thread and I see there are some more replies :) Finally there are some down days, I may even enter another trade soon. If you want to play it with fibs, then the next buy point for SPY would be at 115.04ish (based off of the triple bottom around 104)...

I was profitable. I had some crazy shit happen in my life and I lost my focus for day trading, so I took a break from it. I think I mentioned in this thread but I basically ended a relationship with my fiance and moved to a new city. I was seriously depressed and didn't have the motivation or...

the only problem with this type of strategy is that when price slowly goes upward after you close out your position (like it's doing now), you just sit there and do nothing. If I was still holding onto my huge position I'd be raking in the money right now, but I sold it at my predefined...

They are obviously randomness and bullshit. My trading strategy really isn't based on fibs at all :eek:

ROFL!!!!!!!!!!!!!!!

Booooorrrrring. Waiting for price to go back down. I don't want to short long term in this market.