I use fibs too. You should never chase IMO, but if you trade off of a higher time frame chart you can drill down to a common fib tick chart like a 233 and find a fib swing on that and give it a go. That works best when the market is breaking away straight up or down. Don't try to do this on the fly, have a second chart minimized for times when this happens. If you try to change from a 5 min to a 233 for ex. , and draw a fib swing you will most likely miss it on that chart too. Whatever you do the most important thing to do is be consistent once you have an edge.
AHG - Profitable Strategy for Struggling Traders
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I use fibs too. You should never chase IMO, but if you trade off of a higher time frame chart you can drill down to a common fib tick chart like a 233 and find a fib swing on that and give it a go. That works best when the market is breaking away straight up or down. Don't try to do this on the fly, have a second chart minimized for times when this happens. If you try to change from a 5 min to a 233 for ex. , and draw a fib swing you will most likely miss it on that chart too. Whatever you do the most important thing to do is be consistent once you have an edge.
Hi,
I see a lot of stuff on here with code etc that produces support / resistance lines, fibs, whatever......IMHO I suggest taking everything off your chart for a week or two except price and price only (candle stick or bar) and see how that works out for you. I am not saying don't manually draw in a trendline or horizontal line where you see support or resistance or draw in a rough 50% retrace line but IMHO having something auto print a dot, line, special colour bar etc etc is just something that is going to cloud your judgement.....start with a pure price chart and manually draw in what ya need to as the session progresses and you 'see / feel' where lines should be drawn in.....I am no expert that is for sure but I have been at this a long time and one thing is for certain, anytime I have anything printed on my chart auto besides price it turns into another reason to question, 2nd guess, doubt, ponder and plain old cock up....LOL
Just try it, you may be surprised.
Cheers
PS: I will look at the daily pivot points which are drawn in auto on occasion but that is a secondary chart and I never use that to actually enter or exit a trade, just something I may look at to get my bearings once or twice a day. Probably so insignificant I should not have even mentioned it......not to mention that when I do take them pivot points into consideration they usually cock me up.....hmmmm, perhaps I will stop looking at them immeadiately, yup sounds like a plan
I see a lot of stuff on here with code etc that produces support / resistance lines, fibs, whatever......IMHO I suggest taking everything off your chart for a week or two except price and price only (candle stick or bar) and see how that works out for you. I am not saying don't manually draw in a trendline or horizontal line where you see support or resistance or draw in a rough 50% retrace line but IMHO having something auto print a dot, line, special colour bar etc etc is just something that is going to cloud your judgement.....start with a pure price chart and manually draw in what ya need to as the session progresses and you 'see / feel' where lines should be drawn in.....I am no expert that is for sure but I have been at this a long time and one thing is for certain, anytime I have anything printed on my chart auto besides price it turns into another reason to question, 2nd guess, doubt, ponder and plain old cock up....LOL
Just try it, you may be surprised.
Cheers
PS: I will look at the daily pivot points which are drawn in auto on occasion but that is a secondary chart and I never use that to actually enter or exit a trade, just something I may look at to get my bearings once or twice a day. Probably so insignificant I should not have even mentioned it......not to mention that when I do take them pivot points into consideration they usually cock me up.....hmmmm, perhaps I will stop looking at them immeadiately, yup sounds like a plan
Howdy my teacher Anek
I agree the 50% is powerful which is why I suggested drawing in your own 50% area after 'seeing / feeling' like hey, that last move was big enough, fast enough, important enough, whatever to justify manually drawing in the 50% retrace.....my concern is that some traders will just have these programs drawing in 50% lines all over the shop along with other squigilly lines, dots, etc etc and not really get the feel for what they are trading off of, it takes two seconds to draw in a 50% retrace line after one 'sees / feels' that the prior move justifies some attention on a retrace.....again JMHO and I am not trying to over step my bounds here as I know I have a loooooooooooooooooonnnnnnnnnnnnn
gggggggggggggggg way to go but just thought perhaps trying the price thing could help some traders that are in a state of confusion with all the hoopla on their charts.....
Cheers
I agree the 50% is powerful which is why I suggested drawing in your own 50% area after 'seeing / feeling' like hey, that last move was big enough, fast enough, important enough, whatever to justify manually drawing in the 50% retrace.....my concern is that some traders will just have these programs drawing in 50% lines all over the shop along with other squigilly lines, dots, etc etc and not really get the feel for what they are trading off of, it takes two seconds to draw in a 50% retrace line after one 'sees / feels' that the prior move justifies some attention on a retrace.....again JMHO and I am not trying to over step my bounds here as I know I have a loooooooooooooooooonnnnnnnnnnnnn
gggggggggggggggg way to go but just thought perhaps trying the price thing could help some traders that are in a state of confusion with all the hoopla on their charts.....
Cheers
Quote from Razor:
Howdy my teacher Anek
I agree the 50% is powerful which is why I suggested drawing in your own 50% area after 'seeing / feeling' like hey, that last move was big enough, fast enough, important enough, whatever to justify manually drawing in the 50% retrace.....my concern is that some traders will just have these programs drawing in 50% lines all over the shop along with other squigilly lines, dots, etc etc and not really get the feel for what they are trading off of, it takes two seconds to draw in a 50% retrace line after one 'sees / feels' that the prior move justifies some attention on a retrace.....again JMHO and I am not trying to over step my bounds here as I know I have a loooooooooooooooooonnnnnnnnnnnnn
gggggggggggggggg way to go but just thought perhaps trying the price thing could help some traders that are in a state of confusion with all the hoopla on their charts.....
Cheers
I hear ya Raz, I love my naked charts too
. I do drop those Fibs in during the day though, I just take them back out and mark if I have to. Too much mess!~Cx
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