ES Journal - 2019/2020
- Thread starter Buy1Sell2
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Guruji doesn't have a crystal ball, most likely just using std devs of price into natural levels.
That means he ain't saying 'cause he wants you to worship him, rather than teach you to fish.
No
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Could be the 90wma with divergence
could be fibs and measured moved
could be std deviations
Could also be time cycles, lol
but if he's as consistently good as it seems, i'd wager he's using neither
I had 31.25 based on the triple low subtract from the Globex double bottom as shown on the chart, your guy likely used the fibs again and possibly picked his trade entry based on that same double bottom, imo.
I can't make this stuff up @glazier ... I'd bet your buddy is doing either exactly what I do or he is using the fibs or both (likely both) ... I'm not a fib guy but I have said I am aware of them because even if the brilliant ET quants don't believe in them, The Money does ... how else do you think Goldman can go all year without hardly a down day - do you really think those guys are that smart lol. But here's the thing - they want the world to believe there is some super secret model that only they have access to. Maybe in options, maybe in exotics, but simple long/short directional plays - uh uh.
I have my fib tool built as it is precisely because these moves are so common - like, every day common. I even showed a chart earlier to show the HWB and if you look, you will see that fib tool configured just as I have it here.
You want to trade like your guru buy Halsey's book. The charts suck but it will give you enough to figure it out on your own. For the record, I am not Halsey.
There is no magic ... price action, halfway backs, symmetrical tests, and if you still need training wheels, the fibs. Those who are precise with their entries don't know anymore than anyone else ... we simply believe in what we know.
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Lots of ways to do this stuff....everyone has to find their own way.
See if any of this matches up with what he calls for you tomorrow ... interpretation is that 2924 to 30.50 should support any pullbacks (+/- bit here and there) and if a trend move to new high gets underway, the 45's, 48's, and 54's become targets. Trade under the 24's could reset algo's and/or trigger short programs.
I don't regularly trade these fibs as I'm too set in my price action ways so I'm not going to carry on with this either. But glazier, I'm telling you that odds are 99.5% or better that this is what your guru is doing. If you are comfortable with is trading style, then learn this yourself and become self-sufficient.
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