Everyone loses trading index futures

I have had 4 mentors during my trading development.

One of them just happened to use an 89 tick chart for the shortest entries.

Yes it is a Fib number. But nothing really special about it.

I do not believe that ANY time frame holds a special advantage over any other.

The concept really involves trying to trade with the trend of a larger time frame and find retracements with a smaller time frame.

A decent trading plan should work in many markets and many different time frames.

Sometimes, like today, a short time frame can be a hindrance and force too many setups (overtrading).

When that happens it is best to move to a higher time frame perhaps a 15 minute chart and take entries on the 3 minute time frame.

Successfully,

Alex L. Wasilewski
Co-Founder & Head Trader
Trades That Work
www.puretick.com
1-877-GOLONG1 (1-877-465-6641)
 
Thunderdog is correct in my opinion.

Some traders want to use Fib numbers as a "holy grail."

Of course they will show a perfect example where the price retraces to the 50% level and magically resumes its move.

Instead of trading the holy grail it would be better to see "The Da Vinci Code" with Tom Hanks.

Successfully,

Alex L. Wasilewski
Co-Founder & Head Trader
Trades That Work
www.puretick.com
1-877-GOLONG1 (1-877-465-6641)
 
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