So we bounced off that magic number again

wally_ · Dec 3, 2002

The same I mentioned in the morning: 61.8 FR within the first 30 min bar. This time the drop was much faster and you could have scored even 7 pts. Did you?

I am getting increasingly amused. If I were as smart (read street smart) as MM, I would be able to make a religion out of it.
But I am not that smart, so I simply use it for trading.

It looks that sometimes you cannot beat the simplest of methods.

And now flame me with all your fancy indicators, fancy charts (I use SierraCharts only) and all the other crap that I don't care about anyway.

My point: keep it simple, stupid. And I don't mean it the way the originator of the thread 'Keeping it simple' does, because to me that thread is simply a parody of simplicity.

Have fun, anyway. I definitely did today...

Now I deserve a good sleep...

Eldredge · Dec 3, 2002

What is FR? Thanks.

qdz · Dec 3, 2002

wally is good. wally is magic. Please share your success with me!

By the way, did you take today off early? I wasn't able to.

ddefina · Dec 3, 2002

Can you show a chart of what you're talking about Wally? And what is FR (first reaction?)

Melons · Dec 3, 2002

"This time the drop was much faster and you could have scored even 7 pts. Did you?"

No I didn't, but I came quite close with 8.75. Must try harder.

Jim Bartley · Dec 3, 2002

I think he's talking about a Fibonacci Retracement.

traderkay · Dec 4, 2002

Wally how about a little more detail about this FR method, like post a few charts or something. The better you explain, the more 'credit' you'll get.

maxpi · Dec 4, 2002

I hate to be like one those neighbors that only comes around when they want something but...... I have Sierra Charts and can see how the fib tool plots, do you click on the top of a positive going pivot and then click on the bottom of the negative going pivot? What are you trading, what's the symbol?

Max

wally_ · Dec 6, 2002

Quote from traderkay:

Wally how about a little more detail about this FR method, like post a few charts or something. The better you explain, the more 'credit' you'll get.

I already promised it others who asked me to do the same. There is another thread about it right now that deals with the same thing, but I will revisit my simplified version of 'Fibbonnaci for the poor man' in more detail. Probably this weekend.

wally_ · Dec 6, 2002

Quote from maxpi:

I hate to be like one those neighbors that only comes around when they want something but...... I have Sierra Charts and can see how the fib tool plots, do you click on the top of a positive going pivot and then click on the bottom of the negative going pivot? What are you trading, what's the symbol?

Max

ES, you use it correctly.