"The only way to trade with Fibonaccis" journal

Quote from TraderZz:

Give me a symbol, I'll make a live call for you using fibos.

I won't guarantee the fibs are the %s others use, just that I'll do it realtime and take a stop if I'm wrong :).
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Make your own thread and do so. I'd follow it.

I've never seen anyone other than myself make live profitable calls using fibonaccis
 
So, the original base level for the fibonaccis on this trade was $129.55. But as I stated earlier, I'm not going to close out my position there.

However, it provides an important point for some of the hedging.

So with an aveage cost of $132.70 and a closing price of $129.01, I am currently down -$6,642 on this trade.

Here's the math so far for the long side:

long 200 shares SPY @ $134.22
Long 600 shares at $133.32
Long 1,000 @ $132.
Avg cost $132.70
Open P/L: -$6,642

I haven't discussed hedging yet in this thread but I am up roughly $3,801 on my hedge, bringing the total open P/L to around -$2,841.

The question I am now dealing with is what to do with the hedge. Keep it open? Add more? Close it out?

This is what trading is all about. Not indicators, not predicting direction, not any of the crap that the gurus try to tell you about.

Question: What do your fib gurus do in positions like this? Lie? Ignore the trades that aren't going in their favor and supporting their MAGIC FIBONACCI TECHNIQUES? How about you guys who are paying monthly fees for their fib trading rooms? How much money are you making???
 
All you guys paying money for instruction from fib gurus: ask them to show you with their MAGIC FIB NUMBERS where the market is going to turn around and start going up.
 
Quote from clarodina:

the price now is below your 0% line for the position you took

did you sold your position?
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No, as I mentioned earlier I wasn't going to sell if it went below the 0 line. You have to follow that rule more literally when you're day trading with tons of margin. I don't believe this trade is a lost cause and I'm not in any danger of blowing my account (the way I might be if I was heavily leveraged with ES, for example).

As of close today:

SPY: -$10,170
Hedge: approx $4,830.70

The hedge lessens the loss so I'm not really down $10,000 at the moment.
 
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