"The only way to trade with Fibonaccis" journal

I originally stayed away from this thread due to the title. I thought you were a fibber so I didn't even bother. You have my interest now, however. Nice thread so far.

Maybe I missed something - I understand that you average down @ the various fib levels and are either stopped out take profit at each end of the fib progression. But how do you determine the initial entry point for the trade? My apologies if the answer is obvious and/or already stated.
 
I'm in a trade 9 contracts deep now but I don't know if price is going to move enough in the next 30 minutes before the market closes. I may have to exit early.

If the trade goes to completion, the possible outcomes are:

win: $1,500 (approx after commission)

lose: -$1,150 (approx after commission)

But because of the time factor I might just cut it early for a smaller gain or loss. I'm not worried either way though because my first trade today was a $1,070 net winner.

I'm honestly getting kinda bored sitting here and watching price move 1 tick every 5 minutes. What's going on?
 
I exited at 1165.75 because the market closes in 2 minutes. This makes my loss for that trade just under $600 which is better than if I had taken a full loss, and leaves me net positive for the day.

Slow end of the day.

Even though neither my target profit nor my stop loss were hit, I didn't want to let the trade stay open into afterhours or overnight. That's why I exited now.

$502.20 for the day.

$1,849,10 for the week.
 

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Second trade, same notation.

This trade took forever to close. I thought I was going to have to close it early because I didn't think it would end before the market closed.
 

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3-19 PnL.

Big profit for the day, and it was a trendy day. Someone in the "average profit for a $50k account" thread said I wouldn't do well in trendy environments This system excels in trendy environments (assuming the pullback is far enough to hit the first entry point).

$2,329.20 for the day.

$4,178.30 for the week.

edit - fixed a math error, I can't add in my head, lol.

Week stats:

6 winning trades: average size = $932

2 losing trades: average size = -$709.65
 

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Fibonacci. LOLOLOL

You people are so fucking stupid believing in this mystic numerical time series bullshit.

Take 100 milk bottles and put a lable on them from 1 to 100. Line them up randomly in a shooting range. Grab a 12 gauge shot gun and fire three times randomly into the bottles. You are bound to hit a milk bottle that is a Fibonacci number.

Are you the kind of lost soul who says "look! fibonacci predicted this would happen!"

If so, stop trading. You've lost it. Oh wait, you still haven't graduated from reading horoscopes and ocean tides. Proceed.
 
Quote from FutsTrader111:

Fibonacci. LOLOLOL

You people are so fucking stupid believing in this mystic numerical time series bullshit.

Take 100 milk bottles and put a lable on them from 1 to 100. Line them up randomly in a shooting range. Grab a 12 gauge shot gun and fire three times randomly into the bottles. You are bound to hit a milk bottle that is a Fibonacci number.

Are you the kind of lost soul who says "look! fibonacci predicted this would happen!"

If so, stop trading. You've lost it. Oh wait, you still haven't graduated from reading horoscopes and ocean tides. Proceed.
More...

I feel like you haven't actually read any of my posts. Unless you're agreeing with me, then carry on. If you read my posts, you'll see I think fibs are nonsense and have no magical power, but that's all been explained numerous times.
 
Since I'm only using around $10k margin, I could potentially trade larger size (which would make hedging in the easier).

I'm considering doubling all position sizes to maintain the same ratio: 2, 6, 10 = 18 contracts total.

I like the ratio I am using and doubling it is the lowest increment by which I can increase it to keep the same ration.

Hmm.
 
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