I'd challenge you to post your entries in real time on this thread posting entry, and stop. You up for it?
"The only way to trade with Fibonaccis" journal
- Thread starter 1a2b3cppp
- Start date
I have been doing that when I can. Check the previous pages, I post live entries along with exits and target profits, and I post screenshots of the trade as it is live and you can see my orders that have been filled and that are waiting to be filled. You can even check the timestamps of the posts and verify it up against historical prices if you think I'm somehow posting after the fact or something.
He appears to consistently enter at the 38% retracement level as the initial entry, then the 50% and 62% as scale-ins. The better question to ask is how he draws his fib retracements, or in other words, how he chooses the swing points. My observation from looking at his charts is that he scales into retracements only after the trend has been established (HH & HL firmly in place), and draws his lines from intra-trend swings, not from the beginning of the trend to its current extreme.
One of my setups works similarly, but I have a lot of filters that dictate what types of pullbacks I'll enter, which fib level I'll enter on, whether or not I'll scale into the trade or not, and under what conditions I'll bail before the target is reached. For example, the first pullback after a strong reversal (carrying lots of trapped traders) tends to be very shallow, usually only hitting the 24% retracement level, but the OP never uses that level so he'll miss on those trades. Conversely, the first pullback after strong reversal isn't a trade you would necessarily want to scale into too much due to the risk of short squeeze, etc., so using that level may not help his strat.
Please don't confuse the fact that I use fibs to say that I believe in their mystical powers or anything... I believe everyone needs an -objective- way of determining how to get into a pullback (if trend trading), and if you're inclinded to fade a pullback, why not use fibs? They're just as good as any other level you could come up with. I also have several other trend-following setups based on price action that have nothing to do with fibs, but different scenarios call for different techniques.
Good trading, I look forward to following this journal for as long as the OP has patience for it.
Today was a crazy day.
-$428.60 from 6 trades.
The 5th trade, (-$1207.80) was bullshit. Price went down EXACTLY to the same level as the base of the fib range, stopped me out, and then went back up to the target profit level. Stupid double bottom
Another big loser in there but at least that one wasn't a BS double bottom. I'm still using the doubled contract sizes (2,6,10) and will continue to do so unless I post otherwise.
-$428.60 for the day
$1,934.80 for the week
-$428.60 from 6 trades.
The 5th trade, (-$1207.80) was bullshit. Price went down EXACTLY to the same level as the base of the fib range, stopped me out, and then went back up to the target profit level. Stupid double bottom
Another big loser in there but at least that one wasn't a BS double bottom. I'm still using the doubled contract sizes (2,6,10) and will continue to do so unless I post otherwise.
-$428.60 for the day
$1,934.80 for the week
Only two trades today.
The first one was a loss, and it was another BS loss. Price went 2 ticks below the stop loss and then reversed and went back up to the target profit (and above).
The second one was the widest trade I've done yet, this time missing the stop loss by 2 ticks and then going back down to the target profit for the largest winner I've ever had in a single intraday trade. And yes, it would've also been my biggest single losing trade if it had stopped out.
I stopped after the second trade because it was almost 2pm (market time) and because I was elated at such a big win and I wanted to deal with those emotions.
$3,056.40 for the day
$4,991.20 for the week
Account: $58,748.30
I'm including account balance now to help show people that, despite what almost everyone on the main forum seems to think, percentage returns are irrelevant when talking about day trading. I used under $20k in margin today. So if I had $20k in my account, I could say "holy shit I made almost 25% today!!!" And if I had $1M in my account, I still used $20k in margin and I still made about $5k today, I could say "I made 0.5% today!" despite the fact that my absolute performance was exactly the same.
The first one was a loss, and it was another BS loss. Price went 2 ticks below the stop loss and then reversed and went back up to the target profit (and above).
The second one was the widest trade I've done yet, this time missing the stop loss by 2 ticks and then going back down to the target profit for the largest winner I've ever had in a single intraday trade. And yes, it would've also been my biggest single losing trade if it had stopped out.
I stopped after the second trade because it was almost 2pm (market time) and because I was elated at such a big win and I wanted to deal with those emotions.
$3,056.40 for the day
$4,991.20 for the week
Account: $58,748.30
I'm including account balance now to help show people that, despite what almost everyone on the main forum seems to think, percentage returns are irrelevant when talking about day trading. I used under $20k in margin today. So if I had $20k in my account, I could say "holy shit I made almost 25% today!!!" And if I had $1M in my account, I still used $20k in margin and I still made about $5k today, I could say "I made 0.5% today!" despite the fact that my absolute performance was exactly the same.