"The only way to trade with Fibonaccis" journal

I stumbled across this thread tonight. Funny enough, I've been trading a somewhat similar strategy for a while now. Although mine is a little bit different. Instead of the fib tool, I use the fib extension tool and adjust my averaged entries depending on what the particular pullback is doing. My stop and my targets are also slightly different and based on how far the initial pullback went.

There isn't anything magic about fibs. I agree. IMO, the success of this method is where you place the base of your fib at and why. That leads to more success than anything. Again, just my opinion.
 
Starting this week (most likely on Wednesday) I will be resuming this journal. I am starting to get my life back in order and am ready to begin intraday trading again.

In the past few weeks (while taking time off from day trading) I have been acquiring a large position in weighted ETFs using a similar method.
 
Alright, I am back in the game!

Since it's been a while I'm going to go back to using 1, 3, 5, position sizing.

I withdrew some money from my account over the last few months so my account size as of this morning was $45k. I'll be posting daily PnLs again. Feels good to be back!
 
No trades today. As soon as I sat down and got situated, the delivery guy came with my washer and dryer and I got distracted. Too bad, too. There was a lot of good price action today.

So, as of 6/23/10:

Account balance: $45,000
 
Are you trading any leveraged ETF like TNA,BGU,ERX,UYM,FAS or simple un leveraged index /sector ETF's ? Do you stagger your buys in to them like 1/3/5 size purchases?
 
Quote from keviniyengar:

Are you trading any leveraged ETF like TNA,BGU,ERX,UYM,FAS or simple un leveraged index /sector ETF's ? Do you stagger your buys in to them like 1/3/5 size purchases?
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I assume you mean for my longterm portfolio.

No, I only trade indexes and weighted indexes like SPY, SSO, DDM, QLD, etc., and sometimes the inverse ones

I do stagger my buys into them but I do it a little differently than I do for day trading.
 
Sorry, I had a family issue come up and had to go visit someone last week, so no trading. I'm back and ready to rock this week.

For those of you who expressed interested in my long term positions, for the last few weeks price has been going back and forth in the middle of nowhere, nowhere near any of my orders. I have a decent sized long position of QLD and DDM built up, but I doubt it's going to get closed out any time soon. I have my entry and exit points pretty far apart on this one.

See you guys tomorrow!
 
Quote from 1a2b3cppp:

As I've mentioned before, the majority of my wealth is from averaging heavily into weighted ETFs during the 2008-2009 "recession".
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This sounds like you basically lucked out, and confuse that with some kind of clever or innate skill. :cool:
 
So as I mentioned before, I recently moved. Anyway, Sunday night my internet (Comcast) went offline and didn't get fixed until Tuesday evening.

Comcast sucks. But I missed the crazy action on Tuesday :eek: I was checking the market throughout the day from my smartphone, but all I can do on that is place Scottrade orders. But like I said before, price is so far away from my orders right now that I doubt anything will be happening any time soon in that account.

Anyway, back online now, trading, standby for charts and PnLs. Finally.
 
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