"The only way to trade with Fibonaccis" journal

Quote from walterjennings:

How do you choose when to draw your trendline? Is it on every flat move in one direction above some minimum distance?
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Can you show me which chart you're referring to?
 
Quote from MemoryofPSEMEL:

yes still using it and it is profitable you just have to trust the numbers and alot people cant seem to do that.
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Have you done any of the following yet?

- justification of your "secret fib #" with a quantifiable explanation of why it works (or, as you put it, why it is "a great # to buy or sell off of")

- when you make a thread where you make live calls

- support for the rest of your claims such as defining what it means to "understand how to trade" or "trade like a cowboy."
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No? Then you're not contributing anything to this thread.

Your advice is generic guru advice. "Trust the numbers"? That doesn't even mean anything.
 
Quote from zxd:

thanks for your response.

Let me ask you something else...you haven't posted for a while, I've read every post so I know the situation, no need to re-explain :)

Have you been profitable with this strategy in the long term? Are you still doing it?
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Yes. I do something very very similiar to this strategy in my long term account which I hold for weeks/months. Unfortunately I didn't get in on the recent market pullback so I don't have a position right now as the market takes off upward. But that's ok, it won't go up forever.
 
Quote from 1a2b3cppp:

Can you show me which chart you're referring to?
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I meant in general. You seem to have a line draw on the chart before you draw the fib levels, just wondering how you decide to draw that line. I'd imagine if you were recalculating the trend constantly, the fib levels would change constantly.
 
Quote from walterjennings:

I meant in general. You seem to have a line draw on the chart before you draw the fib levels, just wondering how you decide to draw that line. I'd imagine if you were recalculating the trend constantly, the fib levels would change constantly.
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The only lines I have are the fib lines.

Don't get confused with the big long black line that goes across my chart. That's just OEC's platform showing you where the current price is. That's not a line I drew myself.
 
So last week I net about 1500...this week at 1722 and it's Wednesday.

I have a question about money management, I'm more than happy to have just $1k per week, what is your opinion on ceasing trading once hitting the weekly goal? Should I keep trading until the week is over or is it wise to stop trading so I avoid losing what I gained and working unnecessary hours?

What do you think?
 
trade smaller after you.ve hit weekly goal, build acct,aquire experience,newer traders tend to play looser when up with house money,and give it back, similar to vegas
 
Quote from ammo:

trade smaller after you.ve hit weekly goal, build acct,aquire experience,newer traders tend to play looser when up with house money,and give it back, similar to vegas
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Well I can't trade any smaller than the size that I'm trading at because I'm trading one contract on the ES (well it starts at 1 contract and per the method outlined averages down with +3 contract +5 contract for a max of 9 contract) But really I can't go lower than that without changing the method.

Do you have any other suggestions? Thanks for your reply btw.
 
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