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 Forums ›› Trading for a Living ›› Journals ›› "The only way to trade with Fibonaccis" journal

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 1a2b3cppp   Registered: Sep 2008 Posts: 2554 03-07-10 01:56 AM Journal of my method I discuss here: http://www.elitetrader.com/vb/showt...threadid=192348 Friday's trades (chart: green arrows = buy, red arrows = sell): http://www.elitetrader.com/vb/attac...&postid=2756583 Friday's PnL (PnL screen): http://www.elitetrader.com/vb/attac...&postid=2756589 Edit/Delete • Quote • Complain
 konviction   Registered: Dec 2009 Posts: 1360 03-07-10 02:02 AM Is this an honest attempt at trading fibs with real money? Edit/Delete • Quote • Complain
 1a2b3cppp   Registered: Sep 2008 Posts: 2554 03-07-10 05:51 AM Quote from konviction: Is this an honest attempt at trading fibs with real money? I explained all this in the other thread, but yes. Edit/Delete • Quote • Complain
 konviction   Registered: Dec 2009 Posts: 1360 03-08-10 01:12 AM And you're going to be averaging down at every fib level, like you have been doing in your examples? Edit/Delete • Quote • Complain
 cgeorgan   Registered: Apr 2007 Posts: 101 03-08-10 07:35 PM I don't know how else to say it but your profit appears to be completely random. Would you have shown us this if, after buying @ 1133.75 (your initial fill?), ES collapsed 3 points lower? These levels mean nothing. You can draw a dozen fib lines on a chart and eventually you're going to see prices cross those levels. Does that imply that those prices were "pre-ordained" by your levels? Edit/Delete • Quote • Complain
 1a2b3cppp   Registered: Sep 2008 Posts: 2554 03-08-10 07:47 PM Quote from konviction: And you're going to be averaging down at every fib level, like you have been doing in your examples? Yes. Well, at 38%, 50% and 62% (or whichever price is closest when there's not an exact match). I average down with this method. I'm sure there will be lots of haters and nay-sayers telling me how bad this is, but with properly defined risk and stop losses there is nothing wrong with averaging down. I know where the hard stop is for every trade before I begin. Edit/Delete • Quote • Complain
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