Appears to be breaking out of symmetrical triangle to upside. using fibonacci from top to bottom of triangle. Stop placed below 38.2 fib, target just before 61.8 fib. Suggestions?
Well, this is not poker. Actually it could only help me. I made a prediction, it is playing out as expected. If people see that and make the same bet it is going to help push the price in the direction I expect it to go. Am I wrong? Seems like that is the overall vibe I get from this site. Everyone talks about how they make money consistently with their system, but no one says how. I understand if you are using a very customized indicator that you designed and you don't wanna throw off it's performance by others using it, but we are talking about basic patterns and fibonacci's here. There's no big secret, I just highlighted what people would have seen anyway if they know the basics I am interested to hear different opinions on this issue though.
Plus how many multimillionaire traders that could really affect price are reading this tonight do you think... I doubt they are getting their hot tips from this message board. But for the few people that paid attention, hopefully they make a few bucks.
We all know that fibonacci's and moving averages work so well because they are watched by all and create a self-fulfilling prophecy. They continue to work and we continue to use them. There will always be a majority of people watching similar things. I remember reading in "Market Wizards" how several of the traders said that the proliferation of program trading made it more difficult for them to implement their systems. Well, I can see how things can mutate and old systems become less effective over time, but I think the traders job is to figure out how to play the mutations. Find the newest and most appropriate system. I wouldn't give away my best secrets, but stating the obvious might help a couple small fish's that are new to the game (I still am) and get me some feedback on my own analysis. Why even come on a trading message board if your not going to talk about trading? I guess for most of the people, based on what I've read, it's so you can say trading consistently isn't possible and everyone should save their money. Or you are the guy telling them that they suck and you have been making money for years. Aren't we just supposed to be comparing philosophies and strategies? Anyone with the power to move the markets in a big way is making his decisions based on much more than the opinions of a few anonymous nobodies on a message board
Was watching this one too but couldn't find a trigger to get in according to the way I trade. Is posting this triangle on this thread really going to stop this setup from playing out in the exact same way? Come on people.