IMHO, this thread is one of top 5 on ET: http://www.elitetrader.com/vb/showthread.php?threadid=223293 i use the same method day in day out.
Even though I missed first short and got in a deep HOLE, there were some other numbers per his system that i was confident enough to trade from long side and BOOM. Prior to Mark fisher, my head will hurt trying to make sense of CL price movement.
i shoulda known better than to expect chopfest when the pivot range is so tight like it is today. it's the tiniest range since i started using it.
Summary of this week. Monday and Tuesday A up days. Wednesday and Thursday no A up or A down. Friday A down. By combining other values per MF system, one has plenty of clues/logic to stay on the right side of the trade.
DC - That thread is a bit beyond me right now. I have to study it a bit more, but thanks for the link! MF - I think what this method does is force objectivity on you, and like he says in the book, he is trying to let you know when to step on the gas, and when to brake... Genius.
Today was a day to put foot on the gas and make an entire week. Trading CL requires decisive action and fastest reaction possible if one trades like me - which is to use 10 ticks stop loss. If a trade does not work with 10-15 ticks stop loss, it on most occasions will not work even with 60 ticks stop loss. The quicker one understand this concept, better one will be off. I forgot this rule of mine and was down BIG in the morning. In the end Mark fisher system saved me.
fewtrs. dont let his lingo confuse you. just plot fib retracements like he does on CL chart everytime you see peaks and valleys. it doesnt matter which timeframe you use, 1 min, 5 min, 15 min, 60 min, it doesnt matter. after awhile, you'll see IT. i recommend Scott Carney's book, Harmonic Trading. if you combine harmonic patterns and acd method you'll get IT.
Thanks MF I'll go pick it up and see what I can absorb over the weekend. I had to read Dalton's books several times before before it started to click. Even now as I read about setups and then try to translate that knowledge into a real time interpretation I always want to revert back to what feels comfortable instead of sticking to the plan.
DC i took a private coaching session- cost me a bundle- on fibs. I could never figure out as to use which valleys and peaks to draw fibs. Any ideas? Which time frame you use to pick refrence points to draw fibs.