ROFL. That really is the best strategy though. Find someone that consistently loses money in the market and take the other side of all of their trades.
Hi! I told you before, some months ago about the breakout of the 15m opening range, and the 30m opening range. Now I will talk about the fibonacci retrace in 15m chart from globex high to globex low. I draw it everyday, and this allows me to trade with a plan a little simple but very profitable. I use to trade only in the morning. My trading rules: Trend down: sell 20 ma, and better if there is a pivot point or a Keltner high in 3m chart, or a fib retrace. Trend up: buy 20 ma and better if besides this is a pivot point or a lower keltner at 3m chart or a fib retrace. Trend turned up: buy 20 ma don´t sell the retrace point Trend turned down: sell 20 ma don´t buy the retrace point If not retrace and if not at 20ma sell (or buy) the breakout globex high or low, only few times a month this option, very strong trend. Buy or sell 50% or 61% retrace not necessarily with the trend marked by the moving averages. When a flash up or down at pre market use Fibonacci from this lows to highs to find a retrace. When double top or bottom reenter the same set up. Use the retrace to 61 or 50 levels even in premarket. I will show 3 examples, using 15m chart and 3m chart, that are my main charts: 1- Buy fibonacci retrace in globex and in NYSE. Targets fib extensions http://i753.photobucket.com/albums/xx171/sandrabellizzi/fibretrace.jpg 2- Sell 20ma in 15m chart + R1 + double top, + minor retrace, weakness signal. Targets fib extensions http://i753.photobucket.com/albums/xx171/sandrabellizzi/20ma.jpg 3- Buy breakout globex high, minor retrace to 38% fibonacci is a strong signal, targets fib extensions http://i753.photobucket.com/albums/xx171/sandrabellizzi/breakout.jpg
According to my plan, with trend up, buy retrace to fibonacci retracement from globex high to low. If not retrace some options are: 1- Buy breakout globex high 2- Buy 20 moving average in 15m chart. 3- Buy retrace to the breakout globex high, that was the 61% retrace from globex low to high Targets: 1st target 10 points YM to lessen the risk, I use 20 points stop, 1st target hit y move stop up to 6 points from the entry. Then trailing the other targets are fibonacci extensions or pivot points. What I use to trail the stop? - A stop 1 tick below the last 15m candle - The 89 exponential moving average in the 133 tick chart - The 20 moving average in the 3m chart or the 15m chart. Here is the example of today trading: http://i753.photobucket.com/albums/xx171/sandrabellizzi/2011-07-19-TOS_CHARTS.png