Nah. I just go off of price action, SMA, and S/R. I used to use Fibs but it was with a bunch of other things. I took everything off, rebuilt from scratch and kept the basics. I might put fibs back in when I don't have any levels to play off of but for now I'm keeping it as simple as possible.
I never was into fibs... but I always knew they were special. How the hell does price action magically line up with fib retracements? Amazing really. Even fib fans and archs, all that stuff is very cool indeed.
So True... Even now, I put them on sometimes just to look at (especially on day bars) and it's like... The Math Gods knew... they knew! In fact, if you draw a fib right now from the high of the first bar of trading to the low of the next (5 min bars) that big red bar (9:45est) is bouncing off the 61.8. Coincidence? I THINK NOT!
EOD. I missed a lot of good opportunities. But I didn't like the action. I can see some places where I could have justified the trade and I'll take note of them to see if I want to start trading those setups.
Thursday 4.9.20 Dear Diary, Since yesterday was up, today will probably be down. Can't have 2 up days in a row during covid season!
Bot 2 QQQ 184/202 Call Vert @13.32 I've noticed the past few days that the structure has been a little too subtle for my reading. Even the down move today that I semi predicted didn't have the structure I'm looking for but was "close enough", let's say. Taking this and being slightly more aggressive. Doing a vertical for calls and just long for puts.
Closed @13.38 Didn't like the action. This thing should have shot up but I think I was too early. It's probably going to consolidate a little and then go up if it will.
Bot 2 186/204 Call Vert @12.29 This has a better chance of giving me the pop I was expecting. Should be able to hit today's open.
Closed @12.61 Welp. That worked. As I write this it looks like it's gonna touch the open too. Good stuff. This is what I was expecting from that first trade and why I left when it seemed flimsy. Funny enough the first trade did the same thing-almost touched the open of the day, just took longer to do it. So if you can hold through some shake, it was possible. But homey don't play that.