How you doing today Wally. These trend days are nice, just wish they were larger pointwise. Did your 61.8 FR kick in today?
I played with FRs today, but not with 61.8. The 61.8 FR trick within the first 30 min bar was not possible today. My systems had their entries too high today because of the gap. One is out with 2 pts (or 4 pts if Fibbonacci enhaced- actual trade), another one is still struggling, avoided the 6 pt stop-loss by just one tick!
Wally, when I was defending fibs on these boards, I had the balls to post 5 or 6 trades using strictly fibs in REAL TIME. They ALL worked out too. You come on here and beat your chest and say keep it simple stupid and all of your other ridiculous bullshit. Why don't you have the balls to post some real time trades? I would bet they will turn out much differently. And for your information, I am not some jackass poser that doesn't trade that simply gets angry at posts like this. I made 26.75 pts on the ES today, and I am quite sure you didn't come anywhere close.
How in the He** did you make 27 points today? Do you do this with retracement bounces off the Fib #'s or a combination of approaches? Good fricken job!
These things are simple, that's why I am not making a big deal about it. I even did not start any new thread to talk specifically about them, but I simply mention them whenever I have an opportunity to do this within a very simple FR setup that I proposed here some time ago. I believe that everyone can master them. You do not have to pay $2,500 for Ed Moore's course to do that. As far as how much I made today, I just said it when it comes to my systems (plus, my second system ended up with a paltry 1.75 ES pts). I do not post anything in real time because most of what I do is mechanical trading and my systems are proprietary. I use Fibs to enhance entries in one of my systems, but I have been doing that for a few days only. Before, I would trade this system purely mechanically. I trade in a discretionary way very rarely, using FR setups, but that's really very rare and I never pretended it to be otherwise. When I do this I wait for FR setups that I found to work out very well. They do not happen that often. In November they happened only 8 times. I guess in this regard I differ very much from you, because you seem to use them much more frequently. I don't and see no reason to change it. I believe that it is very important to be selective in trading, so taking every FR is not my cup of tea. My mechanical systems are designed in the same way. They are very economic, they do not overtrade. I am glad to hear that you defended FR in the past. I did not read that. However, I am far from making them a religion and I would not use them alone. I never advocated that either. I hope that this explains my postion on Fibs. My point is similar to yours. They work, but it's not what I mainly use for my trading and do not intend to because I want to continue using my mechanical systems and Fibs only as I find it suitable. I would do without them too. My only posts on Fibs until today have been in the context of the simple setup I proposed. I say this because I prefer to use Fibs as a element of a larger framework and not as a separate setup.
Okay, maybe I was a bit hard on you. I have the same philosophy about fibs that you do, although I no longer trade them. Furthermore, why didn't you tell me Ed Moore's stuff wasn't worth the $2,500 before I purchased it a couple of years ago?