"The only way to trade with Fibonaccis" journal

and done for the day. Will post charts and PnL later.

 

Did you use fibonnaci risk management?

 

I don't even know what that is, so no.

Three trades today: two winners, one loser. Here's a chart of the loser. I was stopped out by one tick and then price retraced back up to the 0% line. It would've been a winner!!!!

 

Today's PnL.

1st trade had only 1 contract. 2nd and 3rd had 9.

Net $312.60 today.

$4,941.40 for the week.

Account size is just under $50,000. And there was just a thread on the main forum about how it's "impossible" to make $300-400 per day with a $50,000 account

 

Here's the last trade I took today.

 

How long have you been trading this style profitably? I think you said earlier this is a strategy adopted from elseware to trade fibs.

Thanks for the thread!

 

I've been doing something similiar for a while on long term charts with indexes (not day trading). The futures daytrading is more recent.

To be honest, most of my wealth (and the funds that I'm trading futures with) comes from averaging down heavily in weighted ETFs during late 08 early 09. I changed up my rules a bit for that time period, however.

 

The one who says it can't be done is generally interrupted by someone doing it.

I remember that thread. I unsubscribed.

 

When someone says it can't be done I generally read it as -it can't be done by me (the person writing it)

 

Careful, that's approaching the logic used by "guru" scammers.

I know you're not one, just saying.

Like the "guru" will present some trading methodology that doesn't work (altho he will tell everyone it works), and then someone will say "whatever, that doesn't work." And then the "guru" will say something like "just because you can't do it doesn't mean it doesn't work" or dismiss it with a joke in a similar manner or whatever.

You see it all the time on ET.

On a totally unrelated note, I bet when I post a big losing day (they do happen from time to time) everyone will come out of the woodwork and be like "LOL I TOLD U U WOULD LOSE MONEY LOLOL!!!" or "KEEP GOING AND GIVE IT ALL BACK LOLOLOL."

On my next big losing day I'll also try to mention how I deal with losses (both mentally and how I deal with trading and charts on those days).