just was curious about your reasoning; how you chose to the draw the fibs from 1141-1146 instead of 1138-1146 on this trade; thanks
Live pic of my first trade today. Target profit is 1145.75. Stop Loss is 1153.50 but I haven't put in that order yet, as you'll see, cuz I'm still at the first level of the trade. Attachment: 3-12 first trade.jpg
This all looks TOTALLY RANDOM. I can't say it enough. You picked an arbitrary "high" at some point, then another arbitrary "low" at another, both of which were well within the total range of the day. You decided to go short for no other reason than (insert your reason here). If it goes down, you're going to tell us the fib lines portended it. If it goes up, you're going to tell us (insert rationale here). I asked you a question the other day - "Did you use fibonnaci risk management". In your response, I noticed you did not realize I was asking a rhetorical question. All this trading comes down to risk management. I could feed in 100 different reasons to get in a stock at any given level. If I use my risk management routine, I could turn a shitty entry into a reasonable loser, or a shitty trade into a magnificent winner. It has nothing to do with the shitty entry.
Perhaps you misread the entire point of the other thread: fibs have no power. The don't "portend" anything. I have never, and will never, claim that fibs did anything special, or that price was magically drawn to them (unless I'm being sarcastic). So again, I just changed my normal entry points to correspond with fib numbers just so I can say I have the only method that uses fibs that is actually profitable. There is nothing special about fibs. There is nothing special about fibs. There is nothing special about fibs. And as for "(insert rationale here)"? Really? You must have me confused with some "guru" who makes excuses for losing trades. When have I ever done that? I didn't know if maybe that was a real thing and you were one of those people who thinks fibs are magical and were wondering if I used magical fib money management or something. My entries aren't as random as you think they are. You really think my high and lows are "arbitrary" (as claimed above)? You can't tell why I chose to draw the boundaries for the fib lines where I did? It's not like I picked random places. Look at the chart again. (don't get confused by the order lines which stretch across the entire chart -- the top and bottom fib lines are the ones with the boxes on them) And who cares if they are "well within the total range of the day"? What does that have to do with anything? Are you trying to tell me that I'm using fibs incorrectly by drawing them within the total range of the day? As if there is a correct way to drawn them? Because they have magical powers?
I'll defer to you and let you trade however you want. I'll keep off reading these journal entries (they don't matter to anybody but you, just as nobody cares about my journals). However, please do us a favor and post us a PDF copy of your account at the end of the year. Good luck, CG.
its clear as day what this guy is doing and it has nothing to do with fibs. support/resistance and trading with the trend. Nice thread man.
I'm about to cut this trade early because I have to go somewhere soon and I'm going to be gone for the rest of the day. Price hasn't moved much since I entered, but I'm now the full 9 contracts in (short) with an average price of 1150.58. Price is currently at 1148.75 so that's almost 2 full points with 9 contracts = almost $900 profit. 4.75 points away from the stoploss which would be a loss of $1300. So if I let this trade run, it's going to be either a profit of about $1700 (minus commission) or a loss of $1300 (minus commission).