I'm going to have to pass. Because of the below reasons. 1) My time is too valuable to try to convince somebody who I know I'll never convince. I"ll just trade my convictions and continue to profit from them. Those who are new in here can continue to make some money following these levels too. 2) As another very intelligent trader posted on here academic studies are 'shit' when it comes to REAL WORLD trading and making money. He was also spot on when he said one of the reasons I use fibs, they have a risk/reward component to them. Would it help you if I call my levels based on something else other than Fibs? If that helps you then just consider I make up these numbers. Call them Voodoo levels instead of Fib levels.
I have been trading since 86. I worked at several major institutions that did real-world institutional trading, and your assessment of the desks using "Fib tools" is only at a wanker organization. So if you are trying to impress, then you rae doing a poor job of it. But I see you have 3 desks set up in your basement.
checked into the scripting tools for top gun and chatted with some of the guys in their room - - now I think it will be easier to convert my oldschool tradestation stuff and some of the more useful cqg stuff to top gun rather than esignal. Most of the charting is forgiving as well, so that is a plus. Anyway, I appreciate all of the info and your postings here, will PM you if I come up with anything worthwhile...
Now this is funny. Why don't you for once post something constructive on ET instead of constantly pointing out what supposedly doesn't work ?
I asked very specific questions on how you came up with your fib setup and you seem to just evade commenting on that for whatever reason. Instead of simply explaining or pointing out so that others actually derive value from your thread you rather "waste" 3x more time in a lengthy post that could have otherwise added value to yourself and others. To be honest I dont think anybody derives value from some numbers you dont want or or are unable to explain how you derived them. Thanks, but I for one was trying to take your setup seriously and merily wanted to know how you came up with your levels but I am not one of many who follows some numbers just because you posted them here. Maybe you could ask yourself the following question: Without any willingness on your side to explain your chart and trading set up why would anybody derive value from your posts so far? Is it possible you actually have something to sell? It almost smells like it....otherwise.....would you trade on someone's seemingly out-of-thin-air derived levels?
I bought it years ago when I pretty much exclusively traded S&P eminis. I bought it then to see what the 100 lot traders were doing and I loved the fact they used statistics on the stocks that makeup the futures to predict the futures. Then they changed direction and started focusing on Forex and all new tools were Forex related so I thought I'd take a look and sat in on a few of their classes. I had already bought the software so can go to their classes anytime and really liked how much more Forex markets trend vs the often choppy S&P. I've traded Forex almost exclusively since.
I have explained how I come up with these levels but I'm also NOT going to release my entire system or how I decide WHICH fib level and/or support/resistance level I'm using. This is a journal area and from what I read on other journals its usually just people posting their trades and not a whole lot of discussion going on. I suspect what sets my journal apart is I'm a woman and also a profitable trader and the levels I post the night before when hit usually reverse that currency. I'm using all of these support/resistance areas and prefer those that are clustered around a 10 to 25 pip area. Previous days/weeks/months high/low. Weekly and monthly pivot levels. Fib retracements and Fib targets. I also use ATR of each currency and prefer to pick support/resistance areas near the average pip movement. However I have come up with a pretty good predictive method which allows me now to have TIGHTER buy/sell areas and I think thats what makes my posts unique. All you have to do is go back and look at the levels to see they're 75%+ accurate. From now on I'll just go on posting levels and some of my trades. I often do 10+ trades a day and am only discussing the system that uses my levels from previous night.
990n is Gelber Group (or at leat it was). I walked through their shop about 6 years ago. They did not look like a wanker firm to me. I saw traders doing all kinds of technical analysis type stuff. Not any different than any other trading desks I have checked out (and I am in London). The day I walked through they cleared something like 35% of the ES trades on CME. So not exactly small time. But at Marex we do good volume as well. Although these type of firms do all exchange traded futures. And ur man TGM was asked where he worked. It reads to me like he was just answering the question while avoiding naming too many names. In regards to Fibs, I don't use them. However, I have some Fib voodoo practitioners that trade near me. They do quite well month in and month out. Of course, they consider my oil spread trading voodoo as well! Typically the use of Fibs involves a Fib drawing tool (like amytrade is using) and TALENT in picking relevant swing highs or swing lows to attach them to! The rest is pure self confidence in your method and a lot of confidence in the Fibs. Pure discretionary from what I have observed. Although if you could mechanically define swing high or swing low. You could then mechanical test something. Now on whether or not the 50% fib retracement would test out better than say a 48.5%? Probably not. And based on the Academic study posted. NO. But 48.5% is not a fib number and therefore does not come in the little drawing tools all charting software contain. Now I know why people tell me to stick to European trading boards. You guys are brutal even for someone like me that just walked in from the pub.