Dislikedhey all - slept about 6 hours over 3 days - tired, but anticipating greater things. Lots of Fib / Gann stuff. I've been looking at it from very different viewpoints than what has been posted here just to test and find an AHA moment. But it's not working out well so far because of some moves that don't work. On GJ sometimes on M5 after substantial moves that end a cycle (138.2 or 161.8 target attainment) after one M5 bar opposite direction you can draw fib on the previous move range that has just completed and place a Gann line on the range H or L. The Gann line scale is -10 for H placement and +10 for L placement on M5 scalps. From the Gann interview:
"I have found that the law of vibration governs and controls these conditions. I have also found that certain phases of this law govern the rise in a stock and an entirely different rule operates on the decline."
This may be the case on larger time frames?? This results in many retracements being hit on the Gann and fib line simultaneously. Because this is a M5 trade it usually hits this point within 7-12 bars (less than an hour). Stops are tight due to retracement. The problem trades may be due to larger time frames fib completion. Will keep testing and advise if appropriate.Ignored
The one thing that really appeals to me on the 15/5M charts is my ability to enact a "rescue" trade in the event things don't go well. The stops are smaller and the swings aren't as big so I can enter smaller positions initially and then scale in for more pips, and if need be I can send in some more troops on a rescue mission with proper MM on a 5M cycle than on a larger time. I have actually turned some dead dogs into positive pips using the methods I have learned over in fti's thread on MM and his teachings on the the Art of War as related to trading. Trading is a battlefield and the conditions change all the time and you must win the battle.......there is no other option, period.
Before, on some trades, I would have just stopped myself out and taken a loss, but now I don't go into a trade without my contingency plans for possible rescue mission. Nothing is worse than a loss.