In regards to the fib drawing question, before I answer, I would like to say a couple of things. I don't know if this is where Skunny was coming from or not, but I have paid thousands of dollars for training, books and courses. I can recall one particularly promising system that involved fibs (I will not mention it by name) that I paid several thousand dollars for. This system included a chat room. In the chat room you could see one particular guy that would say "...when price hits 1.3620 I'm going short for 10 pips on half and 20 pips on the rest". I saw him hit those calls time and time again. According to my records he was hitting those calls about 75% of the time. When asked he claimed to be at 80-85% of the time. These were calls in advance. I found that even though the system was explained to me, and even though this guy was making the call in advance, I was never able to consistently profit from the trades. He would but I wouldn't. The bottom line as I understood it, is that I didn't trust the signal. Why should I? Just because someone said so? I didn't understand the reason behind the signal. This made me hesitate. I wouldn't take all the signals, only some. This affected performance. In the end all that money was practically wasted (it really wasn't because I learned a lot of what not to do).
Boiling it down, what I know now, has cost me a lot of screen hours. It's not about being selfish, it's about throwing it out there to good people with good intentions I'm sure, but never the less, people that will not trust the signal because they have not grasped the reasoning or certainty behind it. The best way to do this, is through the study of price action on your own. If you ever figure something out yourself, that is going to be the thing that has the best chance of giving you the freedom you are seeking in this business. Anything else and you are going to have to trust someone like Skunny who is subject to the perceptions and trade system execution of those that follow him. If you haven't figured it out for yourself, what happens the first time the signal produces a loss? Will you continue to trust the signal? Or will you drop it and move on to the next thread? It's just better if you can figure it out yourself.
MD & T365 I know you guys aren't amateurs. I'm saying all of this for the benefit of any newbies.
Now to the fib. I will say that your question and answer were correct MD. Again, the way I interpret Skunny's posts. I would add that your answer is the beginning of a fib walking cycle (just made that term up for lack of a better one).
I want to make sure that everyone knows that everything I say is meant to be me spilling out some of what I have learned. If it comes across as condescending or in an unhumble way at all, please forgive. My intention is the opposite. Knowing that I am very opinionated I thought it might be better if I cleared that up.
Boiling it down, what I know now, has cost me a lot of screen hours. It's not about being selfish, it's about throwing it out there to good people with good intentions I'm sure, but never the less, people that will not trust the signal because they have not grasped the reasoning or certainty behind it. The best way to do this, is through the study of price action on your own. If you ever figure something out yourself, that is going to be the thing that has the best chance of giving you the freedom you are seeking in this business. Anything else and you are going to have to trust someone like Skunny who is subject to the perceptions and trade system execution of those that follow him. If you haven't figured it out for yourself, what happens the first time the signal produces a loss? Will you continue to trust the signal? Or will you drop it and move on to the next thread? It's just better if you can figure it out yourself.
MD & T365 I know you guys aren't amateurs. I'm saying all of this for the benefit of any newbies.
Now to the fib. I will say that your question and answer were correct MD. Again, the way I interpret Skunny's posts. I would add that your answer is the beginning of a fib walking cycle (just made that term up for lack of a better one).
I want to make sure that everyone knows that everything I say is meant to be me spilling out some of what I have learned. If it comes across as condescending or in an unhumble way at all, please forgive. My intention is the opposite. Knowing that I am very opinionated I thought it might be better if I cleared that up.
Your the Man Misterdaz
