Fibonacci Paradise

If eating...some Macallan 12 Year Old will do you well on the wash-down.

That or a Leinenkugel's Sunset Wheat!

The next move is a tricky one but I think this is it.

My take on GU.

Probably . . . you and me both. It hurts but you have to get over it and let it go. No regrets, or they just encourage greed next time you are in a winning trade.

Learn and don't make the same mistake next time . . it's all you can try and do.

I will stay in demo until I can control my greed! Also I need to stick to a system and not deviate. Stops need reviewing tooooooooo! Eh Eggman, lol.

Good luck today all.

Good Morning

MrD, your posts have a commonality, I know.... I know....... I know....

I used to know everything, my wife found me a bit annoying, but that's besides the point.

I now know nothing, especially about which direction the markets are going.

When we ,know, then that is all we can see.

Until a forced awareness snaps us out of that vision (Thom, having to eat shoe),
Then all the other options become crystal clear.

We then say to ourselves, "how did I not see that".... "that was a dumb mistake" .. "it was right in front of me the whole time"


By not knowing, we keep ourselves open (able to see) to all the options.



In post 1156 Thom said

" every visible( on any time frame) candle open and close is a 138.2 hit... the trick is cutting it down to the minimum to make things easy.."

So in my brain that means, anything can happen at anytime !!!
And I agree, the trick is cutting it down to the minimum.





EDIT: MrD The reason I am writing you this is, I was exactly where you are. When I read your posts I feel I it inside.
Just wanting to help.

"Stops need reviewing tooooooooo!"

I am always reviewing, changing, moving.

Entries..stops...targets.

I live in the "NOW"

PRZ's are what I am looking for.. if not this one..where is the next one.

How far?.... RR?..... stay in?..... get out?....... reverse? continue?
Greed........ Fear..... Greed....... Fear............. greed,fear,greed

Have to learn to trade emotionless, or .... we all know what happens

It's ok Eggster I'm sure you have my best interests at heart.

"I know" that I have not been trading with a sound plan, I've learnt the hard way so I have done the sensible thing and stopped the live trades. I will demo trade until I can turn a profit and get my money management in a sensible place.

I do not know where the Market will go but with fibs I have been trying to make the best educated bets. I can't claim I know exactly how you do things or Thom but I thought I was getting somewhere. I was clearly wrong.

What else can I say? "I don't know I was wrong"? I do know I was wrong I accept that. Surely that is the first step to becoming right.

MD.

OK, what else can I say, one more true life experience, take it or leave it.

I tripled a demo account in three weeks, then proceeded to blow another account, this time with borrowed money.


READ THE BOOK !

Yes? No? Maybe? Read the book?

This was my finest Demo week. Held one over the weekend that put me well beyond $50k. Good times.

HAHAHA


It isn't doing any for me, I looked quickly, didn't see a low risk entry spot

So bart does your live account look like that ?

If not, you still have stuff to learn (hint.. its not in the fibs, or on demo, or even on your computer)

If I promise to read the book will you let me demo trade Eggster?

Sorry, I have to laugh through adversity, I know this is serious business and you mean well.

MD.

No, my live account is pretty small. That demo was the week the DOW crashed and took GY down with it. I saw the panic selloff so I just shorted the hell out of it. Just screwing around but good for the trophy case.

Let me ask you this, when you look for PRZ's, are you identifying S/R just with the naked eye and then trying to fit a fib to it?

15 minute trade
1 Waited for swing to form
2 Then waited for a peirce
3 Then waited for a retracement
4 Then pulled a 61.8 or 38.2 form fitting fib to the retracement after the peirce
5 Exited trade at the 1.382

I only posted this trade so that I could actually remeber what it was I actually did that actually worked!!!!

Eggster. I have the book, it is on the new Iphone in crystal clear font. I will be reading it at every opportunity. On the train, on the couch and even on the john!

MD.

What book are you guys talking about. Let me in on the secret.

http://www.forexfactory.com/showpost...postcount=1179

I will semi go along with that assuming terrorism and nuclear war etc.. here is what i know from fibs once a target is set it will get hit. it is as simple as trading towards that target. I don;t worry about when it will hit i using trading judgement or an inner tracking fib for guidance on entries. If my range is long i only take long trades towards the target. It is the most simple thing possible. In the instance of an rr set up i draw from either a fib hit or PASR trading experience...my stop depends on the trade and i rarely risk more then 10% of capital.

From my experiance the thing that kills most skunny fibbers is threefold:
1.) trying to trade them the way someone else does(it will never work) as anyone who succesfully trades skunny fibs knows... knowing how to fib properly... and knowing how to trade them are two different horses.
2.) overleverin and or forcing tight stops since they are concerned about rr and eating a face ful of stops multiple times...slash position reversing and second guessing
3.) being outright wrong... well..i rarely saw that as a downfall until hopefull traders started overlevering abandoning MM etc.. and margining their account.. revenge trading.

The gy I biffed was the 9/7/10 7:00 candle was the proper anchor i missed it.

so i think it bares dealing with... if i was trading it and missed it as i did.. i would have reversed my pos and gone long once that long fib set up from what i know now to eb the tp of the 9/7/10 7:00 candle and made my ducats back and more.

As i said before.. we are massively lon for lazy bones this might be a good environ to position trade on dips.

EDIT: also being anal doesnt work with this..or anything trading related to my knowledge chuckle. the market is a mirror and it reflects you. MD also go read somestuff about livermore... some sound trading in their as well. scaling into positions... entrys... exits etc.. Skunny fibs do not negate the need to know how to trade and those are tools i use often still.