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Fibonacci Paradise

  • #1,281
  • Jul 14, 2010 4:38pm Jul 14, 2010 4:38pm
Quoting Misterdaz
I short 2 lots at 133.23, 1 lot at 133.50. I could have taken profit on all positions at the lows this morning for some very good profit. For some reason I hung in for 132.37.

My stop is at 134.74. I am at my kids school concert, nothing I can do lol, except blame myself and enjoy the show. 8 losses on a row are hard to stomach though.
HAHAHA vomit mate. Assuming you used MM 3 lots or what not should not ahve been more then 5 -10% , but from your reaction... i am sure that wasnt the case.. chuckle.

You can read all the wise wisdom in the world from sage "experts"(how many failed traders have fantastic trading libraries... exactly...books don't do it, learn by doing) but it boils down to this... if you can't shut your terminal down after booking a trade and go golfing and not think about your trade.. something is awry. It is just that simple. If trading makes you sweat(good or bad) it is being done improperly.

The only time i see chaps new and old get into murky waters skunny fib wise is when... they want to get rich now.. or sometime next month will be acceptable. chuckle. my risk tolerances are my own as should yours be and it should be based on how you trade. A VERY reasonable goal with this trading style is 100% per month. If that sounds daft to anyone... you do not know what you are doing with this. that might just be 4 trades a month though who knows patience is key.

If everyone starts posting their losers... well... I have had people come to me with losers asking why did i lose... i tell them.. and what to do next time.. but it is generally only applicable to that trade..and furthermore robs them from learning for themselves. ...also...on a public forum i am sure you will get 45 different answer per failure. chuckle. that being said losing 8 in a row is daft. losing two in a row is daft. I am not saying this to be arrogant or anything of the sort. take a break and go back to the lab mate. no worries
  • #1,282
  • Jul 14, 2010 4:49pm Jul 14, 2010 4:49pm
this is the last puffery i will spout since it is old hat... but regardless of how you trade... in my book... i have made the most money waiting. I don;t need to trade every day or every week even if I can.

A good exercise I ahve put chaps through is.. pick a session... and take a maximum of one trade a day. no trade shows.. no worries. that trade may be 15 pips... or 450...who knows. it may take 8 hours to show.

I had to relearn this lesson with Skunny fibs as I would get a target going and try to trade the bollocks out of it eventhough i knew better and never did that normally leading to many popped accounts. I would reverse trade countertrend... etc.. all of it. then i realised that i knew how to fib extremely well, but why was my normal trading so much more profitable? I treated the fib as a no rule zone. like i had carte blanche to act an ass with a trigger set..or trade 5 minute moves to make 450023996 trades a day. that being said i am done i think risk and trading is a personal thing and setting a group rule is counterintuitive since trading is individual.. fibbing this way is homogenous or the targets are atleast but trading is wildly different from trader to trader. you ahve to set that for yourself.

TK
  • #1,283
  • Edited Jul 15, 2010 12:39am Jul 14, 2010 6:26pm | Edited Jul 15, 2010 12:39am
Do you mean this set Thom re 09/07 candle? I still have a 12 pip gap to the 138 on it, no hit, no immediate reversal clue.

Attached Image (click to enlarge)
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Night.

Edit: just realised you mean this, off the body move.

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Keep smiling
  • #1,284
  • Jul 14, 2010 7:44pm Jul 14, 2010 7:44pm
Quoting Misterdaz
Do you mean this set Thom re 09/07 candle? I still have a 12 pip gap to the 138 on it, no hit, no immediate reversal clue.

Attachment

Night.
He's talking about this candle.
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  • #1,285
  • Jul 14, 2010 7:49pm Jul 14, 2010 7:49pm
I believe this is the cycle that we're in. Post #1262 is wrong.
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  • #1,286
  • Jul 15, 2010 2:12am Jul 15, 2010 2:12am
Heading for 0.7400 eh?

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MD.
Keep smiling
  • #1,287
  • Jul 15, 2010 3:26am Jul 15, 2010 3:26am
Unless I'm being a complete buffoon, cable just triggered to 1.5730.

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MD.
Keep smiling
  • #1,288
  • Jul 15, 2010 3:48am Jul 15, 2010 3:48am
Just updated and refibbed my GJ 4H chart.

GJ long to red line.
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  • #1,289
  • Jul 15, 2010 3:59am Jul 15, 2010 3:59am
Talk about a perfect setup. Where to get in next hmmmmm.
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  • #1,290
  • Jul 15, 2010 5:13am Jul 15, 2010 5:13am
Thom

Great Posts, as always.

Points taken (more than one)

I haven't felt good about possibly robbing some people of their Journey.
Maybe I am at the "ass with a trigger" stage.

Would you show us (chart) of what you "missed"
(your conviction was quite strong, which led me to think "Blinded by Belief")
  • #1,291
  • Jul 15, 2010 5:18am Jul 15, 2010 5:18am
Quoting Misterdaz
Unless I'm being a complete buffoon, cable just triggered to 1.5730.

Attachment

MD.
Hi MD

I think GU is safe to this level, bear in mind there could be a large retracement to anywhere within the range.
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  • #1,292
  • Jul 15, 2010 6:15am Jul 15, 2010 6:15am
Quoting Gknarf
Hi MD

I think GU is safe to this level, bear in mind there could be a large retracement to anywhere within the range.
I appreciate what you are saying. I tend to use the 4h as a starting point to get my direction, I would not trade it, certainly on my account size (back in demo anyway ).

Yes it doesn't have to go direct to target. I didn't want to say "I know", I might get egg on my face.

MD.
Keep smiling
  • #1,293
  • Jul 15, 2010 6:23am Jul 15, 2010 6:23am
Quoting bartstop
This journal is dedicated to the discussion of Skunny/ThomKnight style fib trading.
Bartstop

Did anyone ever work out WTF Skunny was on about... I gotta admit he had me up some late night drawing fibs,
Time hides Nothing
  • #1,294
  • Jul 15, 2010 7:26am Jul 15, 2010 7:26am
Won a few pips today!
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  • #1,295
  • Jul 15, 2010 8:15am Jul 15, 2010 8:15am
Quoting Checkz
Won a few pips today!
You seem to be doing ok there Checkz. Well done.

MD.
Keep smiling
  • #1,296
  • Edited 8:53am Jul 15, 2010 8:33am | Edited 8:53am
Quoting CindyXXXX
Did anyone ever work out WTF Skunny was on about... I gotta admit he had me up some late night drawing fibs,
Hi. There are people in one of 2 camps here. There is Thomknight and Eggster who both use the fibs to good effect but in slightly different ways.

The others, myself included have a good grasp but are a bit rough round the edges (Ihope they don't mind me saying that).

Gnarf has just shown up here but I'm guessing from his posts that he is also quite proficient with the Skunny fibs.

Checkz and AK47, sorry I wouldn't know how to class you guys but you keep popping up with winners.

MD.
Keep smiling
  • #1,297
  • Jul 15, 2010 9:05am Jul 15, 2010 9:05am
Quoting Misterdaz
You seem to be doing ok there Checkz. Well done.

MD.
Thanks. Got another winner this morning.
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  • #1,298
  • Edited 1:03pm Jul 15, 2010 9:13am | Edited 1:03pm
"I might get egg on my face. http://cdn.forexfactory.com/images/s...yim/tongue.gif" I like that one.

How did I end up in a different camp?

Thoms camp looks pretty good to me !

Thom if you could clarify, what you "missed" (chart) I think it would help us all out.

Great words of wisdom in those posts, I have been reflecting on every word.

Thank you once again.


Checkz, great job.
  • #1,299
  • Jul 15, 2010 9:13am Jul 15, 2010 9:13am
Quoting Misterdaz
Hi. There are people in one of 2 camps here. There is Thomknight and Eggster who both use the fibs to good effect but in slightly different ways.

The others, myself included have a good grasp but are a bit rough round the edges (Ihope they don't mind me saying that).

Gnarf has just shown up here but I'm guessing from his posts that he is also quite proficient with the Skunny fibs.

Checkz and AK47, sorry I wouldn't know how to class you guys but you keep popping up with winners.

MD.
Im in the learning class. Im just trying to firgure out a way to trade this stuff since Thom and Eggester's method confuses the heck out of me.
  • #1,300
  • Jul 15, 2010 9:31am Jul 15, 2010 9:31am
Quoting Eggster
"I might get egg on my face. http://cdn.forexfactory.com/images/s...yim/tongue.gif" I like that one.

How did I end up in a different camp?

Thoms camp looks pretty good to me !

Thom if you could clarify, what you "missed" (chart) I think it would help us all out.

Great words of wisdom in those post, I have been reflecting on every word.

Thank you once again.


Checkz, great job.
I just traded what I would consider an Eggster trade, live for my bank. I found 2 fibs that lined a 138 up at 1.5386. I was just fiddling on a 4h. Worked a treat mate.

MD.
Keep smiling
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