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- #1,414
- Jul 20, 2010 11:54pm Jul 20, 2010 11:54pm
- Joined Jul 2009 | Status: symbol | 1,549 Posts
Keep smiling 
- #1,417
- Jul 21, 2010 6:43am Jul 21, 2010 6:43am
Things that I need to work on:
1. Making sure that I have the fib correct. The best way to do that is to systematically track price up/down the swing.
2. The stop should be just behind the 100 line.
3. Money Management. 3% risk to the back of the fib is a really small lot size. But a bunch of small winners is better than a few big losers any day. 5% may be more realistic, maybe 10% when I gain more confidence.
4. Patience. I'm not going to get rich today, tomorrow, next week or next month. But as time goes by, the account should balloon. The bigger it gets, the faster it will grow.
5. Concentrate only on the pairs that are trending.
6. "Stick to my guns". Stop 2nd guessing my self.
7. Don't let Mr.D anywhere near construction tools.
Bartstop
1. Making sure that I have the fib correct. The best way to do that is to systematically track price up/down the swing.
2. The stop should be just behind the 100 line.
3. Money Management. 3% risk to the back of the fib is a really small lot size. But a bunch of small winners is better than a few big losers any day. 5% may be more realistic, maybe 10% when I gain more confidence.
4. Patience. I'm not going to get rich today, tomorrow, next week or next month. But as time goes by, the account should balloon. The bigger it gets, the faster it will grow.
5. Concentrate only on the pairs that are trending.
6. "Stick to my guns". Stop 2nd guessing my self.
7. Don't let Mr.D anywhere near construction tools.
Bartstop
- #1,418
- Jul 21, 2010 3:01pm Jul 21, 2010 3:01pm
- Joined Jul 2009 | Status: symbol | 1,549 Posts
Evening all. Been a bit busy "bailing out" to say the least. I thought I'd throw a couple of GY charts in the mix before I move on to cable and join BarTstop on his mission.
The first chart is an hourly controversial one from a week or so back, was it pierced, was it data? In my opinion it was pierced but it not worth fussing over. With a mind to the fact I have larger fibs pointing long I could have continued tracking only longs from this fib. Yes I would have missed some short opportunities but I would have also avoided another fine mess.
Tracking longs as price turned and headed north I currently end up with this fib. It has a perfect hit to the 0 where price has in fact turned south where I am happy to track short, due to the hit!
Tracking south I have the below fib setup. I dropped it down to a 30 to see if there was any s/r hidden in that drop from the low 134's. I found this and it looks good to me. If I am getting my tracking correct we are heading for 131.00 in the short term.
MD.
The first chart is an hourly controversial one from a week or so back, was it pierced, was it data? In my opinion it was pierced but it not worth fussing over. With a mind to the fact I have larger fibs pointing long I could have continued tracking only longs from this fib. Yes I would have missed some short opportunities but I would have also avoided another fine mess.
Tracking longs as price turned and headed north I currently end up with this fib. It has a perfect hit to the 0 where price has in fact turned south where I am happy to track short, due to the hit!
Tracking south I have the below fib setup. I dropped it down to a 30 to see if there was any s/r hidden in that drop from the low 134's. I found this and it looks good to me. If I am getting my tracking correct we are heading for 131.00 in the short term.
MD.
Keep smiling
- #1,419
- Jul 21, 2010 3:28pm Jul 21, 2010 3:28pm
- Joined Jul 2009 | Status: symbol | 1,549 Posts
I couldn't resist this first chart. It's a daily and fairly zoomed out in order to fit it all in. A person with a shoe fetish on this thread mentioned in a musing a while back that cable could be going to 1.7100. This chart has me agreeing. Maybe not now but at some point in the the not too distant future.
My current 4h fib is here.
This next fib is 1h, tracked from the 61.8 of the above 4h. Zoomed out to cover quite a move in price. 61.8 to 138.2 completion. Nice place to look short.
Finally looking short. We are triggered to head for 1.5040ish. This has me agreeing with the BarTman. Heaven forbid!
MD.
My current 4h fib is here.
This next fib is 1h, tracked from the 61.8 of the above 4h. Zoomed out to cover quite a move in price. 61.8 to 138.2 completion. Nice place to look short.
Finally looking short. We are triggered to head for 1.5040ish. This has me agreeing with the BarTman. Heaven forbid!
MD.
Keep smiling
- #1,420
- Jul 21, 2010 3:43pm Jul 21, 2010 3:43pm
- Joined Jul 2009 | Status: symbol | 1,549 Posts
This is quite interesting and something I traded off the other day. I have pulled 2 more fibs looking short on the current hourly downswing. They are set where I believe they should sit in relation to their starting point. Both 138's line up. If I am right with this then a buy order at around 1.5080 with a very tight stop would be worth a shot. I'll be interested to see how price pans out if it gets there.
MD.
MD.
Keep smiling