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scalp the ES mini using fibonacci tool on ninja trader

  #8 (permalink)

Mistake Maker
San Jose, CA
 
Trading Experience: None
Platform: NinjaTrader
Broker/Data: Dorman Trading, Kinetick
Favorite Futures: NQ 630/930-0900/1200 PST/EST, maybe only one 1-3 times per day.
 
teamtc247's Avatar
 
Posts: 902 since Dec 2012
Thanks: 623 given, 1,035 received


teamtc247 View Post
@broken8

All price drawing tools and indicators are based off of past price action. In my opinion, it would be best to learn how prices moves. Everyone gets caught up on indicators and drawing tools and misses the underlying price action. Indicators are based off price. Scalping is just day trading, in and out. So it's best to have a strategy, and use fib in conjunction with your strategy. There is really not much a course can teach you, fib is pretty basic in my opinion.

Here is an example of what I am talking about, I stopped myself out on my last contract, tightened it up too much.

Use your fib in conjunction with your strategy.

What a lot of traders miss in double bottoms or 2b's(double bottom with a flush) is the two wave within the 2nd leg. There's a strategy for you with your fib retracement. Double bottoms don't only happen at the end of downtrends, and some would call that a two wave(momentum was weaker compared to the previous push that's what helped the trade).

If momo was as strong(the same) or stronger you could have seen 100%, 123.6, or 138.20. Since momo was weaker it found support at channel support, and at 61.8 extension, it also could have been 76.4 too if it were are little stronger. The trade is in the eye of the beholder. Teamtc247's mentor tip for the day, wasn't a one liner. Stick with price.

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