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scalp the ES mini using fibonacci tool on ninja trader

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Legendary Market Chamois
Chicago, IL
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Broker/Data: InteractiveBrokers, NinjaTrader Brokerage FOREX.COM, IQFeed
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broken8 View Post
would like to learn how to scalp the ES mini using the Fibonacci retracement tool on my ninja trader. Any thoughts as to who educates , who mentors , who has experience would be appreciated . Thank you .

teamtc247 View Post

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 undelying 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.

With respect and in a spirit of helpfulness to @broken8......I beg to deffer with @teamtc247 regarding the last sentence just above.

Perhaps on the surface Fibs seem like no big deal or straightforward but I think there is much more behind the curtain. That being said I really don't use them myself other than 50% retracements as I have a system of levels I create.

I would do a search for Fibonacci Queen in-addition to DiNapoli (Joe began trading in 1967 and is still) as I mentioned earlier.

I am fully aware Fibs have a bad name in many circles...mostly due to the erroneous application from novices.

I have studied them... in the end one has to use that which speaks to you.


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