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Fibonacci trading system for the ES
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Created: by Lmess Attachments:8

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Fibonacci trading system for the ES

  #41 (permalink)
Elite Member
San Antonio, TX
 
Futures Experience: Intermediate
Platform: SierraCharts
Favorite Futures: ES, 6E
 
Posts: 123 since May 2011
Thanks: 15 given, 97 received

I did not take any trades today as the swings were too wide. I will post my video later or tomorrow morning. I was asked if I could post a chartbook for Sierra. I will post it here, it has charts for other contracts as I am still trying to determine the best methodology to trade those markets based on fibs.

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Register to download File Type: cht Fibonacci.cht (100.3 KB, 22 views)
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  #42 (permalink)
Elite Member
San Antonio, TX
 
Futures Experience: Intermediate
Platform: SierraCharts
Favorite Futures: ES, 6E
 
Posts: 123 since May 2011
Thanks: 15 given, 97 received

I was also asked if I could share the code for the fib. calculator; I will share it here. I compiled it using Visual Studio 2008. If you make any changes to it please share it.

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Register to download File Type: rar Fib Tool.rar (2.68 MB, 28 views)
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  #43 (permalink)
Elite Member
San Antonio, TX
 
Futures Experience: Intermediate
Platform: SierraCharts
Favorite Futures: ES, 6E
 
Posts: 123 since May 2011
Thanks: 15 given, 97 received


Here are the fibs that were drawn for June 9th.

Price was very indecisive in pre-market hours. It broke the 76.4% line 4 consecutive times before the market opened. So I did not take the initial trade, which would have been a winner for 3 ticks. Then price broke the 76.4% line again, so I still did not take a trade on that setup. It would have resulted in a loss of 5 ticks. Then price started showing direction, but there were no big retracements, so i did not take any trades. Waiting for price to show direction instead of trading the first 2 setups spared me from a 2 tick net loss.

Here is the video:


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  #44 (permalink)
Elite Member
San Antonio, TX
 
Futures Experience: Intermediate
Platform: SierraCharts
Favorite Futures: ES, 6E
 
Posts: 123 since May 2011
Thanks: 15 given, 97 received

Took several trades this morning.

Pre-market price action was looking similar to yesterday. I skipped the first trade for this reason. Once the market showed direction and I drew a new fib in the same direction, I did not get filled on my sell limit order although price traded at that level. Then I got filled on 3 occasions and closed the trades for +5, +4, and +5. Turned out to be a good day after all.


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  #45 (permalink)
Elite Member
San Antonio, TX
 
Futures Experience: Intermediate
Platform: SierraCharts
Favorite Futures: ES, 6E
 
Posts: 123 since May 2011
Thanks: 15 given, 97 received

Today I just want to share some of my experience with trading and some thoughts on money management.

When I first started trading, I wanted to find a system/strategy that would get me a substantial amount of money in a short time. I started out trading with larger quantities than what I felt comfortable with. My original idea was to make my account at a very fast rate, I can't even remember the number. In my first week I made my account grow 20%, and in my second week, I managed to lose 75% of what I had won in one trade. I went on a losing streak after that and my account took a significant hit.

I eventually got to educating myself about money management and the importance of a trading plan and decided to get to work on a plan. I then started using my current strategy, which as you can see is not too greedy. There are days when trades do not setup. So taking small profits with proper money management has made my account grow in a consistent and steady way, which I believe should be the goal of traders. Trading is not just about how much you win, it's about how much you win and keep in your account or end up withdrawing, but not giving it back to the market.

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  #46 (permalink)
Elite Member
San Antonio, TX
 
Futures Experience: Intermediate
Platform: SierraCharts
Favorite Futures: ES, 6E
 
Posts: 123 since May 2011
Thanks: 15 given, 97 received

Here is a link to an article that talks about the money management strategy I used. It is the fixed ratio money management style.

Fixed Fractional and Fixed Ratio Money Management Styles - For Dummies

Later in the week, I will be posting more details about the plan I use, as is it not exactly as it is described in this article, but it should give you an idea. I will also try to show how my present strategy works well together with the money management plan.

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  #47 (permalink)
Elite Member
San Antonio, TX
 
Futures Experience: Intermediate
Platform: SierraCharts
Favorite Futures: ES, 6E
 
Posts: 123 since May 2011
Thanks: 15 given, 97 received

Here are the trades I took for June 13th. There were 2 trades, one for +3 ticks and the other one for +5 ticks. I did not take a trade at the open as the stop would have to be more than 2 points and did not take the second trade since the stop needed was 3 ticks larger than the profit target, although it would have worked out. Here is the video:


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  #48 (permalink)
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virginia
 
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12 o'clock cut off

Can you explain how you arrived at the rule of cutting of trading at 12 noon eastern time?

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  #49 (permalink)
Elite Member
San Antonio, TX
 
Futures Experience: Intermediate
Platform: SierraCharts
Favorite Futures: ES, 6E
 
Posts: 123 since May 2011
Thanks: 15 given, 97 received


FR5050 View Post
Can you explain how you arrived at the rule of cutting of trading at 12 noon eastern time?

Honestly, it's just a matter of my personal preference. I don't like trading in the afternoon. I feel more comfortable trading in the morning. That's the only reason why I cut my trading at 12 noon. If you feel comfortable trading past noon, then you can adapt my strategy to your preferences. I've never used it in the afternoon, so I wouldn't know how effective it is. I'd recommend you look at some charts and draw the fibs to see how well it works.

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  #50 (permalink)
Elite Member
San Antonio, TX
 
Futures Experience: Intermediate
Platform: SierraCharts
Favorite Futures: ES, 6E
 
Posts: 123 since May 2011
Thanks: 15 given, 97 received


The ES made a big move overnight. It seems price is now consolidating. During pre-market hours, price broke through the 76.4% line on 4 occasions. So I am going to wait for the market to show direction and draw at least 2 fibs in the same direction before taking a trade.

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