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Fibonacci trading system for the ES
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Fibonacci trading system for the ES

  #71 (permalink)
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There were no trades taken today in the ES. In the early morning, price moved in one direction without any major retracements and that led me to draw an extended price fib. Even with the extended price fib, the distance between the 50% and 76.4% level was 2.25 points, so I did not take the trade, although it bounced at the 50% line to the tick and then went above the 23.6% line.

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  #72 (permalink)
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This is my favorite 'how to' trade in that it is simple and common sense.

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  #73 (permalink)
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I took 3 trades today, the first was a loss of 6 ticks and then two 4 tick winners for a gross profit of 2 ticks. In this video I talk a bit about how going from extended to regular fibs can affect trading decisions and outcome.

What happened today was that I went from extended to regular and that eventually led to my first trade which was a loss. Had I stuck to EPF and just moved the 0% line a couple of ticks, I would not have taken that first losing trade. You can find out what I mean in the video:


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  #74 (permalink)
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I did not have time to record a video today. However, I took two trades, and some internet problems saved me from a 3rd trade which would have resulted in a loss. The first one was right at the 50% level exactly when the market opened and exited with a 5 tick profit. My second trade closed with a 3 tick profit. As price was setting up for a third trade, I started having some connection problems, so I just canceled the sell limit order I had and rebooted, I then downloaded and updated the trading platform, and by the time I was done, the entry level had already traded and I did not take the trade which would have resulted in a 6 tick loss.

If you want, you can try to see what my three setups were and post them, to see if we are drawing the same fibs. Otherwise, I might post some screenshots tomorrow.

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  #75 (permalink)
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Two trades were taken this morning in the ES. Similar to yesterday, the first trade was a 3 tick winner and the second trade was a 5 tick winner. Price then went mostly in one direction and close to noon ET, a trade setup based off an EPF, but I did not take the trade as the stop loss would have been 3 ticks larger than the profit target.

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  #76 (permalink)
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  #77 (permalink)
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I am not sure I will be taking any trades today as price has been ranging and we are coming into the holiday.


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  #78 (permalink)
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I will be cutting back in my trading. During this last month, I took almost every setup that met my criteria. I usually don't trade that much. Those 5-6 trades I took just one day was a new record for me. I usually take anywhere from 1-3. Maybe I should have specified this in the beginning, but I just wanted to teach the setup for the most part. As for the money management and trading plan, that is up to each individual trader and what you feel comfortable with.

Today I only took one setup for which I have attached a screenshot below. I ended up taking my profit one tick shy of my original target. The reason was that I was watching the order flow at that time, and as you can see, price bounced 5 times off the thick purple line. Every time price came down to this area, the bids were being refreshed and price seemed to be having some trouble trading through that level and into my target price. So after the 5th bounce, I moved my target one tick up to 1331.50, and got filled eventually, price traded through my original target two candles after my buy limit order was filled, but I'm not going to beat myself up over a tick.

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Fibonacci trading system for the ES-0705.jpg  
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  #79 (permalink)
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Lmess View Post
I will be cutting back in my trading. During this last month, I took almost every setup that met my criteria. I usually don't trade that much. Those 5-6 trades I took just one day was a new record for me. I usually take anywhere from 1-3. Maybe I should have specified this in the beginning, but I just wanted to teach the setup for the most part. As for the money management and trading plan, that is up to each individual trader and what you feel comfortable with.

Today I only took one setup for which I have attached a screenshot below. I ended up taking my profit one tick shy of my original target. The reason was that I was watching the order flow at that time, and as you can see, price bounced 5 times off the thick purple line. Every time price came down to this area, the bids were being refreshed and price seemed to be having some trouble trading through that level and into my target price. So after the 5th bounce, I moved my target one tick up to 1331.50, and got filled eventually, price traded through my original target two candles after my buy limit order was filled, but I'm not going to beat myself up over a tick.

Now that the contest is OVER, maybe moving to a JOURNAL would be nice so we can keep up with you daily and keep showing us. Also if you take Fat Tails Session Volume and Session Movement indicators you will see that most of the movements have been after 10am EST! That could help.

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  #80 (permalink)
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bluemele View Post
Now that the contest is OVER, maybe moving to a JOURNAL would be nice so we can keep up with you daily and keep showing us. Also if you take Fat Tails Session Volume and Session Movement indicators you will see that most of the movements have been after 10am EST! That could help.

I was actually thinking of starting a journal yesterday. Maybe I'll start one and just leave this thread for basic stuff, questions about how my strategy works, or any changes I make to the strategy.

As for trading, yesterday, the overnight session was out of the ordinary, no trades were taken as none set up. Today, it was similar. Price moved a lot during overnight session and has been ranging during the morning.

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