I thought maybe you were a TRO (TheRumpledOne) fan, if memory serves he advises people to either be a red rat or a black rat. Something like that (only trade one direction).
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The following user says Thank You to Big Mike for this post:
Excellent thread you have here, I've been following closely from the beginning. I have a question concerning the red and green S/R lines on your chart. What are they exactly and what makes you decide between them and the VWAP when you are closing your trades?
The following user says Thank You to Sad Planet for this post:
Thx for following the thread and your kind words. The red and green lines is an indicator called Fibonaccizones developped by Fat Tails. You will not find it in futures.io (formerly BMT)'s download section, if you are interested you need to PM him.The FibonacciZones indicator identifies high probability zones where price action is likely to pause or to reverse. To find these zones the indicator identifies swings by using different timeframes and then calculates up to 540 support and resistance lines from prior highs and lows, Fibonacci retracements, expansions, projections and alternates. A summary of all these lines are condensed into the confluence zones, which can be user customized, for my 6R and 12R charts I use them with a Reduced resolution. The Fibonaccizones is used for exiting the trade. Vwap can act as a S/R it is also used as an exit strategy, what makes me decide for one or the other, as exit trigger, is the PA and the GOMCD compared to main and smaller TL's on my 6R and 12R chart. Also if the market conditions are not in the direction of the trade, for example going Long on 6E in those days is kinda risky, I might decide to cut my profits and anticipate the closing of the trade (see last trade at #288).
The following 2 users say Thank You to redratsal for this post: