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The Italian Job
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Created: by redratsal Attachments:31

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The Italian Job

  #291 (permalink)
Elite Member
Mossel Bay-South Africa
 
Futures Experience: Intermediate
Platform: Sierra - MetaTrader 5
Broker/Data: ActivTrades - Amp/Rithmic
Favorite Futures: Futures and FX
 
Sad Planet's Avatar
 
Posts: 32 since Aug 2010
Thanks: 9 given, 27 received


redratsal View Post
Hi Sad,

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).

Hi Red

Thank you for that detailed answer. One last question on the same subject, and this concerns 6E more than CL, do round numbers such as 1.4000, 1.4050, 1.4100 etc influence your decisions in any way, as in, will you enter a trade or exit a trade around those levels or are those somewhat fictional as opposed to the VWAP, Fib and Gom levels which are derived purely from PA?

Sad

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  #292 (permalink)
Elite Member
Milan (I)
 
Futures Experience: Advanced
Platform: Ninjatrader
Broker/Data: Kinetick
Favorite Futures: FDAX,6E,CL,YM,NQ,ES
 
redratsal's Avatar
 
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Sad Planet View Post
Hi Red

Thank you for that detailed answer. One last question on the same subject, and this concerns 6E more than CL, do round numbers such as 1.4000, 1.4050, 1.4100 etc influence your decisions in any way, as in, will you enter a trade or exit a trade around those levels or are those somewhat fictional as opposed to the VWAP, Fib and Gom levels which are derived purely from PA?

Sad

I do not consider them, I prefer to focus on PA. As far as I am concerned, the less filters I have in my mind the better is my decision process.

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  #293 (permalink)
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Milan (I)
 
Futures Experience: Advanced
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CL Long 2 contracts, target on R +442$
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  #294 (permalink)
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Milan (I)
 
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My Daily recap:
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  #295 (permalink)
Elite Member
Milan (I)
 
Futures Experience: Advanced
Platform: Ninjatrader
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Favorite Futures: FDAX,6E,CL,YM,NQ,ES
 
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First trade of the day CL 1 contract, target below TL +205$
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  #296 (permalink)
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Milan (I)
 
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6E long 4 contracts, target on TL and Vwap +595$
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  #297 (permalink)
Elite Member
Milan (I)
 
Futures Experience: Advanced
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Posts: 1,653 since Oct 2010
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This is a stop I took over a short CL, unfortunately I could not follow the trade as I was busy with some appointments. I marked on the chart where the stop should be. I was in the trade for too much time and PA was clearly showing HH's and increasing GOMCD. Normally UK retraces waiting for the US session, it was not the case, evedently big players had a clear view where the market would head up early in the morning.

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  #298 (permalink)
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Milan (I)
 
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cumulative profit at quick summary

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  #299 (permalink)
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Ouch



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  #300 (permalink)
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Big Mike View Post
Ouch



Mike

Yep, not a good day but it's part of the package.

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