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Trading with Fibs


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Trading with Fibs

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  #21 (permalink)
California
 
Experience: Intermediate
Platform: MT4, TOS
Trading: /ES /CL
 
Posts: 110 since Feb 2012
Thanks: 15 given, 120 received

Big sell off in euro. Larger time frame retracement target hit.

Will be looking for next support.

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  #22 (permalink)
California
 
Experience: Intermediate
Platform: MT4, TOS
Trading: /ES /CL
 
Posts: 110 since Feb 2012
Thanks: 15 given, 120 received

Potential support for /6E. In cases like this, we look into the micro charts for signals if support (or resistance) will hold.

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  #23 (permalink)
California
 
Experience: Intermediate
Platform: MT4, TOS
Trading: /ES /CL
 
Posts: 110 since Feb 2012
Thanks: 15 given, 120 received


I decided to take my profit early at 1406 for my /ES trade. +13 points. Will re-enter at next retracement

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  #24 (permalink)
California
 
Experience: Intermediate
Platform: MT4, TOS
Trading: /ES /CL
 
Posts: 110 since Feb 2012
Thanks: 15 given, 120 received

Now that the -23.6% retracement has been blown through, next measured move for a long signal will be an extension (high to high). I will be trailing these highs until it retraces to the 50% but for now 1407.50 is where the buy limit will be at.

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  #25 (permalink)
California
 
Experience: Intermediate
Platform: MT4, TOS
Trading: /ES /CL
 
Posts: 110 since Feb 2012
Thanks: 15 given, 120 received

The 50% retracement support mentioned earlier in 6E has confirmed that it will hold because the retracement drawn from Anchor A to high has hit its target at point B. Now, new anchor from point AA will be drawn to high and I will be looking for long at its 50% retracement point C. If it does not retrace and blows through target, I will be looking for extensions.

/ES long was entered at 1407.50, it came close to being stopped out so far. If it fails, next long level will be 1402.50

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  #26 (permalink)
Legendary Market Wizard
Los Angeles, California Republic
 
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Broker: CQG
Trading: ES
 
srgtroy's Avatar
 
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I'm really enjoying your journal. The method you use is quite interesting. I am still trying to wrap my head around drawing fib extensions high to high, as I am so used to using the actual extension tool with three points to measure an extension, but you have demonstrated that your way obviously works as well. Anyway, as you mentioned, the simplicity, excellent built-in risk/reward and the set and forget element of this method make it appealing. Thanks for sharing and keep it up.

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  #27 (permalink)
California
 
Experience: Intermediate
Platform: MT4, TOS
Trading: /ES /CL
 
Posts: 110 since Feb 2012
Thanks: 15 given, 120 received


DoubleClick View Post
The 50% retracement support mentioned earlier in 6E has confirmed that it will hold because the retracement drawn from Anchor A to high has hit its target at point B. Now, new anchor from point AA will be drawn to high and I will be looking for long at its 50% retracement point C. If it does not retrace and blows through target, I will be looking for extensions.

/ES long was entered at 1407.50, it came close to being stopped out so far. If it fails, next long level will be 1402.50

Both trades were taken out yesterday and I have not put any new position since except the 1402.50 long which was stopped out as well. Now there is confirmation that the current 50% retracement from an extension may also hold and I am anticipating a gap fill. Long entry was made at 1391.75. I also got a very nice confirmation with a bullish engulfing.

Also anticipating a trade for /6B. The 1.6177 has validated its support and now I will trade the first 50% retracement of its current swing.

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  #28 (permalink)
California
 
Experience: Intermediate
Platform: MT4, TOS
Trading: /ES /CL
 
Posts: 110 since Feb 2012
Thanks: 15 given, 120 received


srgtroy View Post
I'm really enjoying your journal. The method you use is quite interesting. I am still trying to wrap my head around drawing fib extensions high to high, as I am so used to using the actual extension tool with three points to measure an extension, but you have demonstrated that your way obviously works as well. Anyway, as you mentioned, the simplicity, excellent built-in risk/reward and the set and forget element of this method make it appealing. Thanks for sharing and keep it up.

It also provides a point of reference as MF pointed out in The Logical Trader. It gives me a level to lean on and a level to know where I am wrong and what next. The difficult part in trading like this is knowing where I am. Sometimes (such as the care of euro yesterday), I can be in a retracement within a retracement within a retracement....That's the hard part for me. If I know where I am, everything makes sense because there is a set of defined rule to follow.

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  #29 (permalink)
California
 
Experience: Intermediate
Platform: MT4, TOS
Trading: /ES /CL
 
Posts: 110 since Feb 2012
Thanks: 15 given, 120 received

The /6B made its 50% retracement. The 20EMA being there at the same time is even better.

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  #30 (permalink)
California
 
Experience: Intermediate
Platform: MT4, TOS
Trading: /ES /CL
 
Posts: 110 since Feb 2012
Thanks: 15 given, 120 received


My long entry for /ES at 1391.75 was based on the 50% retracement as seen in chart. The target for this retracement is 1421.75. This is going to be a multi-day position, and it will be trailed by the 61.8% which is currently 1393. Nothing much to do here now that I'm in a longer term trade.

As for /6B, nothing has changed since its initial entry. PT is still at 1.6218

I'm really enjoying this form of trading. I don't myself constantly staring at the screen and continuously coming up with differing opinions. After many years, I firmly believe a mechanical approach is more suitable for my personality and style.

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