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Trading CL using a fibonancci approach


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Trading CL using a fibonancci approach

  #61 (permalink)
St. Cloud MN
 
 
Posts: 15 since Feb 2011
Thanks: 0 given, 6 received

.14 and .86 fibs are a good place to start looking for the blowout liquidation of suckerz (1 day only at mattress king!!!! jk),




"you can only profit to the extent the other side is willing to lose"
So your idea of measured moves , since it is a zero sum game, is OK, but also know that you can scew the RR too if you're expecting more than one leg of puking by the other side.

It sounds like you may be doing some of that with your targets,

For instance if you have a smaller Double top pattern part of a larger pattern , then if the first smaller pattern pans out and continues on to start liquidating the folks on the wrong side of the larger pattern then you can stay on the ride longer.


The correct FIbs instead of 200% ,300% that I use for those two are actually 261 and 314, but that is just my own preference.......

Everyone needs to master their craft as an individual , no two traders trade EXACTLY the same. So pick up bits and pieces of the puzzle to create and test your own masterpiece. Just make sure you can spot the sucker at the table, because if you can't, it's you


cheers

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Last edited by zr1trader; March 12th, 2013 at 05:55 PM.
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  #62 (permalink)
Denver, CO
 
Experience: Intermediate
Platform: T4/TOS
Trading: ES
 
Posts: 110 since Jun 2012
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I'm adding a few tools to the toolbox today. I need to give my analysis and trades more context. To help with this I will be also looking at the overnight range and opening range to help guide my entries and targets.

3/13/2013, trade1:
Short 93.24: target 92.85, stop 93.44

This is based off the rejection of morning high.

Closed for a gain of +12ticks.

Plan your trade, trade your plan.
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  #63 (permalink)
Denver, CO
 
Experience: Intermediate
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Trading: ES
 
Posts: 110 since Jun 2012
Thanks: 71 given, 91 received


3/13/2013, trade2:
Long 93.13: target 93.45, stop 93.04
This is based on half way back for the day.

Stopped out for -9ticks

Plan your trade, trade your plan.
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  #64 (permalink)
Denver, CO
 
Experience: Intermediate
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Trading: ES
 
Posts: 110 since Jun 2012
Thanks: 71 given, 91 received

3/13/2013, trade3:
Long 92.88, stop 92.78.
Targets: 93.28, 93.63, and 93.88.

This trade had a confluence of a HWB, European session swing low, and opening range low. (light bulb going off in head)

This was a good setup, and I had 25 ticks of profit. However, I didn't take it. -10 ticks.

Plan your trade, trade your plan.
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  #65 (permalink)
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Couple of quick trades: two shorts net +29 pips

Plan your trade, trade your plan.
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  #66 (permalink)
Denver, CO
 
Experience: Intermediate
Platform: T4/TOS
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Posts: 110 since Jun 2012
Thanks: 71 given, 91 received

Here is my next setup, short at 92.38. I'm not convinced that we'll make new lows, and I'll be watching for higher lows to form...
Yeah, not happy with this one, off at break even.

Plan your trade, trade your plan.
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  #67 (permalink)
Denver, CO
 
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Another small long into the halfway back short. +19ticks

Plan your trade, trade your plan.
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  #68 (permalink)
St. Cloud MN
 
 
Posts: 15 since Feb 2011
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How are you determining where to put the high and low of your fibs when you "fib out" a leg?

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  #69 (permalink)
Denver, CO
 
Experience: Intermediate
Platform: T4/TOS
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Posts: 110 since Jun 2012
Thanks: 71 given, 91 received

Last trade of day, short at 92.50. Ended up with +9ticks, just didn't want to break down into the end of the day.

Plan your trade, trade your plan.
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  #70 (permalink)
Denver, CO
 
Experience: Intermediate
Platform: T4/TOS
Trading: ES
 
Posts: 110 since Jun 2012
Thanks: 71 given, 91 received



zr1trader View Post
How are you determining where to put the high and low of your fibs when you "fib out" a leg?

Pulling from the high or low of the day is always in play. Beyond that, I look as to what traded previously.

In general, there are two types of series. The first (consider longs for this explanation) will retrace a low to high, forming a higher low. When this hits its target, a higher high is formed. For the next move, the higher low and high are used for the next draw. The second type keeps the same anchor. In the above case the new draw would be from the original low to the new high. A more common form of this is from a swing high to a higher swing high.

Plan your trade, trade your plan.
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