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Lmess, do you have a interactive chat room during the day. Just want to make sure that I am learning your method correctly in real time. Also I trade CL, DAX, TF, and Euro. Is there any way that this could be caluculated out to conform to your ranges for fib levels regarding taking a trade or waiting for more movement. Sorry to bother you but I just want to learn your method. I know you trade the ES but I wanted to convert it to my other instruments. Also would the 610 tick be ok to trade on the other instruments that I mentioned.
I'm pretty sure this system could work with other contracts as well, not just the ES. The reason I use the ES is because my I like to keep my maximum risk per contract <= $100. In an instrument like the Euro, the swings are much larger than 16-28 ticks, so the risk would be greater. I will look into some of those contracts and try to find what a good distance would be, although I'm pretty sure the risk will be greater.
Lmess, thanks for responding back to my questions. Will await for your exploration of the distance numbers to use and what rules maybe to impliment. Also your videos on how you use the fibs is very helpful.
I like your rules and the fact you use the 50% ratio. This is in line with market auction theory. The 50% is part of the market profile and many other studies like median lines, Pitchfork etc.
This is the video for the analysis of 06/02/2011. I only took 1 trade when the market opened and in the video I talk about a rule I forgot to mention in the previous videos which is that I don't take trades where the stop is 3 ticks larger than the profit. The maximum I allow is 2 ticks.
@hector24 - I think it's going to take me some more time to try to establish parameters for some of the markets you mention.
I'm not so sure the market is going to provide any opportunities today as price has extended quite a bit from the NFP news release. We'll see what happens.