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You seem to use Fibs to great effect. Are you able to comment on why you think they work?
I cannot think of a logical reason as to why they should work other than forcing a trader to follow good money management, E.G Holding out for a target, keeping winners larger than losers. Or perhaps a self fulfilling prophecy if many traders are using them.
Would love to know your thoughts if you wouldn't mind sharing.
Twiddle, I am convinced that fibs work and that they are lines in the sand that are respected many times every day, every hour. They are sometimes very obvious and sometimes camouflaged in code. There are 10 retracements and extensions that I favor. Which fib that will be respected is determined by the character of the macdbb at the time. Also, many are not plotted tip to tip (code). There are patterns that the market follows every hour, every day and every week. There are a few combinations that that the market uses as a mix. Studying the patterns and putting them to memory will give the ability of being able to calculate where the probabilities will take it next. Once we master the moves, the whole market is our oyster. The whole market, every instrument, every product, does the same thing, day in and day out. If we can trade one instrument with success, we can trade them all. Our job is to pinpoint which pattern it's using now, thereby using the probabilities of historical charting put to memory as a tool weighing all the known factors of where its going next. And it all revolves around fibs.
“The more I am around people, the more I love my dogs.” ~Author Unknown
Half a league half a league,
Half a league onward, All in the valley of Death
Rode the six hundred:
'Forward, the Light Brigade!
Charge for the guns' he said:
Into the valley of Death
Rode the six hundred.
For six hundred. Read One.
I must be mad but I going to stick my head above the parapet, hopefully I will not be shot at too much and heavens forbid get a ban!!
Firstly, I concur that Family Traders use of the word Croc was, at best ill advised. But I believe a ban a trifle harsh, maybe an opportunity, should he wish to accept it, to apologise for that and put his question in a more tactful way. Mr Horst, as a successful trader, I’m sure, has a pretty thick skin and is more than capable of sticking up for himself.
Secondly, I believe it is a prevalent human trait to be sceptical, and this is probably exacerbated by being a struggling trader. So maybe we can cut the sceptics a little slack.
There are on this site a plethora of journals from all sorts of people from all over the world and almost without exception these people are explaining where and more importantly why they entered trades. They explain their rules of engagement and you can follow how they live or in my case die by them. Mr Horst is unfortunately restricted in this and can only show the where. Thus causing, inadvertently I’m sure, the aforementioned scepticism.
It is surely natural to question what we do not understand, and therefore slightly irritating to some maybe, when answers are not forthcoming.
Another issue for some people, may be motive. By that I mean, why post the journal. Most if not all the other journals are peoples own methods, gleaned from other traders or educational sites and books and hotchpotched together to try and trade successfully. They post their journals in the hope that by being accountable to other traders they may indeed begin to achieve the success that Mr Horst is undoubtedly getting. Also they may help other traders into the bargain. Mr Horst possibly does not fall into this camp. He is a successful trader already and is showing us that this system works for him. This, on the other hand is a paid for system. Let me play devils advocate for one moment, not all adverts tell you to buy something, a lot of rather successful companies believe that product placement is a good way to air their wares. Therefore maybe some people out there think that this might be the case here. I don’t know, It's just a consideration.
With that last comment, bang goes my chance of not being shot at. I have already been banned from one thread for mentioning Mrs Slocombes cat so I suppose another won’t hurt too much.
All that being said, I hope I have not offended anyone and I, for one, quite enjoy watching the videos. It’s always good to see a trader “knocking it out of the park” as you lot over there are keen on saying. So keep it up Horst and I will, if permitted continue to watch from afar.
Best wishes
May I just add I am not jealous of your results. Envious yes, jealous no. There is a subtle difference. Also I do not intend any offence to your many and varied exponents.
Horst,
Thanks for the videos.
I picked up a few things along the way. Especially how you scan the market on the larger timeframe for areas to enter the trades from. Today I couldn't resist to take a couple of trades on my account using what I have picked up.
Great risk reward ratio, love that. Number one was 50% retracement on the larger run with divergence, it didn't do the job, took me out with a 0. Next stop was 62%. Unfortunately it pulled back and left me with another blank before it took off and hit my target on the other outerband. Third one pulled back to the same area again so i didn't expect it to give me more than 50 %. 1,5 points though. With my aggressive exit strategy, the trades would have left me with 3,5 points. What kind of wine do you prefer?
Got my internet issues ironed out. The guys were here this morning and concluded there was a critter chewing on my cable which needed to be replaced. Got up and running, but well into the open. The 6E was my first opening for an entry. Traded for an hour and netted 2.2 nuggets. There was a lot of waltzing going on and I was hitting profit targets with only half my contracts as I was scaling out 1/2 instead of all, in a sideways pattern. I did not pick up on this and need to be more perceptive in interpreting the markets attitude. I will work on this.
Summary For March 2011
Tue. March 1, 2011 6E 2694.50
Wed. March 2, 2011 6E 2951.40
Thur. March 3, 2011 6E & TF 4342.00
Fri. March 4, 2011 No Trade
Mon. March 7, 2011 6E & CL 3304.20
Tue. March 8, 2011 CL 3374.20
Wed March 9, 2011 6E & CL 4128.40
Thur. March 10, 2011 CL 3777.00
Fri. March 11, 2011 6E & CL 1144.80
Mon. March 14, 2011 CL 3074.20
TUE. March 15, 2011 No Trade
Wed. March 16, 2011 No Trade
Thur. March 17, 2011 TF 3034.20
Fri. March 18, 2011 CL 8115.60
Mon. March 21, 2011 CL 5002.80
Tue. March 22, 2011 CL DAX 6E 5114.80
Wed. March 23, 2011 CL 4201.40
Thur. March 24, 2011 DAX 7576.40
Fri. March 25, 2011 SI 4977.80
Mon. March 28, 2011 No Trade
Tue. March 30, 2011 SI 9951.40
Wed. March 31, 2011 6E 2218.10
82,886.00
“The more I am around people, the more I love my dogs.” ~Author Unknown
Awesome Swedein. That just makes my day. The 62% is great for an extension, but not much as a pivot point for a retracement. I'm so glad you were able to make something of my videos. Next time I'm in Sweden, I will look you up for that glass of wine.
“The more I am around people, the more I love my dogs.” ~Author Unknown