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I will be posting some information on a strategy/system I use for trading the ES. It relies on Fibonacci retracements and extensions. Retracement levels are used to determine entry, stop and target, while extension levels are used to determine when to draw a new fib and how to draw it.
I will be posting the rules for setups and how to draw fibs starting on June 1st. This style of trading usually provides anywhere from 1-3 trades per day. On days where price just extends itself without having much of a retracement, there will most likely be no trading opportunities. This strategy could probably be used to trade other markets as well. However, I will post the rules that are specific to the ES contract.
Once I start posting the rules and examples, if you have any questions, please feel free to ask and I will try to answer them as best I can.
According to Lance Begg, Fibonacci lines are an illusion. It will be fun to watch your experiment to see if we can effectively trade a 'mirage' without nothing else but those lines.
Interesting article...I respect his point of view, although I don't know who he is. At first, I did not believe in fibs either. I was just drawing them anywhere I saw two pivots. It was only until I added several rules to how I drew them, that I started getting consistent good results.
im also looking foward to reading this thread as i knew a scientist friend of mine who was or is i should say one of the smartest fib guys i know,he play with fibb settings for 5 years and at the end of 5 years he told me he just wasted 5 years lol,but will be interested to see what you can do,dont get me wrong im not saying you cant do it im just saying my buddy didnt see any results that would put him ahead of the game using fibbs...sharky
We have had numerous discussions debating the viability of many different indicators on this board. Some traders do not use any indicators and trade strictly off price action.
I believe every trader must decide for himself what works for him. The best way to make that decision is to look objectively at as much information as is available to him.
Therefore, even though I do not personally subscribe to FIB lines, I thank you for posting your information. Please do not let any of our comments discourage you from posting your rules.