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Wednesday, April 05, 2006

Promoted from comments

Daniel posted this trade earlier today in comments. He referenced a set-up I highlighted in the past that occurs above the Fibonacci extension.

Answer the three questions on your own, and read through the comments over the past week or two for some good charts and trades from readers.

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dan said...

Hey X! Haven't posted here before and I'm sure I will a lot more. As a college student (Junior, finance), I don't have the time to implement your strategy but plan to during the summer. Of course I've used it before and made money! I've been trading for 5 years now and am starting to finally "Get it".

Just wanted to say thanks for the blog, I've read over EVERY post you've ever made and took notes (more than 3 pages worth), and plan to take a lot more once I review them all again.

Don't really know why I posted this, but thanks for everything!


P.S. Just realized your style kinda resembles MaoXian's Dummies. Both set-ups are superb.

Trader-X said...

Thanks a lot for the kind words. I look forward to your participation.

Tom said...

I made almost 6% on THC. Thanks for the great blog!

John said...

On these setups at the fib. extension, how do you identify your target?

Dave C said...

Hey John,

I know you didn't ask me specifically, but I'll chime in. I usually look for possible signs of weakness (weak closing bars) as a possible sign for a reversal. You can also estimate a target by taking the distance from the high and the fib extension and adding that to the fib extension for your next target. Generally speaking though, I just look for weak bars. Since it's already gone up so much, any weakness can set off a reversal. Just my 1.5 cents.

Trader-X said...

Hey John - what Dave C. posted is what I do...

John said...