"X, I am having a lot of success with your methods. Thank you for all that you share. I don't trade 2-minute charts, the 5-minute charts work better for me. But everything else is the same. Today was a stellar day with SFD which was a semi U-turn setup that I entered when it found support at the current day's opening line...I entered on a break of the 17th bar's high. And I had a beyond the fibonacci extension setup with ARB, where I entered on a break of the 11th bar's high. I made nice profits on both. Thank you again and I hope your family is well."
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12 comments:
Nice trade. SFD was even clearer on the 10-minute.
Very nice trade...
Where do you all look to find your trades ideas? Do screen for certain criteria?
Jean, click on the link at the top of the page "Welcome and links to key posts"...there are several posts over the years about screening. Thanks!
Nice trades from your readers. Are you still going to do a meditation post? I am very interested. Thank you.
Trader-X is the guru,its a great site.
I clicked on that link and nothing happens. Is there a step I am missing?
Trader X,
Do you notice that when you sell into the 132.8 or the 161.8 Fib Extensions you are selling early?
I'm gettin profits but the stocks just keep going sometimes.
Flow, yes. That's the way I want it. I don't mind leaving money on the table as long as I have a high success rate and am profitable. I can't catch all of every move - I gave up on selling at the high a decade ago.
Having said that, there are PLENTY of times when price reverses at EXACTLY that point, and that makes me feel even better.
:)
Trader X,
First I want to wish you well with your family situation. I pray that it all goes smoothly.
A problem I encounter is the 132.8 and the 161 leaves you with too little profit. On some of the stocks I'm trading the 132 or 161 is only giving 20-30 cents or so of profit.
For example CNC 15 min chart on 12/17 fibs plotted from yest close to orh high.
Thank you Flow. Depending on the setup and the timeframe, the profit potential may be limited (on 2 and 5 vs 15, it is more compelling...but you can find good setups on 15 with a lot of potential as well...potential profit is how I decide which trades to take when I have multiple options).
Having said that, one option may be to take 1/2 profits at those levels, and let the rest run. You may catch some big winners and be able to close out some dogs without a loss.
Thanks Trader X,
Was wondering if that is normal or if I'm doing something wrong. 30 cents goes a long way sometimes.
I put up my best numbers ever this year end and its thanks to your blog.
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