Here is a submission from Tim. I encourage anyone to post trades in "Comments", and I will try to check a few times a week and post a chart or two.
"X, I wanted to participate in your call for reader charts. I traded ADSK on 01/05. It was a little "bouncy" around the FE, so I don't think it was the best setup as opposed to one that found solid support on the top. But, I entered on a break of the 5th bar's high (5-minute chart) and watched the $40 level closely for a reversal. However it broke through and made an orderly pullback, so I stayed in and rode the move to $41 and closed my position. My fibonacci lines are plotted from PD close to CD open, and I use the 8 and 100 EMA.
Thanks for all of the guidance, I am hoping 2011 is my breakout year!"
Here is Tim's chart with the trigger bar and exit level marked.
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6 comments:
Nice trade Tim...
@.@ very good looks for this setup
Nice trade. Hope to see more reader trades in the future.
Mike
Hi X, could you please advise on how you set the target and exit for those beyond FE setups. TIA
Song
X,
I've taken your advice and focused on mastering just one, single set-up (Beyond Fib Ext Set-Up, in my case), so that I eventually get a single set-up down as instinctive and second-nature without distractions or second-guessing.
Does the Beyond Fib Ext Set-Up produce the same consistency of wins and probability of success when SHORTING stocks? I've only used it for buying longs, but I'd like to use one, single set-up that is equally effective for longs and shorts.
Sincere Thanks,
Chips & Salsa
Song, see me current post.
Chips & Salsa, no it doesn't. Don't get me wrong, it still provides good results. But they are not as good as going long. I will try to explore this in more detail in future posts, but the results are still good enough for you to study it as a setup.
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