I am amazed at the comments that are popping up on the posts - you guys have a lot to contribute! I want to foster the collaborative environment by posting comments, setups, and charts from the readers several times a week. To make it easy on me, I need to get some uniformity in how you list your setups and trades; it will allow me to post them and provide consistency for all the readers.
As such, I am asking everyone to use the following format:
1.) Classify the trade as a success or a failed setup so everyone knows what they are looking at from the beginning. It will help people get in the mindset to provide the proper feedback if you are asking for input.
2.) Post the pertinent details - symbol, timeframe, how you plot your Fibonacci lines. If you use MAs, post what you use or just say "standard Trader-X MAs".
3.) Post your entry - "I went long on a break of the X bar. I went short on a break of the X bar."
4.) Post your rationale for taking the trade, along with any red flags or concerns you had.
5.) Post your target, and where you exited if it is different than the target.
6.) Post any questions you have (if you are asking for input from others).
You can post any other details you want, of course. But at a minimum please include the points above.
A few updates:
I told you guys last month that Kernan from TRADEthemove.com had agreed to do a guest post on different methods of plotting Fibonacci lines. Unfortunately, he has been affected by the Japan tragedy as he has friends and family there (so his time has understandably been occupied with more important matters). I received an email this week and he told me he hasn't forgotten, and hopes to get something to me before the end of the month.
I also promised you guys months ago that I would do a post about meditating - something I believe in passionately and practice daily. A few of you have left comments, and I still plan to post on meditating but it is a bit lower on my "todo" list. I will get to it, though. But you should not wait for me before you start looking into it - you can't do it wrong, and the benefits are amazing.
I hope everyone enjoys the end of their weekend.
A Simple Mistake Traders Make
7 hours ago