I would love to know what strategy you are using? 
I too have only the patience and will for the 1m trades.
A lot of people draw the fibonacci in the tendency previous with expectation of foreseeing the supports and resistances. I wonder: so that I will know the resistances and supports, the price can beat in her and to break or to beat and to return, that doesn’t guarantee me anything and it is not useful. It is easier then to put an EMA of 62 periods and to use common fort supports movable. To draw with the 100% in I begin of the tendency and the 0% in the end for me is wandered, because to hope the price returns and does it fall if it is much easier he to walk in favor of the tendency? George Soros says (I am not sure if it is him who says) �is not because the price already went up a lot that he won’t arise more�. Follow the tendency if the price this going up the purchase then is the most favorable. See as I do:
After confirming begin of a tendency I draw the fibo hoping the price goes until the projections and I buy where I consider the best point the 38%. If the trade is perfect I almost guarantee a profit 3 times larger than the loss. But remembers this method should be used just in begin of a small tendency, a small tendency where the larger tendency is favorable.
does anybody disagree? I would like to know you point of view.
Everybody knows that the market has stronger days and weaker days some days to tendencies is of discharge others of fall and other the market is lateral. if the market has different movement size because you would define an exact goal.
Example: target for the signs is of 20 pips and the stop is of 15 pips.
In a day of market weak lateral 20 pips it can be very far for a target and you could finish losing, in a day of market with strong tendency 20 pips they can be few and you would be a low profit. With this argument on target I reinforce the use of fibonacci to choose the entrance point and exit, the fibonacci work with percentage and not with a number exact. The points are in agreement with the movements of the market when you will negotiate.
If you are not understanding I will post some trades to try to explain the strategy, if you understood and it disagrees then tells me clearly as it draws the fibo.
date:08-31-2009
Trades:12
winning: 5 trades
losing: 7 trades
pips: 18,6
TOTAL: +118,3
08-31-2009 print
can you please explain all from the begining…
I only understund the duble tops…i cant be sure where i look for a short or long shot
please explain us if you use emas to draw up or down the fib
thanks
see this tutorial, see if you understand. if no I will try to explain for the topic =)
remind that a part of the strategy is composed by simple perception and practices with the market.
basically
pff. babypips have a lot of restrictions…
thanks mate ,
but ,why in above example you was long???
it is a mater of emas ??? or beacuse a price patern?
(2strong suports and one miss way to broke up suport)
I am seeing my trades of the day, I saw that the market was bad, but, I also made some trades for impulse and I wronged. tomorrow I will try to follow the strategy respecting the double bottoms and others rules…
date:09-01-2009
Trades:9
winning: 5 trades
losing: 4 trades
pips: 86,3
TOTAL: +204,6
09-01-2009 print
about two big trades g/u e/j:
recalling that to run great risks it is not part of my strategy, but certain time I saw a Japanese daytrader say: it is in the great movements that it is made great profits…
bad week, without losses. however a lot of indiscipline…
see this,
Thank you so much !!!
Please can you tell us about how you draw the fib and when you think that is a short or long
yesterday I didn’t negotiate. today trying was trying to modify parts of the strategy, it was not a good thing.
date:09-03-2009
Trades:16
winning: 7 trades (two trades closed on tralling =/)
losing: 9 trades
pips: -20,3
TOTAL: +184,3
well, after a lot to think decided to make a decision. I don’t negotiate more looking at graphs of 1m. them strategy continues working continue in profit, but what inconvenienced me the fact that in some trades 1m the risk / profit relationship was smaller than 1:3. to leave the trade I continue using graphs 1m just the entrances will be diffuse in 5m.
bad week for me, but even so I closed in profit. today I was safe for the nfp, easy negotiations.
date:09-04-2009
Trades:16
winning: 6 trades
losing: 10 trades (two trades closed on automatic stop because of nfp range =/)
pips: +107,3
TOTAL: +291,6
when I discovered that was holiday in the eua I was already in losses, but I got to recover =)
date:09-07-2009
Trades:13
winning: 6 trades
losing: 7 trades (three closed trades before the stop just to recover the account)
pips: +0
TOTAL: +291,6
date:09-08-2009
Trades:11
winning: 9 trades (2 closed trades in the inversion of the signal, reaching little profit.)
losing: 2 trades
pips: +85,6
TOTAL: +377,2
This looks like basic ABCD trading on the 1min chart. Yes?
Why are you using 161.8 instead of 138.2 as your target?