i am a clever man and did work out where the new fibs came from some time back, they are simply the midpoints between levels on the fib tool. eg: the new fib 55.9% is simply the midpoint between 50% and 61.8%
regarding the 70% rule that often gets quoted for the success of harmonic patterns in general, i personally have never got anywhere close to that
from october im only just able to keep head above water because i changed my strategy regarding these patterns, and have around a 40% win rate ...but with my average R:R at 1:2 .. i am just about kept afloat. I have tried R:R 1:1 and it was not working out for me, you need 6/10 winners to stay afloat and i was not getting that ..
i have tried using visual stop before, but that didn't work for me
and cash, i appreciate the help and i tried to take onboard what you said in your advice, but part of me doesn't want to take your advice because i feel you're not being entirely straight with us,
here you describe your strategy to us,
i am a clever man [no genius],
but something just didn't seem right. your strategy looked far too simple. I know you are no noobie trader and you make money but if this is all you are doing it looks far too simple to be making you money. So i look at your chart and start thinking and thinking what ELSE is cashdemon doing that he is not mentioning. and i cannot figure it out. Some days later i think outside the box and manage to figure out something major you did here but were not telling us.
I am a clever man like i say, but also no genius and i cannot figure out all the other little things that you are not telling us
it is like you give us a treasure map but with half of the map torn off ..and expect us to do well
TMB, atleast he gives us a map, with most of the peices still there
i think you want to help make people here into better traders, and thankyou for that, but you need to give us more.