So this is quite a different approach to fibs than that used by Daedalus as you are trading against the main trend in a couple of the cases. Taking a quick profit is therefore wise. Is your stop also about 20 ie you’re looking for an R of 1?
yeah your quite correct, last week i was going against the main trend. Most of my loses were for that same reason. i wont be doing that next week though.
if im in for a 20 pip profit my s/l is 10 pips and 40pip target, 20pip s/l
OK, it will be interesting to see how that pans out long term. Thats what attracted me to Daedalus and his ideas in the first place especially with an R above 1. Look forward to your continuing updates
If im not wroung isnt that only 480,000. i think you mean a 1,000 lots.
20 Pips a day X 20 Days a month = 400 Pips X 12 Months = 4800 Pips A year X 10.00 / Pip (Std 100k size) = 48,000.00 / Contract X 100 Contracts = 4,800,000
Daedalus,
Thanks for the answers to my many questions. Your answer to one of them got me curious, and I hope you don’t mind if I go off on a tangent for a minute: You said that you might take your laptop to class. Do you have wi fi in class? How are you getting connected in class? I’d love to take my own laptop to work, but I’d have to steal wi fi from some anonymous internet provider. I hear that Verizon can provide wireless connection, but according to Tradestation, using that kind of connection is not advised for trading their platform. And I don’t want to use my employer’s LAN directly, as I’m sure my employer would frown on that 
I’d love some ideas on how I can trade at work, and it would start with being able to connect away from home. Thanks!
Dahlia
Not sure why wifi connections would cause Tradestation a problem. I have had them from Vodafone and now Telstra (Australia) and have had no problems either with charting or use of my platforms. I also occasionally use them at work but the main use is so I can use my laptop as a backup if everything else fails
Yea, we’ve got WIFI in our business building so i’ve just used that before. I think tradestation frowns upon using WIFI in general for a connection, but I’ve been trading everyday for over a year now on a wireless connection from my laptop and a wireless linksys router in my house with no issues.
I’ve also looked into doing the whole Version/Sprint wireless internet options but i’ve yet to really have a need for them. (One of my dreams is to buy a boat in san diego to live aboard and trade from the boat, but until i do that, i don’t need the wireless cards).
I’m sorry i’m not a lot of help. If I were you, i’d try and use your employers LAN (if it doesn’t take up your time at work - whats the harm?), and if not try the verzion/sprint options. I’d feel better about going with them than an anonymous internet connection.
do you only look at 61% retracements?
Dale - I couldnt resist this. My 1000 post. Didnt have anything vital to say so just thought I’d say hello and see if I disappear!
Oh wow I became an FX Men Honorary Member, how about that. Pretty cool!
From the BabyPips.com Forum to you,
Congratulations! Keep up the fine work. Looks like we have another superhero on the team!
-Forex Forum Admin
That and 75/76.8% retracements.
Congrats Tony! You are without a doubt one of the pillars of this community! I couldn’t be happier to have you in our little thread here!
would you move your stop during the middle of a candle if it hits the 38% line or do you wait for another candle?
in the middle… all I care about is that the 38% level is hit. As soon as that price level is hit, my stop gets moved.
just been reading the whole thread again, theres a whole lot of info’ i missed or skimmed. great thread, it is making me a better trader.
oh and congratulations on your 1000 post tony!!!
when you say you wait for a 61.8% test, do you mean it has to fall below the line again? im reviewing my logs and i would have made less loses
my first trade of the day…lets hope it works out 
Update:
Took a bit of a hit today, closed the trade before my stop loss. i failed to view the calender for upcoming news events…big mistake.
-42pips for the day 
Yea, it needs to test that level and respect it (i.e. hold the line on a candle close). If it doesn’t, you need to wait for it to reestablish below the line before entry is taken.
Looks like you got shaken out of the GBPJPY trade when the markets rattled this morning with the fed cut. Gotta be careful about those times…
I’m trying to trade a 38 tick (think 1 minute) chart this morning and see how it goes! Fast price action for sure!
Yeah i did…a shame i messed up, it would have been a nice little trade.
Ok…how do you start your day?..do you delve right into your trading time frame or do you study the daily first. if you do, what would you do if the daily is in a downward trend but the hourly is in an upward trend.