Fibonaccis Don’t Matter

If fibs are magical, then price will always reverse at a fib number and I’ll make a million dollars. lol.

But I usually make money anyway due to the nature of price action. It really has nothing to do with fibs. I just happen to use them for my entries in this system. If price reverses at a fib, awesome. If not, awesome.

March 24 2010 Trades

Only two trades today.

The first one was a loss, and it was another BS loss. Price went 2 ticks below the stop loss and then reversed and went back up to the target profit (and above).

The second one was the widest trade I’ve done yet, this time missing the stop loss by 2 ticks and then going back down to the target profit for the largest winner I’ve ever had in a single intraday trade. And yes, it would’ve also been my biggest single losing trade if it had stopped out.

I stopped after the second trade because it was almost 2pm (market time) and because I was elated at such a big win and I wanted to deal with those emotions.

$3,056.40 for the day

3-24-2010 pnl

$4,991.20 for the week

3-23-2010 Trades

Today was a crazy day.

-$428.60 from 6 trades.

The 5th trade, (-$1207.80) was BS. Price went down EXACTLY to the same level as the base of the fib range, stopped me out, and then went back up to the target profit level. Stupid double bottom

Another big loser in there but at least that one wasn’t a BS double bottom. I’m still using the doubled contract sizes (2,6,10) and will continue to do so unless I specify otherwise.

-$428.60 for the day

3-23-2010 pnl

$1,934.80 for the week

March 22 2010 Trades

There have been two pullbacks so far today, neither of which has touched even the first retracement level. Here’s the most recent one.

(it’s the green line; that grey line is some other retracement that I don’t use but can’t turn off).

3-22-2010 trades

edit 10:05am: Holy cow that was fast.

edit 3:00pm:

Two trades today.

I doubled my position sizes now to keep the ratios the same as before. 2, 6, 10.

First trade only hit the first 2 levels (8 contracts), second trade hit all 3 levels (18 contracts).

$2,363.40 for the day.

$2,363.40 for the week.

3-22-2010 pnl

March 19 2010 Trades

First trade. Red circles = sells, green circle = cover.

3-19-2010 trades

Second trade, same notation.

This trade took forever to close. I thought I was going to have to close it early because I didn’t think it would end before the market closed.

3-19-2010 trades 2

3-19 PnL.

Big profit for the day, and it was a trendy day.  This system excels in trendy environments (assuming the pullback is far enough to hit the first entry point).

$2,329.20 for the day.

3-19-2010 pnl

$4,178.30 for the week.

Week stats:

6 winning trades: average size = $932

2 losing trades: average size = -$709.65


March 18 2010 Trades

I’m in a trade 9 contracts deep now but I don’t know if price is going to move enough in the next 30 minutes before the market closes. I may have to exit early.

If the trade goes to completion, the possible outcomes are:

win: $1,500 (approx after commission)

lose: -$1,150 (approx after commission)

But because of the time factor I might just cut it early for a smaller gain or loss. I’m not worried either way though because my first trade today was a $1,070 net winner.

I’m honestly getting kinda bored sitting here and watching price move 1 tick every 5 minutes. What’s going on?


I exited at 1165.75 because the market closes in 2 minutes. This makes my loss for that trade just under $600 which is better than if I had taken a full loss, and leaves me net positive for the day.

Slow end of the day.

Even though neither my target profit nor my stop loss were hit, I didn’t want to let the trade stay open into afterhours or overnight. That’s why I exited now.

$502.20 for the day.

$1,849,10 for the week.

3-18-2010 pnl

March 17 2010 Trade

I’m in my last trade of they day. If price hits 1170 before it hits 1165.50 then I win. If it hits 1165.50 first then I lose.

Regardless, it’s getting to be late in the day so I’m not going to take any more trades after this one.

My first trade of the day was only 4 contracts deep and was just over $400 winner.

If this current trade loses, I’ll be net -$400 or -500 or so for the day. Not too bad.

Update: I’m now in this last trade 9 contracts deep. It’s go time

Update: out for a loss.

-$444.80 for the day.

$1,346.90 for the week.

3-17-2010 pnl



Hedging your trades by being long and short at the same time.

I will get into that later. It involves using another account and taking the opposite position. I originally was doing it long term with stocks. Depending on how one hedges, here are a few possible results:

– A “winner” is slightly reduced
– A “loser” is slightly reduced
– Both long and short trades close for a profit on both sides

There are a few more possibilities, too, but I’ll discuss those later.

I could write a book on hedging. There are so many possibilities that most people don’t even think of.