Traders Laboratory - View Single Post - Fibonacci Pullback Strategies
View Single Post
  #15 (permalink)  
Old 01-22-2007, 09:43 AM
Sniper Sniper is offline
Sniper has no status.

 
Join Date: Jan 2007
Posts: 15
Thanks: 0
Thanked 0 Times in 0 Posts
Re: Fibonacci Pullback Strategies

well, I finally found it.

Here's a chart of an actual trade this past Friday. Notice that there's was an earlier retracement to .382 area but I didn't take as it was 11:55 am. I avoid doldrums time at all cost. My entry was at 12:50PM, some sort of risky time for me but hey, you gotta be pushy sometimes.

Yellow vertical lines are cycle finder lines. As a rule I wait 2 cycles before taking profit. In this particular case, note that 2 cycle were passing closing time. I decided to take the 1st cycle as it was wide enough for a market play.

Notice that profit target was on a confluence of the fib extension, but the target failed. I pulled out at the end of the cycle. One of rules is not to leave any open orders before closing time.
Attached Images
File Type: jpg Fib example.JPG (96.9 KB, 52 views)

Reply With Quote