[Sniper]

Here's a risky trade for today 1/22/2007 I enter off a pullback at .236 level, which means there was a strong downside trend As I don't know how long this trend will last I went in with 2 contracts. Notice how time cycles along with fib retracements played beautifully today. As you notice down on the charts, time of exit - 11:10 AM.

Regards

[Pismo10]

The biggest problem I have with Fibs is that I can justify just about any point on the chart using many Fibs of different highs and lows. So the big questions gets to be, which one of these many points is the important one......I have yet to figure this out.

[torero]

50% is the most important IMO. I used to use other areas, but it's not as reliable as this lelve.

I assume you know how to draw the top and bottom to make the levels. Go back and look, you'll be surprised how often it's stopped there. If it fails, then the trend is over and time to reverse positions.

[Soultrader]

Here is another fib retracement setup on the ER2. Unfortunately I did not see if until after the move

Great 61.8% retracement setup. Also on this day, 1/26/07... the TICK's started hitting 1000+ readings multiple times creating the impressive afternoon rally.

[tblack]

I am a newbie at TL and I want to say how impressive the wealth of knowledge is here. It is appreciated and I look forward to learning from all of you. Thanks

[trader273]

why did you dig up a thread thats almost a year old and not add anything of value to it?

[tblack]

How can you improve on perfection?

[trader273]

Originally Posted by tblack »

How can you improve on perfection?

umm...ok

Dont have any here at TL on ignore, but I think you may be the first, congratulations. With the influx of newbies around here that feel the need to bump a post by saying "hi" or "wowzers thats really interesting", it's annoying as hell. I go my unread post and there are a bunch and about 99% are people like you bumping old old old threads with absolutely nothing to offer.