1-12-2015

Red circles are short trades.  Blue circles are long trades.
Solid boxes are the 76 levels,
Dashed boxes are the 61 levels.
Dotted boxes are the 38 levels.
The purple box is the extension and the type of line drawing of the box correlates to what fib level price came from.

1.  Losing trade.  Was looking for 76 level w/supply area off of pHOD.
2. Larger 76 area w/demand level off of 50 ema.
3.  76 level with 30 min top level and supply zone.  Was the 2nd leg of a 2 legged move that I was looking for.
4.  76 level and 50 ema off of supply area..  Excellent trade.  Take that everytime.
5.  Losing trade.  76 area short.  Guess there wasn't any supply left.  Price didn't even go down to touch the 76 long area.  Maybe I should have realized it b/c it had two 127 extension confluence zones from 2 different fib levels.  Good point to remember.
6.  76 long and demand area.  2 point stop loss would have saved me by one tick.  Was looking at this being the 2nd leg up.

1-11-2015

So I took of the 21 EMA.  Recently I had never used it to take trades off of it so I replaced it with the 50 and 200ema.  Those seem to give a better hint at where to look for support/resistance levels.  You'll notice how they can be another hint at price bouncing off of a 61-78 fib level and provide a nice place to enter.

I will miss some good trades b/c I'm still learning this as I go.  These are trading ideas I've learned from other people and I am trying to create a plan that works for me.  I'll have rules that are adaptable.  You cannot be rigid with rules when you trade.  You need a framework with the ability to adapt to market conditions.  And as always whenever you are confused just sit back until price does what you predict.


Trades:
1.  2nd entry short off of the 200 and 50 ema after a perfect two legged move.  An old Mack staple trade for a one point scalp.
2.  Price was being stopped at the 200ema, the big 38 fib and had just completed a 2 legged measured move.  I figured price would be good to go down somewhere near the 50 ema or the long 76 fib level which it did.
3.  End of a 2 legged move against the 200ema.  I think I missed a trade to the left when price hit off the 76 zone and the supply area.  That would have been good until the new 76 long area.
4.  Price hitting against the 61 fib zone and the 50ema with my supply level.  It would have worked if I had my two point stop loss in place.  Notice how price pushed all the way up to the 76 box before making its move down.  The 30 min opening zone was the floor today.

1-9-2015

1-8-2015

Well I have been back at it off and on for awhile but I haven't posted here in a minute.  I learned a bunch trying out Mack's style but eventually I discovered his way is not the way that is most optimal for me.  During trying out Mack's method I learned a ton about trading with the trend, traps and watching price movement.  What I didn't like about his style was I felt the entry levels were not very good and that there were better ways to enter into trades.  In comes fib levels.  I've always been fascinated with fib retracements and extensions.  Thanks to Welly he showed me how he uses him and how he views the market.  I would not be this far along in my trading journey if it wasn't for him.  My chart indicators can pretty much all be downloaded from Big Mike's Trading.  The red/blue line came from Welly and they help me draw the fib levels accurately.  That is how I use them.  The green dotted line is the previous days high and the red dotted line is the previous days low.  The black lines are the overnight high and low.  The beige area is the first 30 minutes open and then dotted red line w/yellow filling in the beige area is the range of the 1 minute open.  The 21ema is still there although I hardly notice it anymore.  I may look at switch to the 50ema or dropping it altogether.  I also have an indicator you cannot see called ScrollRite where you can drag your screen around by clicking and holding your left mouse button so you don't have to adjust the charts by holding down CTRL and moving the x or u axis.

A couple of years ago I watched a lot of videos and read anything I could by Sam Seiden.  His way of trading is using supply and demand zones.  He identifies those zones and then trades off of them when price goes back into those zones.  What I've been doing is looking for the price movements or where there are some wicks and that is my supply/demand zone.  It usuallly correlates with the 61.8- 78 fib zone which are all of the blue and red colored boxes on my charts.  The black line is the supply/demand level and my trades are one tick above the black line to go long and one tick below the black line to go short.  It seems to work a very high percentage of the time, I am still testing it out.  The purple box is the fib extension level of 127 - 143 where I look to take profit one point below the 127 level if going long and one point above the 127 level if going short.  If price goes into the 127-143 level then it usually means the trend is strong and will continue up after it retraces a bit.  My stop loss is 2 points and my profit target is what I mentioned above.  It is usually at least 3 or more points, anything less and I try to avoid.