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.