Fibonacci Retracement and Extension – The Holy Grail in Trading!

By trader7757, 26 January, 2010, No Comment

After the market bounces back and takes a U turn at one of these retracement levels and rallies to the point D we say that the market has moved 27% above the original move AB or a total of 1.27%. Now if you want to become a serious trader no matter what market you trade, you should learn Fibonacci Retracement and Extension.

How Really Useful Are Fibonacci Retracements

By trader7757, 22 January, 2010, No Comment

So there you have it, the reason the Fibonacci ratios work is unclear, and I am unwilling to bestow mythic credibility based on the history of the ratio. On the other hand, there is no denying the market pays attention to these numbers. Whether I believe they are a self-fulfilling prophecy is irrelevant, because as traders we only deal in profitable trades and growing account balances. The “why” just doesn’t matter

ES Emini Day Trading: Detailed ES Trading Chart

By trader7757, 23 November, 2009, No Comment

Chart courtesy of AMP Trading, get a free demo account and paper trade.

detailed ES Emini day trading chart ESZ9 for Nov 23, 2009

Well, the market started out with a great up move and then sort of unwound for the rest of the day. Notice that I put the Fibonacci replacements in the chart and the market found support at the 61.8% level and then hovered above and below that level for quite some time.

It was not an exciting day to trade, though I had to fight impulses as the market faded of the highs to stay and in the trade and let it ride. Not an easy thing for a devout scalper, but I managed to stick by my guns. The volume, as it has been for quite a while, was not overly impressive which, in my mind, doesn’t point to a terribly robust market. We shall see.

New Video: Is Crude Finally Heading Higher

By trader7757, 6 November, 2009, No Comment

A Quick Update on the Crude Oil Market

I was just looking at the charts and they are beginning to look very, very bullish. The formation I show you in today’s video is a classic continuation pattern to the upside. This pattern also confirms a Fibonacci target number we are looking at.

This video is short and to the point and I think it will get you thinking about this energy market.

Click here to see where crude oil is headed

As always our videos are free to watch and there is no need to register. After you watch the movie, please feel free to comment on blog.