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#1 if I am short and there is confluence around $10, I have an exit order in
2-3 ticks above $10.
#2 if I am flat and it bottomed at 9.75, I would not be looking to enter
long until I had a rally, and if the rally looked credible, I would enter
long on a tick above the 38% retracement from the rally high.
Earl
----- Original Message -----
From: "Lee Morris" <LMorris@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, April 11, 2002 12:30 PM
Subject: RE: Re[4]: [RT] random price moves in ES?
> Earl could you walk me though your "Double Fade". Just say that you are
> short and there is a confluence around the 62% rt at a price of $10.
Assume
> the mkts is moving down and is at 10.50 and ultimately bottoms at 9.75
> before turning up. If you could tell me how you would trade this under 2
> senerios. The first you are short and are looking to exit, and the second
> you are flat and looking to enter long.
> -----Original Message-----
> From: Earl Adamy [mailto:eadamy@xxxxxxxxxx]
> Sent: Thursday, April 11, 2002 1:57 PM
> To: realtraders@xxxxxxxxxxxxxxx
> Subject: Re: Re[4]: [RT] random price moves in ES?
>
>
> "Given the large number of traders who use them" is a good part of the
key
> here because trade entries and exits are clustered near fibs. I will add
> that I _never_ place an entry or exit on a fib ... I always fade it
> because
> I know other traders fade the fibs and I don't want to be faded ... this
> means that prices will generally not stop exactly on a fib.
>
> Bottom line is that I want to know what other traders are looking at so
I
> would have to plot fibs even if I did not believe in them. Obviously, I
do
> believe in them as I have used them for over 15 years ... the single
tool
> which I have never discarded through all of my research and trials.
>
> Earl
>
> ----- Original Message -----
> From: "ztrader" <ztrader@xxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Wednesday, April 10, 2002 10:31 PM
> Subject: Re[4]: [RT] random price moves in ES?
>
>
> > I would think that the mathematical characteristics of Fib
> > retracements might be of great interest to traders, given the large
> > number of traders who use them. There are many places where the fibs
> > are derived, with connections to geometry, etc. This is just one more
> > part of the picture, and might be of equal or greater value to traders
> > than the simpler characteristics.
> >
> > If I'm the only one who can see how this is of value, though, I'd be
> > quite happy to drop it - I don't want to bore the list. Is that what
> > you are suggesting?
>
>
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