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How I shorted at the top of the market- no indicators target $1850. one es contract


Traderbeauty

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Again- I am not trying to show off or brag- i am just trying to teach some of you- and the best is to show LIVE PROOF not replay or demo.

 

As you can see in the 60 minute chart the market is in a big triangle and i plan to take advantage of it.

I shorted at 2048.50 while the top was 2049.25 that is not bad - 2 ticks with such huge moves- and i did not use ANY INDICATORS- see the 2 top arrows.

The reason i shorted there is because there was a perfect confluence with the trendline and the 1.618 fib so i placed my order AHEAD OF TIME. The moment i got filled the market dropped like a stone with huge volume so i knew i made the right move. Right now as i write this post the market is at 2022 which means i already have 26.50 points.

Now many of you asked me how i decide where to exit- its very simple- i will not exit before the 50 fib look at the middle arrow- 2011.50 which will give me 37 point of $1850.00 profit on one contract- not bad for a days work lol.

I can tell you that i have few more shorts but these i plan to exit at the 62; 78 and the lower trendline. but i only show you this one to make things easy to understand.

Attached is my live broker account showing the fill. ( this is for you - user33 ).

Hope that helps.

take care and thanks JUST A REMINDER- PLEASE PUSH THE THANKS BUTTON SO I CAN TELL HOW MANY LIKE THESE KIND OF POSTS -IF I SEE ENOUGH I WILL CONTINUE.

Jane

http://i.imgur.com/V1OQFzy.png

http://i.imgur.com/yKEFsU5.jpg

Edited by Traderbeauty
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Hi Traderbeauty,

 

Great posting. Good material to rethink and revise the market. After the fact, as I did not take this trade nor had the insight you had, I noticed the following:

- on the 60 min chart I apply fib from the last low prior to the high you take the trade from

- using the fib extension to 1,618 gave very precisely the target the market moved (at current time)

 

http://s22.postimg.org/iornyqp5d/5_2_2015_9_57_36.jpg

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Hi Traderbeauty,

 

From where will you consider your new leg for Fib calculations?

 

Will it be from 1973.75 (Feb 1, 2015) to 2049.25 (Feb 4, 2015) or will it be 2049.25 (Feb 4, 2015) to 2020.75 (Feb 4, 2015)?

 

Please reply.

 

Regards

Amruta

 

ALWAYS USE THE LAST LEG- 204925 DOWN TO 2020.75- now i measure what was the fib retracement to the previous leg- and it was 38 fib so this tells me that we have a strong trend up- meaning i will not short before 1.918 fib extension.

Jane

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