Hello ladies and gentlemen, my name is Mike Whiting. I've decided to create a journal here on forex factory to keep track of myself, introduce trade ideas to others, and accept others' trade ideas myself. The purpose of this thread is to gain knowledge through each other about the market.
Firstly, my journal will be based upon a discretionary system that I have found just a few days ago. This is known as dynamic fibonacci levels. All credit is due to the creator, a person known as Vegas here on Forex Factory. He had originally posted this theory as Vegas Wealth Builder. Personally, I find this to be quite intriguing as it seemingly creates the basic fibonacci levels for you as price moves forward. I found this to be interesting as the Fib levels move along with the actual price of the market (dynamic). I will use this along with my own discretion for basing trades. I use price action as the main indicator of where price is moving to, then I base my exact entry and exit points through the use of the dynamic fibonacci levels - which are created through the usage of the correct exponential moving average points. I will also use other things such as channels, trendlines, and support and resistance areas to reassure myself of the direction of the market. It seems like there is a lot going on for those that don't understand, but I feel that the backbone of any profitable trading is through the usage of these things - Price action, support and resistance, trendlines, channels, and fibonacci levels. I will explain in the second post the standards of this discretionary method.
Secondly, this journal is for others to share their thoughts and ideas about the sentiment of the market as well. Another HUGE part of trading is being able to understand other viewpoints and keeping an open mind. Without this, people will start to think that their view can be the only right one, I know I have in the past. It is always good to hear others' thoughts on the market, identify with them, and find a solid outcome (this means $$$ if you didn't know).
Thirdly, this has been created to gain knowledge from each other. No BS (well maybe a little, just for fun), no sassy talk - just positive reinforcement and positive criticism. We are here to discuss our various views, not to declare them as correct above all others. Keep that to yourself. Now let's start the beginning of a great learning process!
Firstly, my journal will be based upon a discretionary system that I have found just a few days ago. This is known as dynamic fibonacci levels. All credit is due to the creator, a person known as Vegas here on Forex Factory. He had originally posted this theory as Vegas Wealth Builder. Personally, I find this to be quite intriguing as it seemingly creates the basic fibonacci levels for you as price moves forward. I found this to be interesting as the Fib levels move along with the actual price of the market (dynamic). I will use this along with my own discretion for basing trades. I use price action as the main indicator of where price is moving to, then I base my exact entry and exit points through the use of the dynamic fibonacci levels - which are created through the usage of the correct exponential moving average points. I will also use other things such as channels, trendlines, and support and resistance areas to reassure myself of the direction of the market. It seems like there is a lot going on for those that don't understand, but I feel that the backbone of any profitable trading is through the usage of these things - Price action, support and resistance, trendlines, channels, and fibonacci levels. I will explain in the second post the standards of this discretionary method.
Secondly, this journal is for others to share their thoughts and ideas about the sentiment of the market as well. Another HUGE part of trading is being able to understand other viewpoints and keeping an open mind. Without this, people will start to think that their view can be the only right one, I know I have in the past. It is always good to hear others' thoughts on the market, identify with them, and find a solid outcome (this means $$$ if you didn't know).
Thirdly, this has been created to gain knowledge from each other. No BS (well maybe a little, just for fun), no sassy talk - just positive reinforcement and positive criticism. We are here to discuss our various views, not to declare them as correct above all others. Keep that to yourself. Now let's start the beginning of a great learning process!
I dream, therefore I become.