Michael Jardine's Fib

Two days back I started reading "New Frontiers in Fibonacci Trading - Charting Techniques, Strategies and Simple Applications" by Michael Jardine and I must say it is a very nice book. It is a pure price action book and the concepts of trading with MSL's and MSH's were pretty cool. Since yesterday I have been trading real with his methods. I have made pullback entries and reversal bar entries (for people who jump too early to enter). Also, I did enter as per the book on pullback (1/4th of the capital), reversal bar (1/2 of the remaining capital) and MSL/MSH failures (other 1/2 left). The exit strategy was 1.38-1.68% of the retracement of the seed wave. Second exit on a reversal bar and third exit on MSH formation. Let's see how it goes.
Meanwhile I am reading "Trade chart patterns like the pros" by Suri Duddella.

Price action Trades for 08-04-2009 (Rs.1368.57)

Price Action Trades for 06-04-2009 (-Rs.2337.80) LOSS

Price Action Trades for 25-03-2009 (Rs.1032.50)

Price Action Trades for 24-03-2009 (Rs.118.99)

Price Action Trades for 20-03-2009 (-Rs.489.33) LOSS

Price Action Trades for 18-03-2009 (-Rs.53.81) LOSS

Price Action Trades for 16-03-2009 (-Rs.1404.71) LOSS

Price Action Trades for 13-03-2009 (-Rs.555.44) LOSS

Price Action Trades for 12-03-2009 (-Rs.463.24) LOSS

Price Action Trades for 09-03-2009 (-Rs.108) LOSS

Price Action Trades for 06-03-2009 (Rs.486.40)

Profit = 1600* (68 - 68.55) = -Rs.880



Profit = 500 * (236.70 - 234.10) = Rs.1350





Profit = 62* (237.70 - 235.50) = Rs.136.40










Profit = 1200* (90.15 - 90.25) = -Rs.120

Price Action Trades for 05-03-2009 (-Rs.1540)

Profit = 700* (143.19 - 145.70) = -Rs.1750 ( LOSS)



Profit = 100* (301 - 304.10) = -Rs. 310 (LOSS)
Not SANUK.



Profit = 400* (204.10 - 202.79) = Rs.520
NOT SANUK

Price Action setup for 04-03-2009 (-Rs.1936) LOSS

Profit = 400* (322.56 - 328.40) = -Rs.2336 [LOSS) [I didnt put a stop loss and paid the price for it!!!]

Profit = 2000* (65.45-65.25) = Rs.400

Price Action Trades for 03-03-2009 (-Rs.208) LOSS

Profit = 500*(212.77 - 213.45) = -Rs.340 (LOSS)










Profit = 400*(286.08 - 287.05) = -Rs.388 (LOSS)

























Profit = 400*(329.90 - 328.60) = Rs.520

Price Action Trades for 02-03-2009 (-Rs.480) LOSS

Profit = 300* (382.50 - 385.60) = -Rs 930 (LOSS)










Profit = 700*(177.70 - 176.70 ) = Rs.700

Profit = 200*(313.50 - 314.75) = -Rs.250 (LOSS)

Price Action Trades for 27-02-2009 (Rs.1288)

Profit = 102 * ( 201.50 - 200.65) = Rs.86 ( Entered limit order qty as 500 but only 102 got executed)

Profit = 50* (199.50 - 198.85) = Rs.32 ( Entered limit order qty as 500 but only 50 got executed)

Profit = 500 * (154.20 - 154.20) = Rs. 0 ( Didn't work I squared off because I didnt enter the trade on wave 3 but wave 5)

Profit = 600* (169-167.05) = Rs.1170

Price Action Trades for 26-02-2009 (Rs.1330)

Total Profit = Rs. 1330

Profit = Rs.508.45 - 503.30 = Rs. 5.45 * 200 stocks = Rs.1030

Profit = Rs.80.75 - 80.50 = Rs. 0.25 * 1200 stocks = Rs.300