Several weeks ago I was invited to attend a webinar on how to day trade the futures markets using a Fibonacci techinique. The webinar was hosted by Markus Heitkoetter, Rockwell Tradings founder and CEO, and was a great opportunity for me to just sit back and think about how I currently trade, and how new approaches can provide a much needed fresh perspective.
What Markus pointed out, was nuance he saw in a trending market, that might give traders an edge when considering these kinds of trades. You see from my perspective, I think the markets these days have been very challenging to trade. There is a lot of chop and volatility, and if you are not careful, you can get chewed up and spit out. This is also true of trending moves, that always seem to retrace on me before turning back around in the direction I wanted.
What Markus discovered while he was on Summer vacation with his family in Germany, was how top use a Fibonacci technique to predict possible retracement levels and entry points in a market that was trending and potentially getting ready to break out. Now I knew a little about Fibonaccis and how many traders use them to identify areas of support and resistance, but had never used them much. However, when Markus explained what do look for in the markets when they are starting move, and how to use a Fibonnaci drawing tool to plot expansion and retracement levels, I was hooked. Now I no longer worry about how to spot a trending market and where the best places are to put my entry, profit, and stop loss settings.
Markus is a terrific teacher and is very generous with his knowledge and techniques. I have attended many of his webinars and always learn something new. In my opinion, Rockwell Tradings Fibonacci Trading Strategy is the best thing he has put our there yet!
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Rockwell Tradings Fibonacci Trading Strategy