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How do I get the most out of my trading room experience? First, please watch this introduction video: http://www.fibonacciqueen.com/public/256.cfm The purpose of this trading room is to provide the trader with SETUPS. It does not focus on teaching the methodology. If you are interested in learning this method, you may want to consider one of the video or live seminars or private training. Carolyn runs 3 types of Fibonacci trade setups all day long. These are price clusters, symmetry and two-step pattern setups. She will NOT be calling out entries for you. Instead she will identify the trade setups for you the trader will choose your entries using these setups. The best way to use her work is to use these trade setups with a trigger. To learn about triggers and what CB is doing in the room, please download the appropriate information under the TRADING PLANS section of the MEMBERS RESOURCES DOWNLOAD LIBRARY. Viewing the welcome video and other webinars under the WEBINARS tab under MEMBER RESOURCES will provide a relatively healthy education on the methodology. If you have any questions, you can e-mail Carolyn at cb1618@aol.com. ***Keep in mind that each trader in the room may use this work differently. Some only scalp, some only trade the higher time frame setups in the direction of the trend and some may choose to take the counter-trend trades. It depends on your trading personality.*** NIGHT Charts are NOT INCLUDED in the service though you may use them when they are up. The 4 charts on the left are NOT included either though you can also use those when they are available.
Where can I find out more information about this work?Besides the Free members webinars, to really have a good understanding of this work, you should read Carolyn's book "Fibonacci Trading" published by McGraw Hill. Everything that CB talks about in the room is in the book. At this point, Amazon.com offers the best price on it.
How can I learn to do this work on my own??If you want to learn how to do this work on your own, first you should read the book. Next you may want to to consider one of the LIVE or RECORDED Webinars or some one on one trader over hotcomm.
What is STEM??This is a reminder of what you should be doing in the trading room: S = setup First identify one of the 3 setups for a trading opportunity (symmetry, two-step or price cluster setup) T = trigger Once you trade near or into a setup zone you need to look at your trigger chart to see if you should enter a trade. E = entry If you get your trigger entry, execute the trade. M = manage Once you enter the trade, make sure you have an initial stop loss order and strategy to manage the position whether it is using a trailing stop, putting in an exit order at an important target or getting out of partial positions as the market moves in your favor. Make sure you have a TRADING PLAN!!
What hours is the trading room open?The chat room can be entered at any time. Carolyn is typically present from 9:15 AM eastern til 4:15 PM eastern. She will typically take a break for 30 minutes to an hour each day in the middle of the day and will post that she is on break on her charts when she is gone. Kate Janson is in training to help her in the chat room and may take over parts of the day and/or on CB's vacation days.
What charts should I see in the chat room?In the chatroom you should see 6 charts. Typically the NQ 15 min, the Euro 15 min the ES 15 min and 3 min (including globex data) and the bond 15 min along with another "HOT" market (gold for example) or a Fibonacci timing chart. If there are extra charts on the left, they are primarily for my trading partner Denise, though you may use them when they are available. They should be considered BONUS charts that are not part of the service. Night charts are NOT included in the service either. The charts shown on the left are totally up to Denise. Denise and I are currently teaming up to manage OPM. If you have any interest you can e-mail plafferty@mfglobal.com.
What about other markets that I'm interested in?Due to time constraints, CB does not do markets on demand. If she see's an opportunity in another market, when time permits she will put it out as a bonus market. You may also choose to take one of CB's seminars and learn how to do the work on your own for the markets that she does not cover.
What kind of software does CB use?Carolyn uses the Dynamic Trader software that was created by her mentor Robert Miner.
What does APP, EX and RET stand for on the charts and the color coding?The APP stands for an alternate price projection. These are projected from 3 points on the chart. The 100% or "symmetry" projections are made with this tool and are shown on the chart in RED. The EX stands for external price retracement in Robert Miner's software. I call these EXTENSIONS. I color code the extensions of 1.272 and 1.618 in GREEN. These two extensions are always the first two targets for any trade setup. These are run from 2 points on the chart. RET stands for regular retracements of prior swing. These are also run from 2 points on a chart. The basic retracements are color coded in BLUE, though I like the .618 ratio to stand out and that is coded in PINK. The third target for any trade setup is always 2.618 and that target will be illustrated in BLACK.
What are the trade targets?The targets for any setup are 1.272, 1.618 and then 2.618 of the swing into the trade setup zone. Keep in mind when you are looking at a target for a two-step pattern, that the targets are projected from the full zig-zag pattern.
Is it ok to ask Carolyn questions in the chat room?It is better to OBSERVE the charts and chat room during the first couple of weeks, rather than ask a ton of questions. It can get very distracting and the work will not get done for the traders. Many of your questions will be answered within the members resources area or in this FAQ. If a simple question is asked and CB has time she may answer. If she if busy focusing on the work instead, you can always post a question in the discussion forum or ask the other traders in the room. Note that most traders are focusing on their own trading and may not care to respond. Please don't take it as an insult.
What are the vertical pink bars under some of the charts?Those are Fibonacci time projections that are done in a calendar day mode within the dynamic trader program.
What are you supposed to do with these time clusters?The timing projections should be looked at as time periods where the odds are higher for a market reversal. If the market is rallying into a time window, look for a possible high and reversal. If the market is trading lower into a time window, look for a possible low and reversal to develop.
What is a time window?A time window is + or - a bar of the standout timing cycles illustrated on a chart. There is more information on timing in the member webinar section.
How close does the market have to get to a trade setup zone to consider an entry?As long as the market is within 2-3 ticks of the price zone, you can look to your trigger chart for a possible entry. Many times however, we will hit directly within the trade setup zones.
When is a trade setup violated or negated?If you violate the zone by a healthy margin (more than 3 ticks or so) That is typically considered a violation and I would look for the next setup instead. There may be exceptions to the rule however.
What should I use for a trade entry trigger?The trigger you should use depends on the individual. There are plenty of suggestions on both the trading blog and the free member videos. For example some traders use the TTM triggers which are illustrated in the trading blog. You typically want to use a tick chart for an entry for the setups lower than a daily time frame. Some of the suggested trading plans in the download section will offer you more specific details on these triggers. Bottom line, you want a trigger to suggest that the trade zone may be worth something. Otherwise many setups are violated every day and you want to filter those out when possible.
What types of stops should you use once you enter against a trade setup?The maximum stop should be above or below the trade setup zone. Many traders just have a standard stop for each market. For example he/she only risks 3 or 4 S&P points per setup. Stops can also be placed just above or below the prior swing high or low AFTER you are triggered into the trade.
What happens when you break symmetry?When the symmetry of a swing is violated, it votes for at least a deeper correction and sometimes a more important trend reversal. Please watch the member video on symmetry for more information.
How do I mute the sound files from coming through?If you don't want to hear any sound in the room, on hotcomm where it says audio on can be toggled to Mute or Mute-gun. The mute will mute all sounds coming from the room. The Mute-fun feature will only mute out the sound files but not CB's voice.
What can I do in the mindless chatter in the room is distracting me?If there is someone in the chat room that is distracting you with their posts, all you need to do is right click on their name in the invited list and select add to silent list.
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Trading Room
