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Hello Dimitris,
<FONT
face=Tahoma>
>I am disappointed with this new "illusionary"
tool. It is in direct disagreement
>with the VERY SERIOUS LEVEL of the software I
use.
The problem is that Fibonacci Arc tool isused by
many people and present not only
in Metastock but also in almost every professional
T/A package.
I understand your concern but Fibonacci Arcs work
just like that and I was not able
to implement them in a different way and still
call them "Fibonacci Arcs".
But... with AmiBroker you have a
choice:
there is a new tool called simply "Arc" -
available from Insert menu that is relative
to real date/price scale axis, so it doesnot
suffer from the effect described by you.
So I guess everybody should be
happy now.
Best regards,Tomasz Janeczko===============AmiBroker - the
comprehensive share manager.<A
href="">http://www.amibroker.com
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
Dimitris
Tsokakis
To: <A title=amibroker@xxxxxxxxxxxxx
href="">amibroker@xxxxxxxxxxxxxxx
Sent: Wednesday, August 22, 2001 8:57
PM
Subject: [amibroker] Fibonacci
(Optical) Illusions
<FONT face=Tahoma
size=1>
I do not run Metastock software.
So I do not have the problem of center of cycles
tapped
here and there.
I run Amibroker and with 3.68 I have a new tool,
"Fibonacci arc".
The center is always at the same, user selected,
point C.
The beginning of the trendline is alwaysat H,
independent
of zoom factor or window shape.
The release note, as usual well preparedand
comprehensive,
notes that "arc radius and central pointare
relative to the controlling
trendline and because Fibonacci arcs must be
circular regardless of
screen size/resolution and zoom factor the
position of the arcs may
move in date/price domain." And it is 100% exact
and specific.
So, let us see what we have here.
It is supposed that something happens and so I
will take some action
(buy, sell or whatever "analysts" suggest here
and there) when stock
graph crosses the arc. For simplicity, let us
consider outer arc in attached
gifs.
According to F1.gif, I have to wait22(!!)
days for point A.
F2.gif is "better". Only 5 days more andI will
meet my good fortune at A.
All of a sudden, at F3.gif, I see that this is
THE DAY. And if I do not remember
by heart, I have to read my "analyst" guidelines
again, because I have to take
the ACTION. You understand that if I will loose
the day of the coincidence, I
must wait for the next opportunity.
But at F4.gif I stay cool again. If point A was
important, alas!, I lost it, because
I was not using the PROPER zoom factor
!!
My "cross" day is now 45(!!) days AFTER point
A.
I read a lot of hints, that circular arcare
"standard", that any other elliptical arc
is "dangerous" for trading decisions, because
"analysts" etc.
Now I have to read again my books, to find the
paragraph that correlates
Fibonacci Arcs and Zoom factor and Window size,
as decision tool for
Support, Resistance and whatever.
I am disappointed with this new "illusionary"
tool. It is in direct disagreement
with the VERY SERIOUS LEVEL of the software I
use.
Dimitris Tsokakis
(an Amibroker user)Your
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