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DT:
You say that "... oblique lines offer a more realistic
approach to Fib relations ... Fib lines should not be static, if they express
any psychological reactions, they should follow the trend." It is not
obvious to me that either statement describes the reality. As Ara notes,
the crowd controls and Fibonacci and Gann retracement targets are often
found to be important. It is hard to imagine that the crowd
can keep track of trends in their collective head with sufficient accuracy,
as opposed to a relatively simple pivot level. Beyond that, it has been
argued that retracements from pivots are consistent with the "natural order of
things" as expressed by the Fibonacci series and logarithmic growth. Given
this to utilize a trend versus a pivot one would have to figure
out how successful pivotal retracement techniques can morph into a
retracement that follows a trend and converges with pivotal
targets. If that is true, it will certainly take a significant effort to
verify.
Bill
<BLOCKQUOTE
>
--- In <A
href="">amibroker@xxxxxxxxxxxxxxx,
"DIMITRIS TSOKAKIS" <TSOKAKIS@x...>
wrote:--- In <A
href="">amibroker@xxxxxxxxxxxxxxx, "Ara
Kaloustian" <ara1@x...> wrote:>
Dimitri,> > This is a rather ingenious piece of creativity....
in considering the oblique fibs...> > This is the first time
I have heard of them...> > Wondering if this is your creation or
is there a following to this theory / technique.I have had a
discussion this morning about Fib lines.My opinion was that the oblique
lines would offer a more realistic approach to Fib relations [if
any].Fib lines should not be static, if they express any psychological
reactions, they should follow the trend.In the usual approach we
decide one sunny morning, for the next 20, 30 or more bars, that the
"target" is , say, a 38% of the recent trend. This is static and, in
technical terms, makes an unrealistic assumption :the support line is
horizontal. We all know it is not true. The "targets" should change
according to the evolution of the market.The first, crude
approximation was to keep the linear character of these lines and assign
to them the slope of the recent market action.Some next step would be to
replace the straight lines with curves, something similar to sigma bands
etc.This is the main concept, the rest is AFL.Dimitris Tsokakis
> Reason I ask is that I have seen the
static fibs work very well ... and even though it make clear sense
that the oblique one should be better, these things work on "herd
mentality" ... so wondering how much of a herd there is ....>
> Have you been using this for some time?> >
Kalinychta> > Ara
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