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At 03:41 PM 9/30/98 -0700, you wrote:
>Neal writes:
>"Thanks Mike, but that calculator is inadequate for real
>Fibonacci trading.
>
>It will do the basics, just as Metastock will, but does
>not have the advanced stuff"
>
>Steve replies:
>
>I sent this email attachment (929wzfib.gif) to 20 people last
>night. This is the one I'm sending tonight (930wz). Now, I
>understand that a "free" calculator (the one that I used to draw
>these fib retracements) can't be as wonderful as a $295 piece of
>software ... so, please tell us about all the "advanced stuff".
>Does it do a better job at identifying the retracement levels?
>For some of us, who have used fibs for 25 years, the "free"
>calculator works pretty good and it's a lot better than pushing
>a pencil (of course, I also used to ski on wood slabs).
>
>Steve Karnish
>CCT
Hi Steve,
I can't make sense of those charts, they seem to have some
basic Fibonacci levels on them. The problem is that when you
combine these levels from multiple time-frames it becomes
a messy useless chart. It was not obvious to me where
the levels were measured from, but I did not give it much
time.
If you've been doing it for 25 years, there is no need to
swap your old planks for some new carbon/resin skis, just
do what you do so well! But for someone new to the sport,
there are ways to shorten the learning curve. If they're
going to risk pain and injury, it would be foolish to save
a few dollars by getting your old planks :-)
In the markets (as you know), no skis make the turns for you.
I don't know of any private traders who have succeeded using
a mechanical system for 25 years.
There is a web page which describes the advanced stuff:
http://www.fibtrader.com/
just click on the "FibNodes Software" link.
Best wishes,
-Neal.
-----------------
Neal on the 'net.
Trade well. Train hard.
http://www.halcyon.com/neal/
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