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At 11:53 PM 12/15/97 UT, Bill Eykyn wrote:
>
>I'll kick off the responses for you.
>
>It doesn't matter why Fibonacci works, it is the fact that it does. If you
>are having a hard time deciding on a 5th wave, or Gann angle, try using a
>retracement tool with Fib lines on them: suddenly, life will take on a
whole
>new meaning!
>
>Since Fibonacci numbers are so prelavent in nature, it is not surprising
they
>work where there is a crowd of traders. Just because the concept gets
>compounded by the fact that those who use it are followed by those who use
it,
>just makes it all the better for everyone who is using it!
>
>Let's face it, these are cardinal points to be able to trade the markets:
>
>Support, Resistance, Fibonacci Numbers and Moving Averages.
>
>These are predictive tools on which you can, with good money management,
base
>your trading, in a liquid market, and earn a living.
>
>QED!!
>
>Well done, Leonardo of Pisa, I say...
>
>Bill Eykyn
>t-bondtrader@xxxxxxx
>
Yes, those are predictive tools, but not infallible, I'm about
to close a losing trade today, my 3rd loser out of twelve trades
since November 1st.. Some things defy prediction, but at least
the odds are in our favor.
I've actually found that only a small percentage of people use
Fibonacci. By far the majority use fundamentals (except in
the forex/futures realm), followed by trendlines, MACD,
Stochastic, RSI etc.
-Neal.
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Join us for a Fibonacci on-line trading forum tomorrow (Wed) at
http://www.halcyon.com/tcorner/stock/jdp.html
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