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At 01:00 PM 4/8/99 -0600, BrentinUtahsDixie wrote:
>Hi, I've been trading this Sugar down trend for awhile. I have put 3
>different Fibonacci extensions on this May Sugar chart I'm attaching in
>hopes of saving 1000 words or so. So how could someone benefit? Beats me. It
>takes awhile to get a handle on how to place these on charts. I look for
>major pivots. Are they always perfect? No. Many other extensions are used
>inc. 2.62, 3.0, 4.0, 4.23, 5.0, 6.0, 6.85...
>
>Brent
>
>****************************************************************************
>********
>
>>How could anyone benifit from this approach?
>
>Attachment Converted: "c:\eudora\attach\Fib_ext..gif"
>
Brent,
Whatever works for you is great, you seem to be using fib
expansions.. I use fib retracement to sell the rallies
(go short) or to buy dips (long). Fib expansions for
profit-objectives..
The picture you sent is too confusing for me, too many
lines over-printed. I use a software package designed
specifically to avoid that problem. As a short-cut
I might to a fib retracement in Metastock or TradeStation,
but when you try to do fibs for multiple time-frames,
it looks messy like the chart you uploaded.
Using fibs of multiple time-frames is key for me. For
example, when a support/resistance zone from a
Weekly and a Monthly chart is also near a 60-minute
FibNode, I have extra confidence.. Doing that with the
wrong charting tools gets me all messed up..
-Neal.
-----------------
Neal on the 'net.
Trade well. Train hard.
http://www.halcyon.com/neal/
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