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In a message dated 10/22/2000 7:13:04 AM Pacific Daylight Time,
eadamy@xxxxxxxxxx writes:
<< I'll 'fess up - I've been using Fibonacci ratios in trading stocks,
funds, and all manner of commodities ever since a sugar trader taught me
the ropes of using Fibonacci retracements and projections nearly 15
years ago. A year or so later, I bought Joe DiNapoli's workshop to hone
my skills and learn the use of Fibonacci ratio confluence i.e.
clustering of Fibonacci points projected from different structures
and/or time frames. More recently, I've spent a good deal of time
studying Bob Miner's book and workshop which further quantifies the
typical Fibonacci price and time relationships found in each type of EW;
again information which I have found quite useful in my trading.>>
**********************
Earl:
I followed a similar path with fib and DiNapoli and then some light exposure
with Miner & Bryce Gilmore. DiNapoli does not bother with time which is a
bother to some but a revelation to others. Every method that focuses
primarily on time has been far behind the progress of those who evaluate
price first and foremost. There now appears to be a few methods that are
consistent with time although I confess that I have not kept up with them in
recent years as a daytrader of the S&P.
<<In combination with retracements, I use Fibonacci expansion ratios of
.618 for w5, 1.00 for w.C, and 1.618 and 2.618 for w.3 as profit taking
targets. I will say that my most profitable trades are those where I
exit on a 1.0 or (especially) a 1.618 expansion instead of waiting for
price action to take me out at my trailing stop. Also, I am watching for
confluence of expansion levels from several structures as well as
retracement levels. Once again it is part art as I watch the overall
price pattern as each level is reached to see if it has enough "oomph"
to carry on to the next.>>
***********************************
Earl (or anyone), do you change your time ratios as you do your price ratios
in the various waves? I have always felt that impulsive waves respond to
different ratios than corrective waves but have not had the time to test this
theory. I believe that w1 thru w5 are time oriented (proportional) but the
corrections after w5 are following a different time frame or as I like to
say, readjusting themselves within a larger time frame that is difficult to
identify until after the fact.
<< Earl (hanging on to his Fibonacci tools) >>
Mr. Lynn is also keeping fib. Maybe it's just hard to teach old dogs new
tricks but if it ain't broke, don't fix it.
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