|
PureBytes Links
Trading Reference Links
|
RT,
Having given this some thought for a few days, my response is "the right
tool for the right job".Utilizing Fib. retracements without regard to
context is like saying you
can fix anything with a hammer. Yes, a hammer is sometimes helpful,
sometimes indispensable, and in some situations you could do a lot of damage
with a hammer. I think the same can be said for using Fibonacci. This in
no way detracts from Fib.as a valuable tool. It does underscore the
importance of using it in the right context.
For example, I have found a tendency for 50% and its related harmonic to
be prevalent
in Wave IV corrections whereas the more typical Lucas series, i.e. .382,
.618 tends to occur in Wave II corrections. Does the market respond to
these every time? No! If it does follow these patterns, can you make money
trading? Yes!
I see analyzing the markets much like playing "Name That Tune". The job
of the market analyst is to identify a pattern based on a few clues just
like it is the goal of the Name That Tune game contestant to identify a song
based on a
few notes. Should the contestant bet money if they don't recognize the tune?
No!
So, one should only risk money when the see a pattern that they
recognize. The larger one's repertoire of "songs", the more chances one
will
have to win. Therefore, having Fib. as one of many "keys" is a valuable
addition to your musical market repertoire. Other ":composers" one should
learn are Elliott, Gann, Edwards - McGee, Astrology, Pythagoras and many
more. Then, when you see the market dancing to that pattern, you will know
what is coming next with a high degree of confidence.
Trading the market successfully, even when you have near perfect
information, is a whole other matter and a topic worthy of thousands
pages of discussion. However, with good trading skills, having a rich
repertoire of
market patterns immediately available can turn a good trader into an
excellent trader.
Musically,
Norman
----- Original Message -----
From: "DonThompson" <detomps@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxx>
Sent: Tuesday, October 31, 2000 3:37 PM
Subject: Re: [RT] Fibo Retracements
> From my meager studies, Fibinacci levels aren't the only levels that are
> significant to market geometry. From what I understand there are quite a
> few others. Reading of Bryce Gilmore's books will introduce you to other
> ratios of significance.
> I don't know enough about them to make decisions, but some of them are
> operative in the list that Ed displayed.
>
> Don
>
> > Hi Ed,
> >
> > Your study was very interesting, was this the test or
> > a similar test that you use to invalidate Nature's
> > Pulse?
> >
> > What about the time projection feature of NP...how did
> > you come to the conclusion that it was also invalid?
> >
> > Could you upload test results regarding the
> > invalidation of the time projection of NP?
> >
> > Thx.
> >
> > paul
> >
> >
> >
> >
> > __________________________________________________
> > Do You Yahoo!?
> > Yahoo! Messenger - Talk while you surf! It's FREE.
> > http://im.yahoo.com/
> >
> >
> > To unsubscribe from this group, send an email to:
> > realtraders-unsubscribe@xxxxxxxxxxx
> >
> >
> >
> >
>
>
>
> To unsubscribe from this group, send an email to:
> realtraders-unsubscribe@xxxxxxxxxxx
>
>
>
-------------------------- eGroups Sponsor -------------------------~-~>
eLerts
It's Easy. It's Fun. Best of All, it's Free!
http://click.egroups.com/1/9699/0/_/152424/_/973029399/
---------------------------------------------------------------------_->
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxx
|