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Right on Norman!
Just as you can't blindly trade moving average crossovers and
expect to win in the long run... You can't blindly buy or sell
a chart and expect it to move towards any particular Fib level..
Advanced Fibonacci techniques are very predictive though. You just
need to know when they should be ignored, and when they should
be traded..
It takes study, though. Else everyone would be a winner.. If it
were as simple as programming a formula, everyone would be rich...
Or we'd struggle to get our trades filled.. Hehehe..
-Neal.
At 04:47 PM 10/31/00 -0500, you wrote:
>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
> > >
> > >
> > >
> > >
> > > __________________________________________________
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> > > Yahoo! Messenger - Talk while you surf! It's FREE.
> > > http://im.yahoo.com/
> > >
> > >
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> > >
> > >
> > >
> > >
> >
> >
> >
> > To unsubscribe from this group, send an email to:
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> >
> >
> >
>
>
>
>
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