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On Wednesday, April 10, 2002, 11:02:34 PM, Neal Hughes wrote:
NH> Fibonacci is only useful under certain situations. Some Fib levels
NH> are a waste of time, unless certain market conditions exist.
An interesting point. Are you suggesting
(1) Fibs contribute a small but 'fixed' probability, but the overall
probability is improved by confluence with other indicators, or
(2) Fibs have a conditional (and variable) probability that varies
according to other 'market conditions'?
Which are you suggesting (or none of the above)? :-)
NH> For example, if a chart is reaching a maximum historical
NH> overbought/oversold level, at a SIGNIFICANT Fib level, it becomes
NH> an attractive trade.. Then I watch for a particular trigger,
NH> entering if there are tangible symptoms of a market reversal at
NH> that price-point... Line those ducks up an viola!!!!!!!!
This sounds a bit like confluence, but I don't want to put words in
your mouth.
ztrader
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