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"Given the large number of traders who use them" is a good part of the key
here because trade entries and exits are clustered near fibs. I will add
that I _never_ place an entry or exit on a fib ... I always fade it because
I know other traders fade the fibs and I don't want to be faded ... this
means that prices will generally not stop exactly on a fib.
Bottom line is that I want to know what other traders are looking at so I
would have to plot fibs even if I did not believe in them. Obviously, I do
believe in them as I have used them for over 15 years ... the single tool
which I have never discarded through all of my research and trials.
Earl
----- Original Message -----
From: "ztrader" <ztrader@xxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, April 10, 2002 10:31 PM
Subject: Re[4]: [RT] random price moves in ES?
> I would think that the mathematical characteristics of Fib
> retracements might be of great interest to traders, given the large
> number of traders who use them. There are many places where the fibs
> are derived, with connections to geometry, etc. This is just one more
> part of the picture, and might be of equal or greater value to traders
> than the simpler characteristics.
>
> If I'm the only one who can see how this is of value, though, I'd be
> quite happy to drop it - I don't want to bore the list. Is that what
> you are suggesting?
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