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Hi everyone,
I'm using 56k line from here, ugh. Sure looking forward to my
home setup..
OK, when I brought up the term Confluence, I was talking about
the confluence that I use. This is Confluence as defined by
Joe DiNapoli. It is a term that he applied to the study of Fibonacci,
though it has become a common term in the Fibonacci world.
It is a confluence of several difference Fibonacci levels.
What we are doing with Fibonacci (DiNapoli) confluence, is finding
areas where short-term and longer-term charts predict a probable
turning point in a similar area. So these would be areas where
traders of different time-frames enter the market and act in unison.
These are far more reliable, in my experience, and any individual
fib levels.
-Neal.
At 11:33 PM 4/10/2002 -0700, you wrote:
>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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>
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