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I like fib levels. SPX bounced off 1111 Monday which was a fib level
of 1074-1174. NDX bounced off 1330 which was a fib level off 1734-
1088. What drives me crazy are all the MurreyMath levels. The MM
guys swear they work but they have them every 2 pts!
--- In realtraders@xxxx, Neal Hughes <neal@xxxx> wrote:
>
> Yes! Placing an entry right at a Fib just because it is a fib is not
> wise..
>
> I expect price to stretch a bit beyond a Fib level, that how the
> markets work..
>
> -Neal.
>
> At 11:56 AM 4/11/2002 -0600, you wrote:
> >"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@xxxx>
> >To: <realtraders@xxxx>
> >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?
> >
> >
> >
> >To unsubscribe from this group, send an email to:
> >realtraders-unsubscribe@xxxx
> >
> >
> >
> >Your use of Yahoo! Groups is subject to
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