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On Thursday, April 11, 2002, 9:12:09 PM, Neal Hughes wrote:
NH> Yes! Placing an entry right at a Fib just because it is a fib is
NH> not wise..
NH> I expect price to stretch a bit beyond a Fib level, that how the
NH> markets work..
An interesting note. What I originally proposed is to identify
'turn-arounds' and see if they are more likely to occur at Fib levels.
You also seem to be saying is that there is a need to confirm the
'turn' before you consider it to be valid.
I deliberately left the issue of 'turn-arounds' rather vague,
preferring to concentrate initially on the Fibs themselves. I did
mention that the the swings will turn out to be the most important
issue, though.
These 'turn-arounds' are really smaller swings that may, or may not,
be tradable but do indicate an effect of the Fib lines.
One reason for separating the math from the trading is that the math
view has the characteristics of these small pivots as a continuum,
whereas the trading view makes a sharp distinction at some 'arbitrary'
value, which may be different for different traders. This mixes in an
unnecessary restriction on the math analysis. Once the math analysis is
done, we will have the results for *all* traders - a particular trader
only needs to select the pivot characteristics s/he is comfortable
with.
Back to the pivots. Are you really saying, in effect, that you need a
turn around of a certain size, occurring at a Fib, to act?
ztrader
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