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On Monday, April 15, 2002, 7:11:16 AM, Don Ewers wrote:
DE> not the way fibs are frequently used by traders who use them.
This may be true, but could you say how fibs *are* used?
DE> Take a look at the chart I posted (it is attached here again).
A single chart can show anything -- anything at all. I believe it is
better to show the statistical results of *many* such cases.
If you showed another chart would you have selected the fib in
**exactly** the same way? On the chart you did show, why not choose a
different set of pivots to get the fibs - why that particular one?
What is it about that set that makes it OK to use, and other sets not
good to use?
And why include non-fib lines (.5, .25, etc)? Are these also points
with high probability? [Be careful - one can draw too many lines and
always get matches.] If you had to choose only three lines, which ones
would they be? Is your choice based on 'probability', or on other
factors?
ztrader
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