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RT,
Perhaps I look at pivot points such as Fibonacci points differently than
most?. To illustrate, let's say you have an ariel view of a major city and
it's streets. You can see where the traffic lights are but you can't see
what the traffic lights are showing to the drivers on the ground. You are in
a game where you get paid or lose money based on whether you can forecast
which cars are going to stop or go, when and at what points. If all of a
sudden traffic stops in the middle of a block, you may look closer to find
out that there is construction and there is a temporary caution light
erected. The point is that the traffic lights are like pivot points. They
are like markers that help you to undrerstand what the flow is saying. The
same is true for Fibonacci, Gann points, or Astro energy points. How the
market behaves at these points tells me volumes about what the market is
likely to do next. It is not written in stone that the market will behave a
particular way. However, there may be a strong tendency for the market to
react a certain way most of the time at these points and if it acts
differenently, this strongly sugggest another pattern. One may think of
Fibonacci points as puctuation marks. One may be reading some text and think
that there should be a comma placed in a particular point and many times
there would be. However, if the coma is not there, this changes the meaning
of the text. It is not a failure of the coma to pause the text but what is
written is to be accepted along with the probable path one can derive from
the meaning sans the comma. When a market does not retrace from a Fibonacci
point, it is telling you something very important. This is not a failure of
Fibonacci. It is telling you that the market is following another pattern
from which more market information can be forecasted. To some degree, I use
pivot points in just the opposite way that most people do. I have no
statistical proof for anything of this. It is just my philosophy on how I
look at pivot points.
Cheers,
Norman
----- Original Message -----
From: "Ira Tunik" <irat@xxxxxxxxx>
To: "realtraders" <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, April 15, 2002 5:50 PM
Subject: [RT] Fibs
> I followed this discussion in part and found that it is really going
> nowhere. A fib retracement is completely discretional and therefore the
> programming is also discretional. Any fib retracement is based upon a
> cycle or half cycle. The party trading has to decide what cycle he/she
> is going to trade before he/she can think of a fib retracement. No
> matter what system you use you need a high and a low. Their selection
> is totally discretionary. Just my thoughts. Ira.
>
>
>
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