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This is what the "feel" is all about in discretionary trading ... when price
approaches a key support/resistance area (fibs or otherwise) is price
running all out, sprinting, panting, or falling over in exhaustion.
Earl
----- Original Message -----
From: "Norman Winski" <nwinski@xxxxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, April 15, 2002 6:15 PM
Subject: Re: [RT] Fibs
> 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.
> >
> >
> >
> > To unsubscribe from this group, send an email to:
> > realtraders-unsubscribe@xxxxxxxxxxxxxxx
> >
> >
> >
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http://docs.yahoo.com/info/terms/
> >
> >
>
>
>
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>
>
>
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>
>
>
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