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Attached is my working chart of the SP emini. Obviously not all the fibs
have projected turning points, however all of the significant s/r areas have
occurred amazingly close to fibs. Bottom line, fibs don't forecast the
pivots but do tell me where to watch for pivots. When momentum changes at a
confluence of fibs, the odds of a turn are high.
Earl
----- Original Message -----
From: "BobR" <bobrabcd@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, April 16, 2002 8:13 AM
Subject: Re: Re[2]: [RT] FIBO DISCUSSIONS GOING OFF-LIST
Perhaps if the fibo fans started posting examples of their use of fib
retracements and fib extensions, the coders/testors might come up with
something. For example, today the ES hit its H+0.382*yesterday's range and
is looking at it as though it were resistance. I put a vote on 0.333, 0.5,
0.666 and +,- 0.382 extensions as the most likely levels for prics to
retrace to and to find S/R at.
bobr
----- Original Message -----
From: wavemechanic
To: realtraders@xxxxxxxxxxxxxxx
Sent: Monday, April 15, 2002 7:36 PM
Subject: Re: Re[2]: [RT] FIBO DISCUSSIONS GOING OFF-LIST
Earl:
The difficulty in programming Fibonacci S/R is demonstrated by the many
attempts to automate the analysis of Fibonacci patterns (e.g., Gartley,
Butterfly, etc.).
Bill
----- Original Message -----
From: Earl Adamy
To: realtraders@xxxxxxxxxxxxxxx
Sent: Monday, April 15, 2002 10:29 PM
Subject: Re: Re[2]: [RT] FIBO DISCUSSIONS GOING OFF-LIST
If I'm not mistaken, there are two belief sets here:
1) Fibs have no statistical relevance to system trading.
2) Fibs are an extremely useful tool in discretionary trading.
While discretionary traders can offer examples, I see no way in which
discretionary can offer "proof" due to the complexities of mechanizing a
process which is not based on absolute, quantifiable criteria.
Earl
----- Original Message -----
From: "Clyde Lee" <clydelee@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, April 15, 2002 7:15 PM
Subject: Re: Re[2]: [RT] FIBO DISCUSSIONS GOING OFF-LIST
However, I'm open to what others think but seldom do I see that
there is much analytic support for all the Fib falderal.
Clyde
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Attachment:
Description: "Es15Fibs.gif"
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