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Hello Bob,
well said, Bob.
you stimulate me to briefly describe my own use of
Fib #'s. as you say, the question does not need to be "are they valid
or not" but rather is there some way I might use or integrate them
into my approach?
I use them to help me anticipate-where might the market go-and what
would I do then. Sort of like chess. So I put up my fib tool on TS
to measure retracements, seldom extensions. I attend a lot to the
depth of retracements as tip off to whether the next leg will reach
previous swing point or not. actually this isn't fib exactly but I
want to know the points that so many traders are watching.
--
Best regards,
Jim Johnson mailto:jejohn@xxxxxxxxxxxxxxxx
Tuesday, April 16, 2002, 9:08:51 PM, you wrote:
BH> Hi Z,
BH> I may have been guilty of pressing the "send" button before using the
BH> "think" button, but your language in that paragraph strongly suggested that
BH> discretionary traders are somehow intellectually challenged, or I
BH> interpreted it that way, and then took offense at that suggestion. It was
BH> also 5 in the morning...:-).
BH> In terms of "camps", I don't look at things that way. There are all kinds
BH> of ways to trade and the only "best" way is the way that works for you. I
BH> don't know that much about statistics and even less about programming or
BH> system writing, but I do know how to trade and strongly believe my way is
BH> the "best" because it works for me. But I am always trying to improve, and
BH> I'll look at just about anything to see if there is any way that it can be
BH> used to improve some aspect of my trading.
BH> 90% or more of what I look at turns out to have no value to me, but every
BH> once in awhile you'll find something that makes the ongoing effort
BH> worthwhile. Fibs are an area that is of interest to me even though my
BH> current view is that they don't have much merit. Having said that, just
BH> because I haven't figured out a way to use them effectively doesn't mean
BH> that there isn't one, so I am more than open to having my mind changed. So
BH> this thread, believe it or not, has actually been of interest. However, up
BH> until just recently there hasn't been anything in this thread that allowed
BH> me to ask myself "can this be traded somehow?" and if so "will it help me in
BH> some way?".
BH> I guess the long-winded point I'm trying to make is that I don't find this
BH> "camp" way of approaching every topic at all worthwhile. We're all traders
BH> at some point in the learning curve, so maybe it's best to look at each
BH> other that manner instead of on opposite sides of some meaningless boundary.
BH> I could never trade mechanically and others may not be able to trade the way
BH> I do, but that doesn't mean we can't be of help to each other.
BH> Bob
BH> ----- Original Message -----
BH> From: ztrader
BH> To: realtraders@xxxxxxxxxxxxxxx
BH> Sent: Tuesday, April 16, 2002 10:46 AM
BH> Subject: Re[6]: [RT] FIBO DISCUSSIONS GOING OFF-LIST
BH> On Tuesday, April 16, 2002, 3:35:33 AM, Bob Heisler wrote:
BH>> When I see obnoxious comments like the one above it reminds me of
BH>> how fortunate I really am.
BH> I am sorry if my comment upset you. I was trying to expand on the
BH> rather astute observation by Earl Adamy that there were two camps
BH> here, with different beliefs, and, to quote him, "While discretionary
BH> traders can offer examples, I see no way in which discretionary can
BH> offer "proof" due to the complexities of mechanizing a process".
BH> Perhaps you can better explain why there is 'no way in which
BH> discretionary can offer "proof"'. I'd be interested in your view of
BH> this, and of the two camps. How would you characterize the two camps?
BH>> It's kind of funny....one of the better traders I know is a former
BH>> math professor who definitely falls into the discretionary camp.
BH> As I said in my reply to Earl, I believe there is a third camp - and
BH> there may be a 4th, 5th,... and so on. And, of course, it is always
BH> possible to have "exceptions to the rule", as they say. FWIW, I also
BH> think math folks can be quite intuitive, so I'm not disagreeing with
BH> you at all.
BH> Perhaps you have a suggestion for a more effective way to build a
BH> 'bridge' between the two camps. If you are going to 'blast' mine, I
BH> would hope you have a better approach in mind. Please tell us.
BH>> Btw, when's the last time you or any of your "computers are better than
BH>> people" buddies actually placed a real trade?
BH> I don't think I ever suggested that computers are better than people.
BH> I don't believe that, I never said that, and I'm not sure why you said
BH> it. Could you explain how you came up with this?
BH> But to answer you question: yesterday and today. :-)
BH> ztrader
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