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Here's my 2 cents on this complex subject.
First I have heard many positive comments about the book by Joe
DiNapoli;
"Trading with DiNapoli Levels". Second, I
have since heard that there is a slightly better book by Derrik Hobbs
titled
"Fibonacci For The Active Trader". Go to
google; do a search and you'll find a most interesting link about Mr. Hobbs
along
with some details about the book's contents.
This brings me/us to a greater and even more complicated question.
When I think about using Fibonacci numbers,
ratios, calculations, etc as a practical trading tool, it appears to be
an
overwhelming research task. For example;
apart from several books on the subject; a discussion of this topic would
not
be complete without referencing <FONT
face=Arial size=2>the works of Robert Miner and his Dynamic Trader software; and
Tom Joseph and his
Advanced Get software.
Probably the most important questions to be
answered out there would be:
* Has anyone done a comparative analysis of
the tools included in all the books and software programs?
* Has anyone conducted rigourous backtesting
of the various techniques?
* What are the results of this research
showing which techniques or calculations are statistically significant for
indicating
where prices are likely to find support or
resistance; for the purpose of entering or exiting a trade?
Of course it's easy to ask these
questions: getting practical answers
and trying to sort through what appears to be a complicated maze of questions:
is not. Part of the answer might be in discovering which combination
of calculation tools
point to the
same answer regards price and time. In other words; if you have several
tools; as a composite; pointing to the same
Fibonacci level (in price or perhaps price and time) then the statistical
probabilities might indicate a high level of
confidence where a trade could be taken.
Thoughts, comments, or experiences are
welcome. Thank you for your time and attention.
Chas
====
<BLOCKQUOTE
>
I bought the Volume One is very good. Better than Larry
<BLOCKQUOTE class=replbq
>
I
like Larry Pesavenuto's Pattern Trading with Fibs. However do go to <A
href="">www.harmonictrader.com first. You
may find all you need in there..and free.
<FONT face=Arial color=#0000ff
size=2>
<FONT face=Arial color=#0000ff
size=2>Good Luck,
<FONT face=Arial color=#0000ff
size=2> <FONT face=Arial color=#0000ff
size=2>
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