bredin wrote:bacoazul,
Whats that cool font in the bottom right of your charts?
G.
The indi is Sp_range the font is "pieces of eight"
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MightyOne wrote:noone22 wrote:MightyOne wrote:I don't agree with the use of Fibonacci in trading, but
MO,
Could you eleborate in little bit more details,
why you don't agree with Fibs usage
and your own way of their correct usage (if any).
I've met Joe DiNapoli, and the guy is doing
really well with Fibs, you know, but I
cannot trade his over-complicated system anyway.
If you draw enough random lines on the 15m chart then you will find support and resistance everywhere.
As quickly as you can, throw five random horizontal lines on the chart and scroll backwards.
I bet that you will be amazed at how accurately you "called" the S&R levels.
If 0.382 is your first retracement level then you might as well delete every other retracement level below it (you can throw up random lines below 382 and it will not make any difference whatsoever).
If it retraces between:
382 and 500 you are going to say that it bounced off of the 382
500 and 618 you are going to say that it bounced off of the 500
618 and 786 you are going to say that it bounced off of the 618
does it matter which line you found a reversal on?
If 618 matters most then why have the higher retracement lines?
There is nothing magical about Fibonacci retracements!
Price will retrace between 0 and 100% if it is going to return to the high extreme and that is all there is to it.
noone22 wrote:MightyOne wrote:noone22 wrote:MightyOne wrote:I don't agree with the use of Fibonacci in trading, but
MO,
Could you eleborate in little bit more details,
why you don't agree with Fibs usage
and your own way of their correct usage (if any).
I've met Joe DiNapoli, and the guy is doing
really well with Fibs, you know, but I
cannot trade his over-complicated system anyway.
If you draw enough random lines on the 15m chart then you will find support and resistance everywhere.
As quickly as you can, throw five random horizontal lines on the chart and scroll backwards.
I bet that you will be amazed at how accurately you "called" the S&R levels.
If 0.382 is your first retracement level then you might as well delete every other retracement level below it (you can throw up random lines below 382 and it will not make any difference whatsoever).
If it retraces between:
382 and 500 you are going to say that it bounced off of the 382
500 and 618 you are going to say that it bounced off of the 500
618 and 786 you are going to say that it bounced off of the 618
does it matter which line you found a reversal on?
If 618 matters most then why have the higher retracement lines?
There is nothing magical about Fibonacci retracements!
Price will retrace between 0 and 100% if it is going to return to the high extreme and that is all there is to it.
Thanx for answering!
I would be scared to go with random line.
So, what are you saying -
that Fibs are not tradeble
and there is no magic behind them, isn't it?
Couldn't agree with this, because I know whole trading room,
who're trading just Fibs retracement and they're doing
pretty well (if you could afford to pay $500 per month
and couple of grands for TS indi, and stay live
during NY session, which is impossible for me).
Interesting, what they're saying about 0.618 retracement -
that it represents (as golden ratio) some critical level
of "losing" tolerance for traders.
So, it's OK psyhologicaly (for the herd) to lose 50%,
but - no more than 68%.
es/pip wrote: