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 Forums ›› Technically Speaking ›› Technical Analysis ›› The only way to trade with fibonacci

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 OTCkrak   Registered: May 2007 Posts: 1076 02-27-10 03:06 AM fail. i use fib levels, but your post is so bad on so many levels(no pun) Edit/Delete • Quote • Complain
 1a2b3cppp   Registered: Sep 2008 Posts: 2636 02-27-10 06:01 PM Only 1 reply? I thought ET LOVED magical fibonacci threads. I thought I would wake up this morning and this thread would be on page 2 or 3 (with 30 posts per page, not the ET default). I thought half of the replies would be about how I was wrong, 25% of them would be about how fib numbers are magic universal harmonic powers, and 25% would be about how being long and short at the same time is pointless. To be honest, though, I think this method would work better if you used a different % for the 3 entry lines rather than 33, 50, and 66%. But then it would no longer be fibonacci and no one would pay attention to it. OTCkrak, what's wrong with this post? I've laid out a more complete method than 99.9% of all the other threads. I also didn't use any doublespeak or JH gibberish. Edit/Delete • Quote • Complain
 konviction   Registered: Dec 2009 Posts: 1360 02-27-10 07:35 PM its 38.2, 50 and 61.8. not 33, 50 and 66. I guess trend lines, channels, wedges, triangles, flags, pennants..thats magical too right? Edit/Delete • Quote • Complain
 1a2b3cppp   Registered: Sep 2008 Posts: 2636 02-27-10 10:02 PM Quote from konviction: its 38.2, 50 and 61.8. not 33, 50 and 66. Oh. I knew it was something like that. That's putting the 3 lines even close together than what I had. Close enough really. I guess trend lines, channels, wedges, triangles, flags, pennants..thats magical too right? Trendlines are open to interpretation as to how exactly to draw them, but they're based on fact. Price went here, then here, connect them. Channels are just two parallel trendlines. When that happens (rare), that's fine. Although there's no guarantee that price will stay within them. Wedges, that's just Highs and Lows getting close together, right? That's a PA pattern. So are Triangles and Flags and Pennants. Fibs are magical because they're based on some random calculation that has nothing to do with trading, that someone applied to trading by thinking that ZOMG TEH NATURE OF TEH UNIVERSE IS CONTAINED WITHIN!!!! In other words, all those things you mentioned come from trading and apply TO traiding. Fibs don't. Fibs are the same as this: Increase by 3. 3, 6, 9, 12, etc. Now divide each number by its subsequent number. You now have .5, .66, .75. Now, let's apply these numbers that I randomly got to trading because THEY ARE MAGICAL!!!! Draw lines at 50%, 66%, and 75%. TRADING MAGIC POWERZZZZZ!!!!! Look, if they work consistently, then do whatever. I don't care. All I'm saying is I just gave a better method for fibs than any that anyone has been able to quantify in the entire history of this forum. EVERY fib explanation I've heard basically boils down to: - sometimes price reverses at the lines, although there's no way to predict which line, if any it will reverse at, or how high it will go once it does reverse. It was then accompanied by some awesome after the fact charts where it worked perfectly. Sounds pretty vague to me. Sometimes price will also reverse at my magic .5, .66, .75 numbers. HOLY SHIT THEY ARE MAGIC!!!! But sometimes they also won't reverse at my numbers because HOLY SHIT PRICE IS RANDOM. If price consistently reverses at fib lines more frequently than at any other place as all the fib nazis seem to claim, then the method in this thread will make you a profitable trader (especially if you play both sides at the same time). Edit/Delete • Quote • Complain
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