I am not that familiar with the works. But somehow think that fibtrader (trade based on fibonacci numbers) and Elliott wave are the same. Anyone can back it up with some numbers? Trades based on Fib and Elliott wave can be as well based on tea leafs or magic mushrooms but what do I know... What do you think?
i don't know what "fibtrader" is, i guess its a program that sets fibonacci levels for support and resistance. eliott wave is not fibonacci in any sense. please see "mastering elliott wave" by glenn nealy for detailed info on elliott wave. best, surf
Yep - use em as an adjunct to standard S/R and pivots. Quite often they 'fill in'the gaps between the major levels. As always, don't use it if it isnt working.
I read some of pretchters books, and he often correlated Elliot Wave Theory with Fibonacci sequences, ratios. But I don't think he used fib price levels. I think fibonacci is inherent in elliot wave.
This is a good site ---http://www.fibotrader.com/ We also e-mail these daily numbers for free. Moving Averages, Support/Resist, Fib numbers, and Volitility. S&P/Nasdaq jbarry@proedgeonline.com if interested