Discussion in 'Technical Analysis' started by chaos_trader, Sep 24, 2009.
What is the Best Fibonacci trading book Ever Written?
any one that shows that Fib does not work, but is a mental illusion.
conclusion? Fib levels and round numbers show no validity...
One of my majors was math then later in graduate school I took a 10 hour course entitled advanced mathematics for engineers and scientists. Never heard of the guy till I started trading. It didn't work for me.
I hear ETers claim, "doesn't work"... sure, doesn't work all the time, but if you look over the charts, you'll see LOTS AND LOTS of fib retracements.
There was one this morning in the ES, all-session...... looks like "to the tick".
I think they are self fulfilling after dinking with them quite some time.
Focus on confluence and you will do better than a single line.
I haven't read his book but for a time got his free alerts, pre-book and he seems fairly solid.
Sure, lots and lots. So many, in fact, that if one doesn't "do the job" there is another and another and another. So much so that a Fibonacci aficionado can't ever be proven "wrong." Retrospectively, of course. Not unlike Elliot wavers, I would imagine.
Your education is in the sciences. What leap of faith have you made to justify the supposed validity of Fibonacci numbers in the prediction of collective human behavior in financial markets?
Your comments are welcome
Research Paper Conclusion :
The empirical result we obtained does appear to corroborate the claim of technical analysts that there is some predictive utility associated with Fibonacci sequences used as filters in automated trading systems. However we must add that this is merely indicative and by no means conclusive empirical evidence and more exhaustive studies are required before any definite conclusion can be drawn. Nevertheless, our obtained evidence does warrant a further incisive and potentially rewarding research into the topological and statistical interrelationship of Fibonacci sequences with the prices of securities being actively traded on the floors of the global financial markets.
Have you actually read that paper?
What is your conclusion?
The empirical result we obtained does appear to corroborate the claim of technical analysts that there is some predictive utility associated with Fibonacci sequences used as filters in automated trading systems.
I think fibo is self fulfilling thanks
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