Phophet Charts has a lot of built-in studies. One of which is the Fib-Gann Projection. Can someone help explain how to read the data? Thanks, Scott
Sure, my point is why waste the energy trying to "interpret" such inconsistent applications. Of course you will do what you want, all traders do. Spend the next year learning Fib-Gann applications and your ability to focus on any specific market situation will disappear.
Some one have just read M.Douglas' : "You don't need to know what is going to happen next in order to make money"
Believe it or not cooldude I haven't but if that is a correlation to his way of thinking then that comment was a direct hit. I believe any Method that forces you to make a prediction as to the Market direction is inherently flawed. A successful trader must, "emphatically know" the direction of the Market at the moment he places a trade.
Absolutely not. Everyone has losers. Losers though should come from the Market changing direction due to consolidation or reversing trend not from a trader not knowing the direction the Market is going at the specific time he executes the trade. All losers should be small ones. Example: My first statemet assumes you CAN read the trend. If you can't, or feel trends do not exist, the rest of what I say is irrelevant. If you know the longer term trend of the Market you are trading is a Bull and your intraday trend is Bullish and the Market is bottoming without creating a new corresponding low, then the highest probability is that price will rise once price has finished going down. If after entering a Long the Market pushes price back down to the bottom again then the stop, being executed that you placed at the bottom means you created a loser . . . but a very small one. I'm saying that if you understand how to listen to the Market, all losers will be small ones and you will have more winners than losers. The other problem is that you must teach this to yourself and it isn't in any book . . . yet. Charles Dow was a genius and would have been a marvel to watch if he would have had access to the technology we have today.
Good points, CD. Your prior post seemed to imply that one can trade without losses. Of course, yes, any trader has losses because no one can know with 100% certainty which way the market will go when one enters a trade. It's about probabilities, as you explain. Thanks for the further information.
fib and gann are two different things. i might agree with some of the neg comments regarding the latter but the study of strip'd fib retracements and extentions are more than a worthwhile endeavor. lets dont throw the baby out with the bath here. btw the market can do anything - at any time.