TSOKAKIS you've examined 10 years of data in a very, very limited way and according to the criteria you used you not surprisingly found only three 0.618s I found one 0.618 for Aug 2 using the fibo tool on a very small portion of the data the question remains, how many 0.618s are there in the data ? I also don't want write the same things again and again but if you ever perform a thorough examination of the data, please post the results we agree, subject closed
I am just wondering if any of you combine Fibonacci with chanelling (Jack Hershey Method)? I'm still in the process of reading Spydertrader's Journal and the links attached to it. What I recently did was get the high and low of the previous day, and calculate the retracement from the high and extention from the low. I sorted them out in excel to create my main building. I then watch for these levels as a gauge to coincide with the LTL or the RTL of the channels formed. The secondary building comes from the levels using the 5 and/or 15 minute opening range. I find that the more confluences within this levels [horizontal(fibonacci levels) and vertical (channels)], the stronger the support/resistance it becomes. Looking forward to your response or link if this question has already been asked before.
I believe many roads lead to Rome but I am not sure if I need 2 roads point to Rome in order to get to Rome
Thanks for the video link (bundlemaker) on Spydertrader's futres journal nkhoi! It's an awesome video. I may not need fibonacci anymore
Interesting thread as always. I don't use fibos, simply because I dont use them, but I applied them to my ES chart over the weekend just to see what happens. Guess what. The price turned at the fibo and if it did not, then it moved to the next fibo and turned there, unless of course it turned in between. Since I am a quickfire trader, I made up a fibo using the Opening Range for the significant high & low. Damn clever I thought and so I had a beer to celebrate. Guess what. The price turned at the fibos, unless it did not. But I could definitely see a bias towards the fibos. Mind you that bias could have been the beer. I am on a roll now, so I went on to thinking about the comments that ET people make concerning fibos. Leaving aside witchcraft for the moment, I remembered that people believe fibos are used so often that they become a self fulfilling prophesy. So far so good. Then the beer wore off and I remembered that a small number of traders account for the bulk of the trading action. So, does this mean that this small elite group is turning the market on fibos. I decided to leave this question to all you ETers ... it is too advanced for me on a sunday afternoon. Will I incorporate fibos in my charts after what I have learned. No! Do they work? Yes and no, just like everything else. The correct question I believe, is 'can I employ fibos to improve my trading?' Apex82 has obviously find a means of incorporating fibos and I believe he has identified one level as being more meaningful than others. It is not that difficult to see the one he is refering to, but please don't ask me as it is his fibo. Well, that is my monday morning ramble. regards f9
"The correct question I believe, is 'can I employ fibos to improve my trading?' " or fearless9 is it 'do I need more beer ?' â "Then the beer wore off . . . "