Fibonacci beginner

Discussion in 'Technical Analysis' started by jgadefelth, Jul 29, 2005.

  1. Hi!

    I have tryed some fibonacci they seems to work, my problem is that i have a hard time to know the difference between the different length of fibonacci periods meaning I don't really see from where i draw them the smaller and larger trends and rekyls are overlapping eathother so it is kind of hard.

  2. da-net


    to understand fibonacci better, go to one of the free fib confluence classes that are put on by bernie mitchell on thursday nites. i purchased his training from going to the free class, but i still have not decided if i would reccommend purchasing his training to others.
  3. gummy


  4. Bsulli


    If you keep posting all this good stuff I'm going to have to create a gummy folder on my desktop just for downloadin' stuff from you!

    :D :D :D :D

    Good luck and good trading.

  5. can anyone post the odds of any of the main Fib retracement numbers holding? thx.
  6. da-net


    Odds I can not give you, but some personal insight and some insights of others might offer you some help. I personally have observed the 23% level hold in a strong trend many times. I have seen the confluence levels hold also.

    John Crane in his "Swing Trading" DVD states that most traders look for perfection and that is a huge mistake. He goes on to say that he personally uses 60% which is a rounded number to him.

    Joe DiNapoli in his training states that he finds the levels 38.2% and 61.8% most effective in normal trend retracements. He uses 1.68% as his only projection number. Joe states that if used properly it is a good leading indicator.

    Bernie Mitchell actually demonstrates in his free class and free daily e-mails that fib confluence ratios hold extremely well.

    Hopefully I have given you some insight and areas for further research.
  7. That would depend on your definiation of holding. I think the proper question to ask is the odds of a nice bounce off of the fib number, in which case I am guessing slim.
  8. da-net


    As simply an exercise. I thought it might be nice to see if a minimum retracement level could be projected for the XAU...that is if it would co operate and retrace...from the current levels my projection would be between $93.93 and $ all we have to do is wait and see if I am correct or a fool. In either case you should get an idea of how fib retracement levels or a great laugh at my expense.:)