"Trading an Engulfing Candle at Support & Resistance provides greater conviction." https://elitetrader.com/et/threads/...t-right-here-baby.335635/page-10#post-5014575
LP is mos def a lifelong fib dude and will take your calls and emailed questions and very liable to reply by email. Our hosts will answer your questions LIVE ON AIR! To ask a question call our listener line at 1-877-927-6648
My interest in Fibs atm is seeing if they have a reliability factor to add to current tools, always pays to do just a bit more research. I've looked at them before and didn't like, but am having another more detailed look.
Mightn't be the best chart for Fib analysis. In Sep 22 when price reacted strongly to 124 it established itself as a key level. Potential trading pain across October trying to take advantage of this level again with eventual success closer to November for a big move. That would make the move back to March 23's 124 a 100% which,of course,is not unique to Fib. Just an opinion. A clever trailing stop strategy may have prevailed?
I will guess that the reason we are not able to understand Fibonacci is that there are secrets about the use of Fibonacci. Fortunately I I have obtained an ebook of Fibonacci secrets that I can share them with you and now that you have them & there will be no more secrets.
Thanks for that, I'll have a read. So far haven't found any edge to using Fibs. Yesterday basically spent most of the day looking at charts to see if I could detect any meaningful sequence using trend lengths, all I could come up with is what appears to be coincidences at this stage. It's attempting to find tops and bottoms is what the goal is, using numbers.
And get this, if you're ever confused on what Fibonacci ratio to use, you can just use your middle finger.
%% LOL exactly, same with a grid or multiple moving averages. Just first 0- 33.0, numbers has a fairly high % of fibo numbers. Even more if one uses 33.88 patterns . Using these noted patterns, 0 + 50 are fibonacci numbers, even if fibo numbers are not a fibo level/LOL