Quote from logikos: Also, for those who discount TA, and claim that TA only works because of self-fulfilling prophecy, there are some great Fibonacci studies from the 1929-1939 time period. I'm plotting the Dow on the weekly chart. THANK YOU FOR SUBSTITUTING EXAMPLES FOR STATISTICAL PROOF, O FUTURE 1) The crash of 1929 retraced the 1924-1929 rally by 61.8%. THANK YOU FOR CHERRY-PICKING EXAMPLES TO FIT YOUR DATA, GREAT ONE 2) The rebound rally of 1929-1930 retraced the crash by 50%. O GREAT ONE, ANOTHER CHERRY-PICKED EXAMPLE 3) The 138.20% Fibonacci projection, using the 1929 top, the bottom of the crash, and the 1930 rebound top, projected a downside target of around Dow 49, which is where it bottomed in 1932. MIGHTY ONE... 4) The top in 1937 retraced the 1930 - 1932 bear market by 61.8%. ANOTHER EXAMPLE, AWAY WITH STATISTICAL VALIDATION, YOUR WORSHIP 5) The 1938 bottom retraced the 1932 - 1937 recovery stated in #4 also by 61.8%. MOST BLESSED I'm sure I can go on, but those are the highlights. TA rocks! At least Fibonacci rocks! YES. WHY QUANTIFY WITH EVIDENCE WHEN WE CAN USE BASELESS EXAMPLES, YOUR WORSHIP... AWAY WITH THE STUDIES THAT HAVE DEBUNKED FIBONACCI!!! BY THE WAY, YOUR GRACE, WILL YOU BE POSTING ACCOUNT STATEMENTS TO ENDOW US WITH YOUR 1,000% ANNUAL PROFITS???
This is awesome TraderZones. If a bounce had run to the 38.2 he's be screaming, "You see, Fibs work." If it had run to the 50% same thing. Ummm....yep, same thing 61.8% and the 100%. I've seen people make up Fib numbers from thin air to explain market movement. One guy came up with the 88% and called it the "Hidden Fib." You can't make this shit up, the "Hidden Fib." Come Monday I'm gonna watch for the 78.2% Fib and once I find one you can bet your bottom dollar I'm gonna post the fucker!
the manic side of the bi-polar headspace is absolute certainty that one sees connections and patterns others do not see they always try to share it - but the huddled masses are just too dumb to get it
What are the tools you use to trade? Are you a fundie? How's that working for ya? If you use TA, I'd be interested in what you use. You can post examples, because, trust me, unlike yourself and so many others here on this shitty forum who just want to mock other traders, I am interested in learning from other traders. Of course, those who resort to mocking others probably have "little trader" syndrome, the same as their height and penis size, and probably their shrinking trading account. Have a great weekend, regardless.