Discussion in 'Trading' started by fluttrader, Feb 22, 2008.
What method you use or could have value ?
fibonacci is not a method but a series of tools and indicators. someone who uses them well is Joe Dinapoli, google him its pretty easy
Fib and EW are related kin. In the beginning of a strong uptrend wave 2 often pulls back to 38%. After making the 5th wave the market often bounces off of the 100%, 127.2%, and when real strong 161.8% price projection/ext. I use both just for overall market structure. I don't try and count subwave, etc. If you believe that markets are cyclical then EW/fib makes sense. If you are like R Canfield then don't bother.
P.S. some know this already, that look for a confirmed reversal before attempting use EW and define a new trend. For example, a trader vic 2b, a double bottom or top, a wyckoff spring, a key bar up, etc. Lastly you want to see a pullback on lighter volume to 38% which is going to be wave 2.
Are DiNapoli levels related to fibonacci ?
1) Support / resistance
3) 50 & 200dma
4)Price & volume
5) Chart patterns
I voted for fibs, but am starting to use Dr. Andrews' Pitchfork which I am interested in more and more every time I apply it to a chart.
Back to fibs, does anyone use time zones, are they helpful?
Pure price volume action
Not 1 Gann trader ..yet ..
dinapoli levels are fibonacci retracement and clusters
Agreed I focus on price and volume first, then EW and fib second. IMO PV move the market.
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