And you just committed a Material fallacy (Fallacy of Accident a generalization that disregards exceptions) example --> "Fibs are bullshit" when an exception to the generalization is ignored. It is one of the thirteen fallacies originally identified by Aristotle. The fallacy occurs when one attempts to apply a general rule to an irrelevant situation. It's ok, I'll leave. I look foreward to your next flaming thread. An idea for your next thread could be about W.D GANN ... Gann angles...what a crock ah shit, right? Kon
fas 3-2-10 2nd trade enuf said http://www.sierrachart.com/userimages/upload_2/1267585528_15_UploadImage.png
^ you fail at quoting. That was very hard to read. Starting tomorrow I'll post daily charts, account balances, PnL screenshots, whatever you guys wanna see. Just so there is no confusion: Fib gurus who say things like "look, price reversed at [some specific] fib line!" are full of shit. For example, like the pic you just posted: Why would you randomly exit at that particular fib line as opposed to one of the others? How did you know price was going to reverse there? The particular method in this thread happens to use fib measurements but there is no bullshit or ambiguity about it. It's a variant of another method but for this thread I modified it to specifically use fib numbers. I'm telling you right now that I buy at EACH of the fib line retraces. I don't care which one price reverses at. I won't post some after the fact charts and on one be like "look, price reversed at 50%!" and on another be like "look, price reversed at 38%!" and pretend like I knew that was going to happen ahead of time. That's what scammy "gurus" do. Most of my method was explained in the very first post. Here it is again for the people who somehow missed it the first time: I buy at the 61.8% retracement. I buy more at the 50% retracement. I buy more at the 38.2% retracement. I exit at 100%. Stop loss is 0%. There's no cherry picking "oh I happened to buy at 50% this time and 38.2% last time and I'm the magic profitable guru who knows ahead of time which lines will be valid this time." I don't care. Price retraces, I buy. At all of them. Stay tuned for tomorrow.
You dont know. It's pretty much impossible to know before hand. I use fibs in conjuction with price action....example here is a chart of ande on a daily...before i decide to go on, would you tend to agree on the s/r levels i marked?
u know because turns occur more frequently at the 618-786 levels compared to other levels; so probabilities are on your side when limiting trades around these two levels. and havent u seen it happening over and over at the same level; how many times does it have to happen for you to say 'yeah turns are happening quite a bit that these two levels" so then u start looking forward to these levels 1a2b3cppp: your system of buying at every level is good but for those who are comfortable watching their shares going in the wrong direction for at least 30 minutes; i wont put my stomach through that. but if you have that kind of temperament thats just great.
sorry, but Fib Levels have been debunked. Clinging onto them is the stuff of amateurs. http://www.cass.city.ac.uk/media/stories/resources/Magic_Numbers_in_the_Dow.pdf