Yes, but just to be clear, 2 points need to be made: 1) I am claiming that this is the only profitable method that happens to use fibs. 2) This method doesn't even really use fibs. I just modified it to include fibs so that #1 would be true. Changing the level to fibs was an afterthought. It wasn't based around fibs, nor do I believe they are anything special, nor do I believe that magic ratios explain psychology. More later.
I've never seen a fib trader explain how fibs will be used before hand. I've seen tons of after the fact charts posted, and even I will admit that sometimes price reverses EXACTLY at one of the fib levels (of course, sometimes price also reverses EXACTLY at random, non-fib levels). But I have never seen a fib trader say "ok, price is going to reverse at 38% retracement here" or "we're going to hold onto this counter trend position until the 62% retracement because that is our target profit" ahead of time. That is what makes this method different. Every single trade is mapped out exactly before hand. Enter here. Add more here. Add more here. And then it's usually either stop loss here, or take profits here. I am saying that it is impossible to know what price will do ahead of time. Therefore, if price reverses at or in between any of the fib levels, I will make money. That's the only way to do it. Prove me wrong. Show how fibs have predictive power and I will buy your system.
you don't understand what I'm saying. What you're doing may work...i really don't know. In fact it's more disciplined than a lot of stuff I see on here. There's ways to improve what your doing though IMO. And that's even a topic that's been debated. However that's not how I would use fibs or ANY TA for that matter. I'm not arguing. This thread actually turned out really good. Aside from TZ's typical screwball posts of course. That guy just likes playing devil's advocate.
Let us try your logic: "I have incurable brain cancer. Although other people's research shows that chemo and surgery may cure me, then that doesn't count. I did my own research, and plan to cure my cancer using Egg Nog... Seriously, did your brain fly out of your ear one day? I cannot believe that you are that simple."
I pretty much already assessed you as a paper trader. Serious traders rarely fall in love with things like yourself.
Yoohoo called you out btw. I know you're a smart cookie and all but when your ET social status is on the line you seem like a huge piker.
If everyone traded the fib levels, then fib would work with certainty (or at least as it is supposed to work). So I guess it behooves the fib people to get all of us trading with fib levels. But then, where is the edge ?
sorry dear its not falling in love; its figuring out whats going on in a stock at a certain time and what tool to use to take advantage of the opportunity; some day you will get there here is bidu at 786 and 1.618 http://www.sierrachart.com/userimages/upload_2/1267786842_99_UploadImage.png people who have been living in the donkeyzones too long when you show them a horse they usually say: "that aint no horse; thats a tall arabian donkey" and then they quote research and stats done by someone else who has brainwashed them with their research and convinced them that there is no such thing as a horse
sorry, but I don't see "Yoohoo" on this page, so I am assuming he/she is on ignore. Usually when people are "calling someone out", they are self-deluded and well off-target, so whatever.