dude will this ever stop; come on stop it now; i know this is total bs hocus pocus; fibs dont work; this is all a big coincidence; http://www.sierrachart.com/userimages/upload_2/1267534040_23_UploadImage.png
OK i cant take this bs anymore; lol. this is the last one and surprising true to the last minute; believe it or not. that twisted fibonacci must be laughin his ass of. lol http://www.sierrachart.com/userimages/upload_2/1267534447_21_UploadImage.png
um, that was a lot of posts in a row, elit5314. It looks like your found a stock that was trading within a horizontal range and then put fib lines over top of it which isn't what I'm talking about in this thread. You also had some reversals at random fib lines, such as at 78.6% in this pic: http://www.sierrachart.com/userimages/upload_2/1267531805_95_UploadImage.png Which is also not what I was talking about. *sigh* You can't post pictures where prices happened to reverse at one of the fib lines and then say on look, fibs work! That's exactly what fib "gurus" do and we've already established they don't know what they're talking about. You had no idea ahead of time that price was going to reverse at the 78.6% line, so your entire chart and commentary is invalid. Once again, for everyone reading this thread: Fib "gurus" will post pictures like the ones elit5314 did and say "look, price reversed at these lines! Fibs are magic and they work!!!" Yet beforehad there is no way they could've possibly known which fib line price would reverse at, if any at all. What I am talking about in this thread does require any of that crap because it doesn't even matter. I don't claim to predict which line it will reverse at, nor do I care, because as long as price reverses at one of them (or even somewhere else), I will make money.
actually i don't think fib's are voodoo myself - they are self fulfilling cause many use them no surprise there.
Here is FCX on a daily with a fib..I bought this ONCE at 73.78, and still holding. OMG, look, it held support at the very bottom fib. Imagine that.
I'm still waiting for one of you Fib supporters to explain why Fib works and how exactly it applies to market prices.
Here's your chart with my system. Notice my fib lines are in the same place as yours so I didn't change anything or anything. A huge winner. Three buys Depending on position sizing, my winner would have been around twice as much (or more) as yours due to my lower cost basis. Your one buy at 73.78 (which isn't even a normal fib number, why did you decide to buy at the one as opposed to the "traditional" ones?).
lol no genius, the price I bought at was 73.78.. i dont buy on the lines all the time, I just look for them to hold up.