[Quote from JB3: Perhaps even offer something of value in return for this knowledge. waiting for the "this knowledge." Hell, I think we all would love to learn the secret to Amy's system, you must be joking. You see account statements anywhere? but we also have to understand that this knowledge was gained by Amy through hard work and sweat takes a lot of energy to toss dice and do some math on the old slide rule. If Amy said a Ouiji board told her those predications That seems to be the most reasonable explanation of her methods. When confronted with overwhelming hard institutional evidence that Fib levels were quackery, she tossed out "see? I have proven the opposite with several examples" and then "OK, call them voodoo levels." Not exactly inspiring confidence. The person is a newbie with a toy gun.
her approach is called "top gun" not "toy gun", otherwise concur with the rest ;-) The world in the end is very simple: Nobody wastes their time for nothing in return. So a) she wants to help others/share ideas, which she was clearly unwilling to do and which she reiterates in each of her posts, b) she gets off by showing some noobs how her trading levels were right, or c) she wants to establish her track record so she can sell some of her snakeoil wares later on. I honestly dont know what it is but I know its one of the above. But hey, some micro lot traders really jump on the bandwaggon and love it, thats ET. I bet seconds later cabletrader needs to add his unsoliticed "wisdom" although he was never addressed nor asked...just wait and see...I would love that guy if his money ended up in the market for me to take but unfortunately it ends up in the pockets of his brokers which he deliberatly chose so that they can take the other side of his trade, guess who wins in the end, lol.
I would have to disagree with you both, TZ and ILV. Firstly, I also believe that Fib and most other such TA stuff is quackery. And we have all seen lots of research and analysis that seems to prove it (in fact, most interesting research seems to suggest not that TA doesn't work, but that the TA rules that work are really proxies for other mkt phenomena). However, whatever it is that she's doing seems to work for Amy, so there I am in complete agreement with her, it doesn't matter what you call it. I am prepared to be completely agnostic and allow for an existence of some technique that uniquely works for her. Secondly, who cares why she posts it. Maybe it's entertainment (that's my reason for posting), maybe it helps her maintain a record. I do not see her engaging in excessive advertising or offering anything. So I am prepared to accept this journal for what it is, no more, no less. That's my judgment. Anyways, in all honesty, just chill, will ya? It's just money...
gm people. In the matter of the people v fibs. What is a 50% fib level .... it is the midband of a channel measuring extreme highs and lows of price. What are the other fib levels ... they are the midbands of offset (smaller) channels measuring the same thing. Why do they work... who cares, but at a guess it is because you can see them coming a mile away and therefore they are programable. I have only just stumbled across this thread and have yet to read it in it`s entirety, but it looks to prove interesting. regards f9
Top'o't'mornin' to ya f9! Aren't we forgetting the essence of Fibonacci's work back in the 12th Century, it could be a case of the people v nature, there's an awful lot of supporting evidence which make his calculations' sequence accuracy more than just coincidence. It's debatable whether the phenomenon exists in financial markets but it's possible, it exists pretty much everywhere else! ....plus he's got a trustable face, I'd buy a used car off the guy.... Leonardo of Pisa (c. 1170 â c. 1250)
I don`t use fibs as such, I put all my attention into extreme values and midbands which is where the stops lie. Carefully hidden in obvious places. Why the fibs <> 50% roughly line up with smaller channels does not really hold any interest for me, but I have noticed this relationship in the past when I was passing through my fib period. Although Fx is more trendy than ES, the same game applies in that Traders need a game plan first and then select their weapons and tools second. Mind you ... explain the difference between momentum and trend to me. Either the little bugger wants to go up or down or sideways. Most people do it the other way around and the outcome is cast in stone. regards f9
When my levels do get penetrated I simply wait for double bottom and a reduction of weakness and buy breakouts of trendline. I didn't take the first trade although it would have worked at 8:30 but did take two others, first for small win and I'm still in second position now. I am a big divergence trader at my levels. This also happened to be a 1.382 Fib target but again if you don't know how to trade Fibs right, then stand out of my way because I do!