TheBramble
Legendary member
- Messages
- 8,394
- Likes
- 1,170
are you sure you should be giving the 6hr thing away?a320 said:
You'll be mentioning the number 200 next. And that is nothing to do with Fibs.
You'll be mentioning the number 200 next. And that is nothing to do with Fibs.
trendie
Legendary member
- Messages
- 6,875
- Likes
- 1,433
Hi a320,
thanks for your reply.
I have more stuff to learn !!
In addition to "Trend Following" by Michael Covel and "Master Swing Trader" by Alan Farley.
I wonder if the styles of trading reflect the personalities of the traders !
In that, I wonder if Fib and Gann traders are artistic or musical, and tend to be attracted to ideas that show the world around them to be resonant, and behave as if it had a hearbeat, or rhythm.
And consequently, are capable of hearing the underlying rhythm.
This is almost a romantic view of the market !!
As above, so below ??
thanks for your reply.
I have more stuff to learn !!
In addition to "Trend Following" by Michael Covel and "Master Swing Trader" by Alan Farley.
I wonder if the styles of trading reflect the personalities of the traders !
In that, I wonder if Fib and Gann traders are artistic or musical, and tend to be attracted to ideas that show the world around them to be resonant, and behave as if it had a hearbeat, or rhythm.
And consequently, are capable of hearing the underlying rhythm.
This is almost a romantic view of the market !!
As above, so below ??
Hi,trendie said:With my usual lightning fast reflexes......
Firehorse: ( from a few days ago )
"To quote a well known phrase, the definition of insanity is to keep doing the same thing over and over again and expect a different result"
Firehorse; equally, doing something over and over again, could be argued to be a sign of discipline, and not being waylaid by short-term drawdowns.
It is insanity, in hindsight, when, long term, it turns out to be a loss.
It is called discipline, in hindsight, when long-term, if it turms out to be proftiable.
My second go at replying to this as my original reply to this seems to have disappeared. Might have been a glitch in the system (were there any on that evening?
)Basically I agree. It depends on if you have successful strategy though.
If you have a losing strategy and suddenly expect it to win, then that is indeed insanity.
But if you have a winning strategy, then keeping to it is indeed discipline.
But for most, whether it is a winning or losing strategy is hindsight
Same thing but from a different viewpoint.
Regards
trendie
Legendary member
- Messages
- 6,875
- Likes
- 1,433
a320,
could you post a link re: the 6hours trading day / Fib ratio, please ?
thanks
PS: One of my main problems with SO many numbers, is that, something, somewhere will be perceived to be right at sometime !!
Thats why I wanted to take just a few numbers / concepts, and see if they worked, in a basic fashion.
If they worked more often than chance, then to invest more time in them, in the subtleties.
I am wary of finding something that hits the numbers, and ignoring all the times it has failed, and thus fooling myself into believing something that is not there.
could you post a link re: the 6hours trading day / Fib ratio, please ?
thanks
PS: One of my main problems with SO many numbers, is that, something, somewhere will be perceived to be right at sometime !!
Thats why I wanted to take just a few numbers / concepts, and see if they worked, in a basic fashion.
If they worked more often than chance, then to invest more time in them, in the subtleties.
I am wary of finding something that hits the numbers, and ignoring all the times it has failed, and thus fooling myself into believing something that is not there.
Trendie,
One of the problems with using fibs is people try to add soo many lines that they lose the woods for the trees. When calculating the fibs you need to look at the number of fib lines, from different sources, and then you should start seeing "support" and "resistance" zones. These are your areas of concerns and you can remove the rest of the lines. When i do fib charts I have a max of 6-8 lines, otherwise the signals are confusing and I'm not interested in gambling !
One of the problems with using fibs is people try to add soo many lines that they lose the woods for the trees. When calculating the fibs you need to look at the number of fib lines, from different sources, and then you should start seeing "support" and "resistance" zones. These are your areas of concerns and you can remove the rest of the lines. When i do fib charts I have a max of 6-8 lines, otherwise the signals are confusing and I'm not interested in gambling !
trendie
Legendary member
- Messages
- 6,875
- Likes
- 1,433
I agree, Pervaz.
Thats what I have been taught - and it provides a sort of resonance when ratios from different highs and lows seem to converge at a point.
Thats what I liked about the summation bit that I read about - when fib numbers appear to converge from different date point.
Maybe this is what I should do, watch for convergences of ratios, as they appear to re-inforce each other.
thanks
Thats what I have been taught - and it provides a sort of resonance when ratios from different highs and lows seem to converge at a point.
Thats what I liked about the summation bit that I read about - when fib numbers appear to converge from different date point.
Maybe this is what I should do, watch for convergences of ratios, as they appear to re-inforce each other.
thanks
If people want to dig deeper into more slightly esoteric side of analysis, then Jenkins might be a good place to start...
http://books.global-investor.com/pa...source=SearchBooks&PageSize=20&Search=Jenkins
http://www.traderspress.org/detail.asp?product_id=126-bundle
CJ
http://books.global-investor.com/pa...source=SearchBooks&PageSize=20&Search=Jenkins
http://www.traderspress.org/detail.asp?product_id=126-bundle
CJ
Last edited:
The way i do it is to take my fib readings from different important levels in different time frames down to the last major high/low that i'm interested in.Then the more that cross at one point the more that level could be an important area of support or resistance.
trendie
Legendary member
- Messages
- 6,875
- Likes
- 1,433
hi layman,
I agree. Pervaz said as much in his post 167.
We seem to be getting some convergence on ideas - thats good.
I am digesting Robert Fischers "The New Fibonacci Trader", and his Time-Goal-Days idea is interesting, in that in "forecasts" the DAY a trend change will take place.
If this can be merged with Fib-levels, you have a Price and Time targets !!
Fischer makes references to Elliot Waves, and uses Fibs to verify 3 and 5 waves and all that, which put me off a bit.
I am going to use the Time-Goal-Dayconcept and try to forecast days into the future for trend-reversals.
How about that for analysis !!
PS: havent seen you on this thread before - welcome.
I agree. Pervaz said as much in his post 167.
We seem to be getting some convergence on ideas - thats good.
I am digesting Robert Fischers "The New Fibonacci Trader", and his Time-Goal-Days idea is interesting, in that in "forecasts" the DAY a trend change will take place.
If this can be merged with Fib-levels, you have a Price and Time targets !!
Fischer makes references to Elliot Waves, and uses Fibs to verify 3 and 5 waves and all that, which put me off a bit.
I am going to use the Time-Goal-Dayconcept and try to forecast days into the future for trend-reversals.
How about that for analysis !!
PS: havent seen you on this thread before - welcome.
Guys,
I know very little of Fib and would like to learn from the basics. I searched te 'net for good free guides without much success. The books, particularly by Robert Fischer have received rather mixed reviews on Amazon. Could you guys point me to the right direction, please?
Thanks very much.
I know very little of Fib and would like to learn from the basics. I searched te 'net for good free guides without much success. The books, particularly by Robert Fischer have received rather mixed reviews on Amazon. Could you guys point me to the right direction, please?
Thanks very much.
Trader333
Moderator
- Messages
- 8,753
- Likes
- 1,026
trendie
Legendary member
- Messages
- 6,875
- Likes
- 1,433
The basics of Fib calculations are on the first couple of pages of this thread.
Sandy Jadeja offers courses on using Fibonacci as a basis for a trading system.
www.spreadbettingtowin.com
I have reviewed Robert Fischers "The New Fibonacci Trader" - my view it is a good basic intro to Fibs. Although the PHI-spirals and PHI-ellipses can make you question the ideas - I would ignore them and concentrate on the Fib-retracements and Summation ideas.
Ultimately, you have to put your own work in, and make your own decision.
I like Fibs, and am comfortable and confident to put my money on them.
It will be your mindset that decides whether they are for you - or not.
Sandy Jadeja offers courses on using Fibonacci as a basis for a trading system.
www.spreadbettingtowin.com
I have reviewed Robert Fischers "The New Fibonacci Trader" - my view it is a good basic intro to Fibs. Although the PHI-spirals and PHI-ellipses can make you question the ideas - I would ignore them and concentrate on the Fib-retracements and Summation ideas.
Ultimately, you have to put your own work in, and make your own decision.
I like Fibs, and am comfortable and confident to put my money on them.
It will be your mindset that decides whether they are for you - or not.
Similar threads
