Fibonacci beginner

jgadefelth · Jul 29, 2005

Hi!

I have tryed some fibonacci they seems to work, my problem is that i have a hard time to know the difference between the different length of fibonacci periods meaning I don't really see from where i draw them the smaller and larger trends and rekyls are overlapping eathother so it is kind of hard.

Regards

da-net · Jul 29, 2005

to understand fibonacci better, go to one of the free fib confluence classes that are put on by bernie mitchell on thursday nites. i purchased his training from going to the free class, but i still have not decided if i would reccommend purchasing his training to others.

gummy · Jul 29, 2005

I don't know if this is useful, but I have an old spreadsheet that plays the Fibonacci Game.

It looks like this:

Download the spreadsheet here:
http://www.gummy-stuff.org/SS/download-data.xls

and there's a (short!) description here

... somewhere

Bsulli · Jul 29, 2005

If you keep posting all this good stuff I'm going to have to create a gummy folder on my desktop just for downloadin' stuff from you!

Good luck and good trading.

Bsulli

aPismoClam · Jul 29, 2005

can anyone post the odds of any of the main Fib retracement numbers holding? thx.

da-net · Jul 29, 2005

Quote from aPismoClam:

can anyone post the odds of any of the main Fib retracement numbers holding? thx.

Odds I can not give you, but some personal insight and some insights of others might offer you some help. I personally have observed the 23% level hold in a strong trend many times. I have seen the confluence levels hold also.

John Crane in his "Swing Trading" DVD states that most traders look for perfection and that is a huge mistake. He goes on to say that he personally uses 60% which is a rounded number to him.

Joe DiNapoli in his training states that he finds the levels 38.2% and 61.8% most effective in normal trend retracements. He uses 1.68% as his only projection number. Joe states that if used properly it is a good leading indicator.

Bernie Mitchell actually demonstrates in his free class and free daily e-mails that fib confluence ratios hold extremely well.

Hopefully I have given you some insight and areas for further research.

Pro_Trader720 · Aug 11, 2005

Quote from aPismoClam:

can anyone post the odds of any of the main Fib retracement numbers holding? thx.

That would depend on your definiation of holding. I think the proper question to ask is the odds of a nice bounce off of the fib number, in which case I am guessing slim.

Diamondtrim · Aug 11, 2005

If you want to look at Fib numbers for all stocks all the time you can do it with TI.

http://www.trade-ideas.com/Help.html#FU38

da-net · Aug 11, 2005

Quote from aPismoClam:

can anyone post the odds of any of the main Fib retracement numbers holding? thx.

As simply an exercise. I thought it might be nice to see if a minimum retracement level could be projected for the XAU...that is if it would co operate and retrace...from the current levels my projection would be between $93.93 and $94.51...now all we have to do is wait and see if I am correct or a fool. In either case you should get an idea of how fib retracement levels or a great laugh at my expense.