I use e-signal. i look at .382 .618 .786 1.0 1.27 and 1.618
Larry Pesavento's work has helped me alot. my trade placements are more accurate
Noob playing around with Fib retracements and Andrew's Pitchforks *pics*
- Thread starter IronFist
- Start date
I use e-signal. i look at .382 .618 .786 1.0 1.27 and 1.618
Larry Pesavento's work has helped me alot. my trade placements are more accurate
No TA works all the time
. And actually, this is the fist time I've heard of this Andrew stuff. None of my books mention it...and i've got a lot of books. I used to be real gung ho about all that stuff. I'd have fans, time zones, retracements, trendlines, Moving averages, time travel..all that shit. Some of it I still use, but threw out the rest.
http://www.internetnews.com/images/AHT/compx102405.png
cm69
Fibonacci Resistance is pretty powerful once you learn them. Never used Andrew's pitchfork as my software does not have them. But I think FR by itself without Andrew's pitchfork is sufficient.
IT is never that clear cut ie if it touch this line, it will reverse etc. I've heard combining FR with Elliot Wave is pretty good but never did learn EW.
IT is never that clear cut ie if it touch this line, it will reverse etc. I've heard combining FR with Elliot Wave is pretty good but never did learn EW.
)As a former floor trader in the S&P pit, I can tell you that ALL the "locals" ever did was look at fib retracements and "pivots" such as:
H+L+C / 3 = Pivot Point
then you have the Resistance and Support Levels ( R1, S1, R2, S2, etc. )
R1 = (2xPP) - L
S1 = (2xPP) -H
R2 = (PP-S1) + R1
S2 = PP - (R1-S1)
http://en.wikipedia.org/wiki/Pivot_point
The fibs work, along with some aspects of Elliott Wave ( such as A-B-C "measured-moves ).
You just have to be experienced with them.
Remember, in technical analysis "less is more".
Stick with some MA's, the fibs, and one other indicator.
Don't get bogged down with too much stuff.
You will wind-up "rationalizing" yourself into never pulling the trigger!
H+L+C / 3 = Pivot Point
then you have the Resistance and Support Levels ( R1, S1, R2, S2, etc. )
R1 = (2xPP) - L
S1 = (2xPP) -H
R2 = (PP-S1) + R1
S2 = PP - (R1-S1)
http://en.wikipedia.org/wiki/Pivot_point
The fibs work, along with some aspects of Elliott Wave ( such as A-B-C "measured-moves ).
You just have to be experienced with them.
Remember, in technical analysis "less is more".
Stick with some MA's, the fibs, and one other indicator.
Don't get bogged down with too much stuff.
You will wind-up "rationalizing" yourself into never pulling the trigger!
There are different kinds of pivots, which one do you use?. I mainly look at fibs, but they dont always hold up so I'm thinking about doing some research on pp's.
cm69
cm69
I wanted to reply to the pitchfork use at the beginning of the post:
I dont use them at all, i dont know the math behind them but from the pics it looks like channeling
I use Fibs and added my own .118, which is dependant on the momentum of the primary trend
oh and two words multi-frame analysis
QT totally rocks by the way
I dont use them at all, i dont know the math behind them but from the pics it looks like channeling
I use Fibs and added my own .118, which is dependant on the momentum of the primary trend
oh and two words multi-frame analysis
QT totally rocks by the way
