The only way to trade with fibonacci

Quote from 1a2b3cppp:



You've just committed ANOTHER logical fallacy: Just because some stuff on wikipedia isn't true doesn't mean that none of it is true.

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And you just committed a Material fallacy (Fallacy of Accident a generalization that disregards exceptions)

example --> "Fibs are bullshit"

when an exception to the generalization is ignored. It is one of the thirteen fallacies originally identified by Aristotle. The fallacy occurs when one attempts to apply a general rule to an irrelevant situation.

It's ok, I'll leave. I look foreward to your next flaming thread. An idea for your next thread could be about W.D GANN ... Gann angles...what a crock ah shit, right?

Kon
 
Quote from 1a2b3cppp:

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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.

that is the key: '' i found a stock that was trading within a horizontal range and then put fib lines over it" yep u have to find that; if you dont know how to look and find it you will be right to say fibs are hocus pocus; but if you look for the fibs and find them working somewhere then get in on the gravy train.


*sigh*

stop that sighing dude; if fibs worked like you want them to work to the tee then any moron will push the button and cash in.


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.

look at my very first chart where i havent made any trade yet; in there im waiting at he 618-786 lines to get long (or just look at this chart; im waiting at the 786 line at 1240 to go long; as if at a bus stop)

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.

sure i did i exactly knew i am gettin in or out or both (reversing) at the next 618-786 level and these can be drawn ahead of time


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.

your mind is made up; lol which is good for this thread cause someone will keep trying to convince your otherwise but you wont let that happen for the sake of the thread; you will have to come to the polar opposite of your stance; then you will be able to see the opposite point of view

the key is in the first para above: you have to find where fibs are working; cause they are working all over; if you hear gold rush is in ca you wont take the train going ny and say 'shat there is no gold in ny" likewise if fibs are working on bidu and you are looking at aapl and they are not working there you can say fibs dont work;

fas 3-2-10 786 fibs

http://www.sierrachart.com/userimages/upload_2/1267584627_79_UploadImage.png
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^ you fail at quoting. That was very hard to read.

Starting tomorrow I'll post daily charts, account balances, PnL screenshots, whatever you guys wanna see.

Just so there is no confusion:

Fib gurus who say things like "look, price reversed at [some specific] fib line!" are full of shit. For example, like the pic you just posted:

randombs.gif


Why would you randomly exit at that particular fib line as opposed to one of the others? How did you know price was going to reverse there?

The particular method in this thread happens to use fib measurements but there is no bullshit or ambiguity about it. It's a variant of another method but for this thread I modified it to specifically use fib numbers. I'm telling you right now that I buy at EACH of the fib line retraces. I don't care which one price reverses at.

I won't post some after the fact charts and on one be like "look, price reversed at 50%!" and on another be like "look, price reversed at 38%!" and pretend like I knew that was going to happen ahead of time. That's what scammy "gurus" do. Most of my method was explained in the very first post. Here it is again for the people who somehow missed it the first time:

I buy at the 61.8% retracement.

I buy more at the 50% retracement.

I buy more at the 38.2% retracement.

I exit at 100%.

Stop loss is 0%.

There's no cherry picking "oh I happened to buy at 50% this time and 38.2% last time and I'm the magic profitable guru who knows ahead of time which lines will be valid this time." I don't care. Price retraces, I buy. At all of them.

Stay tuned for tomorrow.
 
Quote from 1a2b3cppp:



Why would you randomly exit at that particular fib line as opposed to one of the others? How did you know price was going to reverse there? [/B]
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You dont know. It's pretty much impossible to know before hand. I use fibs in conjuction with price action....example

here is a chart of ande on a daily...before i decide to go on, would you tend to agree on the s/r levels i marked?
 

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Quote from 1a2b3cppp:



>>>>"Because you're taking something that is definitely outside the realm of financial markets and trying to apply it to the financial markets

>>>>>It's exactly as illogical as applying something like the progression of Tennis Scores, which are definitely outside the realm of financial markets, (0 (love), 15, 30, 40) and trying to apply that to the financial markets.


>>>>Or taking [anything] that is outside the realm of the financial markets and trying to apply it to the financial markets.<<<<

>>>But is completely outside the realm of trading and that is why it makes as much sense to apply it to trading as it does to apply Tennis scores or prime numbers or anything else.

I'm not sure how else I can explain it.

>>>>>I mean think about it. You're saying that a ratio of numbers (that may or may not even be found in nature) are somehow appliacble to psychology. That's a collosal stretch.

>>>>>Ratio of things in nature != psychology. That's as absurd as saying the number of pellets in a bag of dog food can predict basketball scores.


>>>>>Now you're comparing entirely unrelated things.

>>>>>Pointing out one illogical behavior does not prove another.

>>>>>You're trying to say that "people buy homes they can't afford. That is illogical. Therefore, fibonaccis must also work because that is also illogical."

You'd fail Intro to Logic 101 with that argument.<<<<<<<<<<<<<<<

>>>>> shhhhsh check out this video. the fibs are in your make up from your nose to your ass; even breathing which is being done thru lungs that follow the fibonaaci sequence.

now apply Logic 101 to this:

http://www.youtube.com/watch?v=085KSyQVb-U&feature=PlayList&p=BDE4541E386B3A63&index=6
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Quote from konviction:

You dont know. It's pretty much impossible to know before hand. I use fibs in conjuction with price action....example

here is a chart of ande on a daily...before i decide to go on, would you tend to agree on the s/r levels i marked?
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u know because turns occur more frequently at the 618-786 levels compared to other levels; so probabilities are on your side when limiting trades around these two levels. and havent u seen it happening over and over at the same level; how many times does it have to happen for you to say 'yeah turns are happening quite a bit that these two levels"

so then u start looking forward to these levels

1a2b3cppp: your system of buying at every level is good but for those who are comfortable watching their shares going in the wrong direction for at least 30 minutes; i wont put my stomach through that. but if you have that kind of temperament thats just great.
 
Quote from elit5314:

u know because turns occur more frequently at the 618-786 levels compared to other levels; so probabilities are on your side when limiting trades around these two levels. and havent u seen it happening over and over at the same level; how many times does it have to happen for you to say 'yeah turns are happening quite a bit that these two levels"

so then u start looking forward to these levels

1a2b3cppp: your system of buying at every level is good but for those who are comfortable watching their shares going in the wrong direction for at least 30 minutes; i wont put my stomach through that. but if you have that kind of temperament thats just great.
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sorry, but Fib Levels have been debunked. Clinging onto them is the stuff of amateurs.

http://www.cass.city.ac.uk/media/stories/resources/Magic_Numbers_in_the_Dow.pdf
 
Quote from 1a2b3cppp:


>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Fib gurus who say things like "look, price reversed at [some specific] fib line!" are full of shit. For example, like the pic you just posted:

randombs.gif


Why would you randomly exit at that particular fib line as opposed to one of the others? How did you know price was going to reverse there?<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

i know cause its been doing so a lot; price is following a certain rythmn. like a music tune; sometimes a note can go a bit higher or lower but you know which note it was. so its not completely random; you seen it happen at that line a lot so thats a high probability area. if it has turned at that level 8 of 10 times in the last 2 days i would be an idiot thinking about those 2 times it dint turn on que at that particular line; im not thinking price must turn at that 786 level but looking at the previous action (how it behaved earlier at that level) i am thinking price is most likely to turn around the 786 for this particular symbol; so when price gets near that line start looking for signs of exhaustion of the prior move; u can sense slowdown of the move
so its not exact science just probabilites
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