The only way to trade with fibonacci

[TraderZones]

Quote from elit5314:

lol nice pictures; good to see you playing with your scrapbook while taking a break trading your demo account;

here is something for those who trust in other people's research. you will wonder whether to cry or laugh at yourself after seeing this.

since it took you 20 days to notice and respond to a post (03-05-10 11:23 PM), I think you have established how slow you are off the draw...

 

[elit5314]

Quote from TraderZones:

since it took you 20 days to notice and respond to a post (03-05-10 11:23 PM), I think you have established how slow you are off the draw...

sorry dear; i aint no net cowboy. i was hoping for a picturesque response along with the usual sarcasm;

i hope you understood the message in the video that i linked in my post. dont like a child just blindly trust anyone what they say. they make these studies to take people like you for a ride. unless you like taking rides; not only that, you have to be a doctor to understand a cancer study and i assume you are at least a vet.

 

[TraderZones]

Quote from elit5314:

sorry dear; i aint no net cowboy. i was hoping for a picturesque response along with the usual sarcasm;

i hope you understood the message in the video that i linked in my post. dont like a child just blindly trust anyone what they say. they make these studies to take people like you for a ride. unless you like taking rides; not only that, you have to be a doctor to understand a cancer study and i assume you are at least a vet.

I didn't watch the video, because I doubt it would make any more sense than your earlier posts.

 

[kevinlee161]

This sounds like a great strategy... if you want to blow out your account very quickly. Just guessing at where to buy and buying at every level will lead your account to a quick death.

Quote from 1a2b3cppp:

Since fibs are voodoo and you have no way of knowing if price is going to retrace to the 33, 50 or 66 line (or somewhere else completely random, since fibs are just as good as completely random lines, or somewhere else entirely, since price movement is random), I propose the following method of trading them:

Draw your diagonal line to establish your 3 fib lines.

Wait for price to retrace to 33 line. Buy. If price goes back up, you win.

Wait for price to retrace to 50 line. Buy more. If price goes back up, you win.

Wait for price to retrace to 66 line, buy even more. If price goes back up you win.

Stop loss: if price retraces to the 0 line. Come on, don't be a dumb noob and hold your losers forever. This is a definite hard loss.

Basically you're averaging down, buying at each fib line, and then hard stop lossing at the 0 line, and selling at the 100 line.

(In before people bitch about averaging down).

COME ON GUYS!!! PRICE RETRACES AT FIB LINES, doesn't it? Fucking books have been written about this shit trying to come up with explanations for "natural harmonics" and other such hocus pocus that makes no sense yet we can all draw the conclusion that ZOMG PRICE REVERSES AT FIB LINES.

If price actually reverses at fib lines, then this method is the holy grail.

If price even reverses at fib lines most of the time (come on, even natural harmonics of teh natures can't be right all the time), this method will still be profitable.

If fibonacci lines in trading is a bunch of hocus pocus BS then this method won't work.

This should be easy enough to backtest.

Oh wait, no it won't, because even knowing when and where to draw fib lines isn't specific. I think they just draw them after the fact where it looks good in order to sell their books.

Discuss.

For bonus points, trade in another account in the opposite direction (you'll have to work out the position sizing yourself, I can't give everything away) and make money regardless of which direction price goes.

(In before people who don't get it complain that trading in both directions at the same time is the same as being flat)


This is the best and only legit thread about Fibonacci lines on this entire forum.

 

[Algo_Design_Kid]

We already tried explaining the probabilities in another thread to him. But he seems to be genuinely doing well.

It is either that, his luck is awesome, or he has found his own edge (though a sliver of one). Again, best of luck ABC.

 

[elit5314]

Quote from TraderZones:

I didn't watch the video, because I doubt it would make any more sense than your earlier posts.

of course what could be more important to you than paper trading the forex 27/7 tucked in your basement den

 

[talebi818]

Quote from konviction:

Here is FCX on a daily with a fib..I bought this ONCE at 73.78, and still holding. OMG, look, it held support at the very bottom fib. Imagine that.

you didnt draw it right

 

[nchrista]

The Gann ratios are similar to the Fibonacci ratios but not the same.

1/2, 1/3 (33%), 2/3 (66%), 1/4, 1/8...etc, are GAnn ratios.

http://en.wikipedia.org/wiki/Fibonacci_number

0,1,1,2,3,5,8,13,21,34,55,89,144,...

The above is the Fibonacci sequence. The ratio is found by dividing each number by its subsequent no. ...

0/1=0
1/1=1
1/2=0.5 (also a Gann no. if I recall correctly)
2/3=0.66 (also a Gann no. if I recall correctly)
.
.
.
89/144=0.618...
.
.
.
This operation is repeated until it converges on 0.618.....or 62% otherwise known as the Golden Mean.

There are many ways to use the fibs and ganns and all are ok but nothing is guaranteed.

 

[elit5314]

Quote from TraderZones:

I didn't watch the video, because I doubt it would make any more sense than your earlier posts.

if you are happy living with your blinkers on 24/7 then you dont need to watch it.

but what happens when someone gives a gun to a blinkered fella like yerself?

yeah you guessed it right smarty; thinking that they are going to shoot a frog they shoot themselves in the foot.

and then sheepishly this comes out of their mouth: oooops

 

[nchrista]

Hello all,
I have been following fib's and elliot waves for many years but have rarely found a pattern that looks reliable. Does anybody know of a decent software package that gives better than 80% accurate signals?