Quote from TraderZones:
I have been trading since 86. I worked at several major institutions that did real-world institutional trading, and your assessment of the desks using "Fib tools" is only at a wanker organization.
So if you are trying to impress, then you rae doing a poor job of it.
But I see you have 3 desks set up in your basement.
990n is Gelber Group (or at leat it was). I walked through their shop about 6 years ago. They did not look like a wanker firm to me. I saw traders doing all kinds of technical analysis type stuff. Not any different than any other trading desks I have checked out (and I am in London).
The day I walked through they cleared something like 35% of the ES trades on CME. So not exactly small time. But at Marex we do good volume as well. Although these type of firms do all exchange traded futures.
And ur man TGM was asked where he worked. It reads to me like he was just answering the question while avoiding naming too many names.
In regards to Fibs, I don't use them. However, I have some Fib voodoo practitioners that trade near me. They do quite well month in and month out. Of course, they consider my oil spread trading voodoo as well!
Typically the use of Fibs involves a Fib drawing tool (like amytrade is using) and TALENT in picking relevant swing highs or swing lows to attach them to!
The rest is pure self confidence in your method and a lot of confidence in the Fibs. Pure discretionary from what I have observed. Although if you could mechanically define swing high or swing low. You could then mechanical test something.
Now on whether or not the 50% fib retracement would test out better than say a 48.5%? Probably not. And based on the Academic study posted. NO. But 48.5% is not a fib number and therefore does not come in the little drawing tools all charting software contain.
Now I know why people tell me to stick to European trading boards. You guys are brutal even for someone like me that just walked in from the pub.
