The post will meet resistance at 38.2, at which point accounting irregularities will force delisting of the post.
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I have to be honest I don't quite get the reference to rabbits, did he do study on them or something???
I have used fib #'s for quite a few years now and I must say they will often act as a great "tell"... Of course this is not to say that it is an exact science or anything, but they can be great guides (time, price and even moving avg's)...
PEACE and good trading,
Publias
http://educ.queensu.ca/~fmc/may2002/RabFib.htm
i use the fib tool myself from time to time- purely because it's nice to get a feel for where the one third, one half and two thirds retracements are. Like putting a ruler on the screen.
it's part of my information synthesis process. but that doesn't mean there's any significance beyond 'looks like the market has retraced about X percent here.'
my hunch is that traders who get results from fibonacci use it more like a carpenter uses a tape measure than anything else- as a measuring tool that provides information for making decisions based on boring old probability.
hey thanks for the link! will check it out...
You pretty much summed up how I have been using them for years.
One set-up I dubbed "Multiple Pillars of Opitulation" works extremely well... Simple really you are just looking for a confluence of multipile S/R's (fib's, moving avg's, TL's, prior S/R, etc.)
This can often get you into a very low risk / high reward set-up
There was actually a very nice set-up yesterday on the ES off of 930 that you can see quite clearly on the 60min (TL, Fib #, prior s/r) al lining up within 2pt. range...
PEACE and good trading Professor,
Publias
The Fibonacci Sequence {f(n)} is defined by the conditions f(1)=1 (the first number equals 1), f(2)=1 (the second number equals 1), f(n)=f(n-1)+f(n-2) when n>=3 (each new number is the sum of the previous two numbers, starting with the 3rd number). This is the beginning of the sequence {1,1,2,3,5,8,13,21,34,55,89,144,233,377...}. The farther to the right you go the faster it gets bigger. That's it, the famous Fibonacci sequence. What does it mean? It means what you want it to mean. One useful thing about numbers though is that they are consistent, and consistency is an element of success IMO
told ya so! lmaoOriginally posted by Gordon Gekko
i have a feeling he'll return. lol this sounds kinda like batman.
lmao this pic NAILS it!
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Favourite threads:
1] Episodic Epistemological Epics
2] Trading Maxims/Quotes
3] Trading is a zero sum game
4] Supersition, Luck and Voodoo
5] Are Traders Ethical