Decoherence
Well-Known Member
Apparently the Scout Sniper series covers Order Blocks. I'm about to go over this again. I'll let you know if I find anything specific.
I want to Know When I draw Fibo
- Thread starter jony92
- Start date
outthislife
Well-Known Member
the golden gun said:
In his "Precision Trading Series" he does mention that he doesn't necessarily rely on it. I believe he uses it mostly to show the confluence of events between price action and that ~79% level.
Decoherence
Well-Known Member
sqa said:
Thanks m8
Decoherence
Well-Known Member
Scout sniper #4 goes into more detail about halfway in.
But you should really read Sqa's guide and start at the beginning. It's not something that can be answered quickly in a thread like this.
Also don't mind people trying to shoot it down. Even if fibs aren't' the best method and are flawed in some way, you still need to learn it so you can see why it's flawed. I can guarantee you everyone shooting down fibs in this thread knows what they are in pretty good detail so it's still worth learning.
But you should really read Sqa's guide and start at the beginning. It's not something that can be answered quickly in a thread like this.
Also don't mind people trying to shoot it down. Even if fibs aren't' the best method and are flawed in some way, you still need to learn it so you can see why it's flawed. I can guarantee you everyone shooting down fibs in this thread knows what they are in pretty good detail so it's still worth learning.
rod178
Well-Known Member
Decoherence said:
The aspect of Fibs' that is flawed is the 'belief system' (read religious fervor) that they are 'magic' numbers. No evidence supports that the Fib numbers have any special significance, except in 'wishful thinking'.
In that regard I place 'Fibs' in the same category of all the other mumbo jumbo, such as Numerology (Fibs is a subset), Astrology, Scientology, Crystal Power, Pyramid Power, Tarot Cards, Reikii, Iridology, Faith Healing, Crystal Balls, Palm Reading, most alternative medicine, the emergent Age of Aquarius and all the other New Age crap http://en.wikipedia.org/wiki/New_Age that many (especially old women in kaftans) seem to latch onto to fill the void in their lives.
Now, that is not to say that the Fib tool is not useful. My point is that (say) the 65 retracement has as much meaning as the 61.8 or the 79 etc. ie anything between about 60 and 90.
Its about perspective... Thats what I think your missing Rod... Your a bit attached to Facts. Instead of having faith. Not saying thats a bad thing but if faith or crystal balls or fibs works for the individual then by all means do what works. Imo. If facts or science or statistical accuracy is your forte and it works for you, are we actually so different? Or are we just figuring out what works best for us?
rod178
Well-Known Member
joepippin said:
Self Delusion is potentially very costly.
Suggested reading
http://www.amazon.com/Fooled-Randomness-Hidden-Markets-Incerto/dp/0812975219
the golden gun
RINSE & REPEAT
rod178 said:
what did you do before you were a full-time trader?
the golden gun
RINSE & REPEAT
rod178 said:
how so?
rod178
Well-Known Member
the golden gun said:
Endeavoring to maneuver customers, suppliers and staff into positions of dependence (hence potential exploitation) whilst endeavoring to maintain the illusion of their individual autonomy. A reasonable balance is often maintained due to all (the survivors) operating in a similar fashion. Those that do not are slowly 'eaten' or eliminated from the 'game' if they are disruptive to the illusion.
Anyway, off topic, so leave it at that.