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Registered User Joined: 8/29/2007 Posts: 31
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Folks, I see quite a few postings in reference to Fibonacci lines and retracements. Can you point me to threads or a study on how to use and interpret them?
Also I don't think there are target lines in Telechart, and therefore you must calculate manually or use an outside calculator. Please correct me. I have read about them but never really implemented anything.
thanks,
steve
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Worden Trainer
Joined: 10/7/2004 Posts: 65,138
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The trainers can't offer any interpretation advice (but the other traders in this forum can). I just thought I'd mention the videos we have on the subject however:
Drawing Trendlines, Regressions and Writing Notes on a chart
Fibonacci Retracement Levels
-Bruce Personal Criteria Formulas TC2000 Support Articles
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Registered User Joined: 10/7/2004 Posts: 2,126
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sdablack I book i read a long ago and has some good info is "New Frontiers in Fibonacci Trading".
It touches charting techniques, some simple applications, and strategies.
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Registered User Joined: 2/21/2007 Posts: 797
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i wonder why TC doesn't label their FIBS in their respective %'s?
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Registered User Joined: 8/29/2007 Posts: 31
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Thanks, Bruce I was trying to look for some of the user's support and thought processes. Thanks for the links I have programmed the PCF (and incorporated the easyscan). Am I right, there are no target shooter type projections you can overlay on a chart.
BigBlock - I have placed an order at the local library for the book, thanks. (Author Jardine, right?)
steve
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Worden Trainer
Joined: 10/7/2004 Posts: 65,138
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sdablack,
I was pretty sure that was the case, I just wanted to provide some references. If I'm understanding correctly, there aren't any shooter type projections you can overlay on the chart. The only thing available is the already referenced drawing tool.
-Bruce Personal Criteria Formulas TC2000 Support Articles
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Registered User Joined: 10/7/2004 Posts: 264
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Steve,
For what it is worth, the TC fib tool is pretty lame for the 21st century. If you "edit" it is shows the 161.8 and 261.8 but they don't appear on the chart.
As for setups, you can try the Ambush setup so named by Hubert Senters and John Carter. It is simply a retracement to the 50%-61.8% zone and a reversal. The problem that I see with Fibs is where you draw your lines to start and stop. There can be a lot of subjectivity to the begining and end of a move. Work with it and see what you like or dislike. Good luck.
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Registered User Joined: 10/7/2004 Posts: 2,126
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QUOTE (Golfman25) Steve,
For what it is worth, the TC fib tool is pretty lame for the 21st century. If you "edit" it is shows the 161.8 and 261.8 but they don't appear on the chart.
As for setups, you can try the Ambush setup so named by Hubert Senters and John Carter. It is simply a retracement to the 50%-61.8% zone and a reversal. The problem that I see with Fibs is where you draw your lines to start and stop. There can be a lot of subjectivity to the begining and end of a move. Work with it and see what you like or dislike. Good luck.
Steve don't let the that Golfer bring down your aspirations. Just because some can't make it doesn't mean that you can't. You go ahead and peruse around - see what some interesting, and intelligent people have done, and bypass the herd. At some point you will have to come up with your own ideas. But it takes basics to become advanced. Some of the advanced tools are based on old tools concepts - just refined.
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Registered User Joined: 10/7/2004 Posts: 264
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What do you need fibs for when you can just buy a secret algorithm and magic indicator? Good luck.
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Registered User Joined: 10/7/2004 Posts: 2,126
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QUOTE (Golfman25) What do you need fibs for when you can just buy a secret algorithm and magic indicator? Good luck.
The indicator is not secret, is for sale. The indicator is not magic, it is sensible.
Fibs can be a nice challenge to your mind, of course you need to have a mind for that.
If you don't then.... you must ask.
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