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Lessons on Fibonacci Lines Rate this Topic:
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sdablack
Posted : Wednesday, January 7, 2009 11:56:56 AM
Registered User
Joined: 8/29/2007
Posts: 31

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

Bruce_L
Posted : Wednesday, January 7, 2009 12:04:29 PM


Worden Trainer

Joined: 10/7/2004
Posts: 65,138
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
BigBlock
Posted : Wednesday, January 7, 2009 12:59:41 PM
Registered User
Joined: 10/7/2004
Posts: 2,126

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.

johnlc
Posted : Wednesday, January 7, 2009 1:34:30 PM
Registered User
Joined: 2/21/2007
Posts: 797
i wonder why TC doesn't label their FIBS in their respective %'s?
sdablack
Posted : Wednesday, January 7, 2009 2:19:51 PM
Registered User
Joined: 8/29/2007
Posts: 31

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

Bruce_L
Posted : Wednesday, January 7, 2009 2:30:00 PM


Worden Trainer

Joined: 10/7/2004
Posts: 65,138
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
Golfman25
Posted : Wednesday, January 7, 2009 9:36:22 PM
Registered User
Joined: 10/7/2004
Posts: 264
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.   
BigBlock
Posted : Wednesday, January 7, 2009 10:31:39 PM
Registered User
Joined: 10/7/2004
Posts: 2,126
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.
Golfman25
Posted : Thursday, January 8, 2009 12:16:38 AM
Registered User
Joined: 10/7/2004
Posts: 264
What do you need fibs for when you can just buy a secret algorithm and magic indicator?  Good luck. 
BigBlock
Posted : Thursday, January 8, 2009 5:55:03 PM
Registered User
Joined: 10/7/2004
Posts: 2,126
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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