Fibonacci System

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biggdonn
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Fibonacci System

Post by biggdonn » Tue Mar 02, 2004 12:54 am

Does anyone have any experience with using the Fibonacci system?

Don

Ted Annemann
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Post by Ted Annemann » Tue Mar 02, 2004 8:12 am

Could you be more specific, what do you mean when you say "the Fibonacci system?" Is that a product sold by Larry Pesavento? Frank Taucher? Chris Carolan?

biggdonn
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Post by biggdonn » Tue Mar 02, 2004 2:30 pm

The program offered by Stephen Pierce located at fibonaccisecrets.com is one that I keep seeing. I was also looking at fibonaccitrader.com. There are also numerous other sites and books that briefly mention the Fibonacci system. I am really not too familiar with this system and I would appreciate any info good or bad on it.

Don

tobbe
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Post by tobbe » Tue Mar 02, 2004 3:24 pm

biggdonn wrote:Does anyone have any experience with using the Fibonacci system?
I have no experience using the systems on the websites you mentioned. But, if a "Fibonacci system" refers to the combination of the Fibonacci numbers and Elliot Wave Theory (EWT), or if the systems you are considering are based on EWT, I would recommend you to study some of the books available on the subject first.

I once tried to imagine how to subjectively (mechanically) backtest an EWT system without any success (which does not necessarily mean that it is not possible, just that I couldn't find a way :? ). The main reason I got interested in doing some real testing was the way I was taught EWT a while back. I got the impression that there is a lot of experience (or you might call it subjectivity) involved. Since I don't understand the theory on which EWT is based, I have left it at that.

cheers,
tobbe

Kiwi
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Post by Kiwi » Tue Mar 02, 2004 4:36 pm

Beware of anything offered by SP. The ideas are pedestrian and the requests for ones money back are not answered. Also if he gets one of your email addresses be careful because it is going to be filled with spam.

Fib is not a system but a set of retracements or projection ratios that are used by discretionary traders. If you are serious about system trading forget them for now and get on with learning about system trading.

If not serious about system trading try and find Miner s site and you can spend the next few weeks reading all of his free fib tutorials. You might look up dynamic trader.

John

levingo
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Post by levingo » Mon Mar 27, 2006 10:17 am

Greetings--new member here. Traded a wee bit a few years ago. Paper traded Momsen's first set of seasonals and got excellent results but when I put the "rubber to the road" found I lacked the discipline (too much fear) to enter all trades and so of course I picked mostlly the loosers and missed the winners. Then I took an expensive course from someone (forget name) on a key reversal system filtered by relationship between daily price changes of DOW, S&P and NASDAQ. Again worked well on paper. Sort of side track but from same teacher, I took a split position in pork bellies and lost about $7K in about 30 seconds. OUCH! Been off licking my wounds. Now I'm back. A bit older. Am I wiser????

Been enjoying reading on these forums and quiite interrested in LTTF but on a whim followed up on Kiwi's comment ("If not serious about system trading try and find Miner s site and you can spend the next few weeks reading all of his free fib tutorials. You might look up dynamic trader. ") and looked at Miner's site. I always was a bit fascinated by the Gan phenomena and am wondering if you (Kiwi) or anyone would like to comment on the above quote as in: was this meant as scram, go get fascinated somewhere else; or more like , if you are interested in discretionary trading, that is one of the better places to learn how?

Probably biggest reason for m interest in above comment is I am learning that I do not have near enough $ at this point to trade LTTF and may need another workable method to build a stash of "burnable" funds.

Many thanks
Geoffrey

Paul King
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Review of Elliott Wave Principle

Post by Paul King » Mon Mar 27, 2006 11:08 am

Going briefly back to Elliott Wave/Fibonacci for a moment, I just wrote a brief review of 'Elliott Wave Principle' by Frost and Prechter - it's available at:

http://www.pmkingtrading.com/id67.html

For anyone remotely interested in this technical analysis technique I believe it is the most definitive guide written on the subject. Even if you don't plan on using the techniques, you should know about them because other traders do use them. Note that I'm not saying that I use Elliott Wave, or that it 'works' - I'm just saying that this is a good book to read on the subject - you have to decide for yourself whether it is believable or not and suitable for your own trading.

One of the things that is 'diificult' to get around is the guidelines versus the rules which makes it difficult to have a 100% mechanical approach since some of the time one can only determine the 'correct' wave after the event - I can see how many (specially systematic) traders may assume this invalidates the whole approach. As we all know, markets are not totally predictable, and something can be of immense value even if it 'only' works 60% of the time.

Paul

Tim Arnold
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Post by Tim Arnold » Tue Mar 28, 2006 10:06 am

Hi Geoffrey,

Welcome to the forum!

Tim

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