Fibonacci-Trader Discussion Board

[gene]

I don't understand why people use this Fibonacci stuff. It's complicated and not accurate or reliable (Or maybe it's just me), and it's a lot easier to draw support and resistance lines which are much more reliable.

Anyway, I found something that's kinda fun. You make Fib spirals on your chart, alter the size of your chart, place the center of the spiral at different places, reverse the spiral, etc., and try to imagine patterns, and support and resistance points. Totally useless, but fun...and free:
http://www.spiraltrader.com/

 

[culion]

I don't understand why people use this Fibonacci stuff. It's complicated and not accurate or reliable (Or maybe it's just me), and it's a lot easier to draw support and resistance lines which are much more reliable.

Anyway, I found something that's kinda fun. You make Fib spirals on your chart, alter the size of your chart, place the center of the spiral at different places, reverse the spiral, etc., and try to imagine patterns, and support and resistance points. Totally useless, but fun...and free:
http://www.spiraltrader.com/

It sounds like you do not use software that facilitates the use of fibs. Such software makes drawing them as easy as S/R. They are another charting tool and, imo, should not be used in a vacuum but in conjunction with other charting tools and indicators, as with S/R. One of the interesting uses of fibs is the confluence of fibs in Fibonacci patterns (a la Pesavento and Carney) which produce reliable signals.

 

[mojo59]

I don't know if anyone has any interest in this thread but my strategy using fibs is taken from Joe Dinapoli's teachings and is pretty simple but works for this simple guy. If their is still interest I would be glad to give some details.

 

[Bigbusiness]

mojo59,

I would be interested in more details. I don't like complication, so a simple strategy would be interesting to see.

 

[ChowClown]

...same here, mojo59. Post away.

 

[Roberto]

Likewise, mojo59; will be very interested to read.

 

[options]

Yep, me too.

 

[mojo59]

The basis of my method is Joe Dinapoli's book, "Trading With Dinapoli Levels" and also some ideas from Neal Hughes who used to do seminars for Joe and now has a site fibmarkets.com I daytraded the es for a few years but have for the last 8 months or so been trading stocks for trades that may last 2 days to 3 weeks. I only use the fibs .382 and .618 which I call L3 and L6 and also the fib extensions .618, 1.0 and 1.618. I look for fibs in a group or cluster as they have more power to support or resist than one fib. I feel also that longer term fibs are more powerful such as the weekly and daily fibs.

My chart has a 3 period m/a which is offset 3 places to the right as outlined in Dinapoli's book. What I am looking for in my stock trades are stocks that have a weekly trend that is up for example and the daily trend is trending short but at an important fib support level. I will look to take the trade if and when the daily bar closes above the 3x3. That is basically it although I do use discretion and a few other variables in a stock that helps me decide they are a stock worth watching. I usually have an emergency stop in place of 1 to 1.5 pts and hold the stock until in the example above it reaches important resistance in which case I would sell 1/2 my position and hold the balance until a daily bar closed below the 3x3. I would sell the stock anytime it closed below the 3x3 whether I had banked a profit or not.

The way I daytrade the ES is very similar to the above example except I would use a 30 min chart for longer term trend and enter on crosses of the 5 or 3 min chart. However I would not enter unless a fib level was reached and the stock crossed the 3x3 line to confirm the entry. Trade management is my own method which works for me emotionally in dealing with a daytrade. It is really pretty simple and questions are welcomed.
Mojo

 

[tjsmith]

hi mojo,

how do you determine the trend on the longer timeframe? do you use dinapoli's MACD or standard MACD or something completely different?

cheers,
Tim

 

[Windlesham1]

Any T2Wers going to see Sandy in Guildford on Wed?

 

[Option1]

Has Sandy stopped sending out his weekly letters ?
I havent recieved them for months now (since xmas)

 

[trendie]

Has Sandy stopped sending out his weekly letters ?
I havent recieved them for months now (since xmas)

I havent received one for a while either.
but then again, after a few months, I felt confident enough not to need his newsletter to double-check what I was doing.
You could always email him. I have found him to be very approachable.

 

[sbullimore]

Hi all,
Can anybody help me. I also attended one of Sandy's courses and bought the Metastock Personal (V7.03) he recommends. Although the software is fine, it does not include any Fib tools. I am therefore using a calculator and drawing my own lines on the charts.

Has anybody found an add-on to this software that makes the process a bit easier?

 

[TheBramble]

7.03 definitely has Fibs.

Have you scrolled the tools toolbar?

It's the one with Fib Arcs, Fib Time and Fib levels (as well as Gann - whatever that is...)

 

[sbullimore]

7.03 definitely has Fibs.

Have you scrolled the tools toolbar?

It's the one with Fib Arcs, Fib Time and Fib levels (as well as Gann - whatever that is...)

Thanks for the reply - I've checked all the toolbars etc and there is definately no Fib tool. This version is called Metastock Personal - is that the same as the version 7.03 you mention?

Thanks

 

[cs99rrf]

Hi all,
Can anybody help me. I also attended one of Sandy's courses and bought the Metastock Personal (V7.03) he recommends. Although the software is fine, it does not include any Fib tools. I am therefore using a calculator and drawing my own lines on the charts.

Has anybody found an add-on to this software that makes the process a bit easier?

I think its better to use the calculater he gives, and just draw the lines on the chart. I wouldn't trust a program to do it for me.

 

[TheBramble]

Thanks for the reply - I've checked all the toolbars etc and there is definately no Fib tool. This version is called Metastock Personal - is that the same as the version 7.03 you mention?

No don't think so. Sorry, I missed the 'Personal' sub-version bit the first time around.

 

[sbullimore]

I think its better to use the calculater he gives, and just draw the lines on the chart. I wouldn't trust a program to do it for me.

Maybe, but I have been trying to measure from as many pivot points as possible, therefore getting areas of confluence. When you do this over a number of charts, it becomes very time consuming. I also like to include Price Projections and Expansions, which aren't included in the calculator.

You may have noticed from the CD Sandy supplies that his software plots Fib levels - I guess the only option is to upgrade to Metastock V9, but that seems expensive and with too many tools I'll likely never use.

 

[cs99rrf]

Maybe, but I have been trying to measure from as many pivot points as possible, therefore getting areas of confluence. When you do this over a number of charts, it becomes very time consuming. I also like to include Price Projections and Expansions, which aren't included in the calculator.

You may have noticed from the CD Sandy supplies that his software plots Fib levels - I guess the only option is to upgrade to Metastock V9, but that seems expensive and with too many tools I'll likely never use.

Have a look on EBay for Metastock 9.0. You can probably get it for a rock bottom price. I think there is one auction, which has 13 hours left, from the time of the post.

 

[cs99rrf]

Have a look on EBay for Metastock 9.0. You can probably get it for a rock bottom price. I think there is one auction, which has 13 hours left, from the time of the post.

Or upgrades are around £99.