AI
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| Alias Born | 07/16/2013 |
Monday, March 17, 2014 9:05:12 PM
These pivot points were drawn well before there was a top to run a fib retrace on IMO. The .47ish line in particular.
Fibonacci is solely based on an arithmetic sequence where the ratio between the numbers is what is behind this thing, and I don't really think that legitimately provides a support/resistance point. In my opinion it is a psychological thing and can be a useful tool. I have seen many stocks where a retrace can nail a bounce point. I still can't figure out if you are implying that these fib fan/extension/retracements are actually support/resistance points. I've followed your charts for a long time and a lot of the time it seems the points you chose for a fib fan were almost arbitrary, and selected just to make the fib fit the chart.
I don't find the fib fans and extensions very useful. I think the fib retrace holds the most weight here. But then again, maybe I just don't use it correctly. It just seems fib extensions/fib fans are only used by you in hindsight to describe price action where you finally find a set up that works. I don't recall seeing you create a fib fan/extension that you used for weeks. It seems you always change it to match the price action. Maybe that is your goal, as I said before maybe I just don't understand it correctly.
On a side note, very cool extension you did with MYEC. More so if you were able to see that on your first try and not having to keep trying different points to make the lines line up.
Keep making these charts. Very cool stuff when it all comes together.
Fibonacci is solely based on an arithmetic sequence where the ratio between the numbers is what is behind this thing, and I don't really think that legitimately provides a support/resistance point. In my opinion it is a psychological thing and can be a useful tool. I have seen many stocks where a retrace can nail a bounce point. I still can't figure out if you are implying that these fib fan/extension/retracements are actually support/resistance points. I've followed your charts for a long time and a lot of the time it seems the points you chose for a fib fan were almost arbitrary, and selected just to make the fib fit the chart.
I don't find the fib fans and extensions very useful. I think the fib retrace holds the most weight here. But then again, maybe I just don't use it correctly. It just seems fib extensions/fib fans are only used by you in hindsight to describe price action where you finally find a set up that works. I don't recall seeing you create a fib fan/extension that you used for weeks. It seems you always change it to match the price action. Maybe that is your goal, as I said before maybe I just don't understand it correctly.
On a side note, very cool extension you did with MYEC. More so if you were able to see that on your first try and not having to keep trying different points to make the lines line up.
Keep making these charts. Very cool stuff when it all comes together.
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