No Pump Penny Speculation

[Bodach]

Fantastic post!

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.

Here is a chart re: YIPI from before the first huge run:


http://investorshub.advfn.com/boards/read_msg.aspx?message_id=93170269

$1.04 was the ask that day, but never slapped.

This also happened with NTEK's run:



http://investorshub.advfn.com/boards/read_msg.aspx?message_id=93325809
Ask hit .181; never slapped.

But, you raise a perfect point. Without posting all fib chart variations every time, it's impossible to not look like it's "horse-shoe'd in" to fit the mold. It's why Fibonacci is so difficult to master, and also why it's so difficult to pin down as a top tier technical when used as a landscape.

I appreciate your post, and hope you'll challenge me on it more. Regardless of whether or not I can defend it, it's made me a lot of money.

The market is psychological, as you've submitted; and thus why Fib works so well. It's not magic, just a fundamental of common nature. Just so happens to work in the market as well. This is an interesting read if interested in how deep that rabbit hole goes.

http://www.maths.surrey.ac.uk/hosted-sites/R.Knott/Fibonacci/fibnat.html

This link is not necessarily a defense of Fibonacci utility in the market. However, it is an undeniable facet of nature; one that seems to overlap into market psychology.