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Originally Posted by golhuntsleep
Hey Nat, ya, fibo golden ratios.....i.e. .146 .236 .382 .500 .618 .764 .1.00 etc. I am measuring the last rally and using the ratio's to give me projected times the forming correction could end. so not only using them for price, ie drawing a fibo on our charts, but using the same ratios to determine time.
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Well, there's a ton of stuff on this site about Fibnoacci numbers. All the threads that contain Elliot Wave will have Fibs. There's also a ton of free stuff on the net on how to understand and use Fibs.
Measuring the vertical is pretty easy. Measuring the horizontal, the time aspect, is more difficult, but with practice, as Xtsunami pointed out, it can be learned.
I started using Fibs over three years ago. I studied the Market Trader's stuff and Joe DiNapoli's work. However, it was when I studied Robert Miner's "Dynamic Trading" that it came together for me. Miner's work involves Elliot Wave, but not as rigorously as others. He prefers simple counting and if you can't count it don't trade it. By using EW a lot of unanswered questions and mysteries I had encountered trading Fibs were solved. Fibs are amazing, but EW explains the larger picture.
Like anything else, it takes many hours of work. I spent countless hours drawing fibs. Now I can spot levels without drawing them in, it just becomes that easy. Trading them isn't that hard either as long as you have a plan.
I'd suggest you study the basic Fib stuff here, try the thread, "Can it get any easier" by Mick Mason, for an intro to the basics. Study all the free stuff you can find. After a few months of doing that, then read Miner's book and you'll be surprised at the holes it'll fill.
Nat