Quote:
Originally posted by Tekunda
James if you use Fb levels as extensively as you do, you must have heard of Joe Dinapoli. He can be regarded as the pope of Fibonacci levels. Have you incorporated his findings in your Fib style trading, especially the so called DiNapoli levels and Fibnodes?
There is even a software out called Fibnodes, which calculates the DiNapoli Fibnodes.
Oh, and what has become of your experiments with the Phi spiral?
And last but not least, have you also tried to incorporate Fib timing (the tool Esignal offers) and for possible price targets have you tried your hands on Fib projections into the future?
Oh and before I foregt it, there is a software, which has developed really nicely over the years for the fib trader. Its called
T-3 Fibs pro trader by Nexgen http://www.nss-t3.com/
Have you ever tried out this piece of software. It seems to work with confluence levels. The screen shots look very interesting.
A lot of questions I know, but Fib trading might be the future! Forget TA with indicators you Forex traders out there. There are more than 2000, yes, in words, two thousand different indicators out there. Why so many, if they work? They do not work, that's why every week another "Holy Grail" indicator is thrown at the feet of naive traders.
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Funny thing is that, when I started trading, Fibonacci analysis made immediate sense to me and I pursued the thinking when most traders had never even heard of it. I have heard of DiNapoli, and scanned through one of his books, but I prefer to go for more obscure books. Something that every man and his dog have read does not appeal to me much.
To briefly answer the rest...
I have not stopped looking at phi spirals, and will continue to update my thoughts on it as and when I can. Fib timing is also something I observe and when significant time goal days arrive I take note. I have not tried Nexgen but will take a look thanks.
I agree with your thoughts on TA. I have never found them to be any good, although others will disagree. Each to his own.