Monday, December 10, 2007
A new look at Fibs
I was lucky enough to find out about an on-line presentation by a very dynamic and intelligent trader who posts his trades in an mirc room. One of the more interesting ideas he presented was that he only found two fib numbers signifgant in his intraday trading. .786and 1.272
Usually people go on and on about .618 and 1.618 but he didn't have much to say about them.
Coupled with dynamic chart patterns like gartleys, dragons, butterflys the numbers yield very high probability trades.
So I have done a simple experiment using yesterdays highs and lows as a projection for the future day, low and behold they are exceptionally powerful just as claimed.
I have posted a few sample trades to take a look at the power of .786 and 1.272!
Posted by Peglegtrading at 10:35 PM