BTW, the chart system I use is the Street Smart Edge from Charles Schwab (free). It isn’t perfect, but it is free.
“BTW, the chart system I use is the Street Smart Edge from Charles Schwab (free). It isn’t perfect, but it is free.”
It isn’t free if it doesn’t work...
I think the “Big W” observation has more credence than Fibonacci.
Just MHO...
I’ve been at this for a long long time.
The Fib fans when pressed will tell you that “It works, until it doesn’t”.
Elliot Wave is a cult. They use fibs, and will always blame themselves for their error, not the system.
There are many automated trading programs that use some form on Fibonacci, in this regard, it can become “self-fulfilling”.
When using a fib tool there are any number of theory’s about where you should “Start”. Should you take the “low point” or the “beginning” of the move ?
Btw, there are a boat load of “Free” analysis tools available. Free being the operative word.
That being said, Fibs are good as a “Supporting” tool. Not the only tool.
The shorter your time frame, the less effective they become.
Two guys came to our office one day to sell us a can’t fail stock picking system. I asked them, if the system is so good, why not just use it and get rich instead of riding around giving sales pitches? They said they wanted to share the wealth with others. I said have a nice day.
It isn’t perfect, but it is free.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
The food is terrible, but the portions are HUGE!