Does Fibonacci really work?

Anyone willing to comment on these statements that I have hearing more and more often these days:?

-You can make an argument that there is a fib trading level at every single bar on the chart. Take any chart, and draw any fib extensions or retracements, (pick a bar, any bar, pick a swing high/low , any swing high/low) and you will see some bar at any given fib level. Fibs will work after the move has been made. The fib trading method does not work during real time trading. On any given chart at any given time frame, there are a million fib levels...If you trade the fibs, you will over trade and chop your account up...

Is there some truth behind this statement? I wish there wasn't, but the more I think about....:(

Guys, this is Marker and Massivecashteam. The reason I have 2 screen names is that I created massive a awhile ago and forgot I had it and daytrader helped me out in combining these 2 accounts. Yes, I have posted in the other forum, (traderslaboratory), in hopes in getting feedback for the same subject matter. No I am not a shill, if I was, why would I post reviews on about 10 vendor sites. Yes, I live in vegas. Yes, I do admit I jump around trading rooms. I just want to find the right fit for me cause I really want this to work out for me in the long run. I know its hard work and screen time, and just looking for a trade room mentor to guide me. so if I irked some of you folks here, sorry...just wanted some help in trading rooms, thats all....

matter of fact, i wanted to ask again about EasyEminiTrade ebook and her trading room. It seems simple enough, but wanted to know more from anyone who is still a member of Trish's live room....

ask me anything, and ill will be upfront and honest....

koolblue, no i never said i tried profiletraders at all. someone mentioned that to me in the forum and wanted to know about it cause i was interested in MP set ups....

And the thought I was going to ask you about your fib methods and if you had a web site or something or your set-up was in this forum. sorry if i bugged you, im just a newbee looking for a system that fits me...sorry......

if im not wanted here in this forum, please tell me, and ill go away....i dont want to be here if no one wants me to...cause there are other forums that would gladly help me out and not scold me becuase i am posting alot and mentioning a million trade rooms. my question to you is, how many futures trading rooms are there on the web? dont you think we should know more about these and have an open mind?

BruceM / Kool:

I don't think MCT is a shill, though he may sound like one as had been some of the cases that you may have seen here in the past. It's just my opinion.

Originally posted by koolblue

check out this post on another forum , and under another name! shill!... Old 05-23-2010, 11:37 PM
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Join Date: Mar 2010
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Anyone willing to comment on these statements that I have hearing more and more often these days:?

-You can make an argument that there is a fib trading level at every single bar on the chart. Take any chart, and draw any fib extensions or retracements, (pick a bar, any bar, pick a swing high/low , any swing high/low) and you will see some bar at any given fib level. Fibs will work after the move has been made. The fib trading method does not work during real time trading. On any given chart at any given time frame, there are a million fib levels...If you trade the fibs, you will over trade and chop your account up...

Is there some truth behind this statement? I wish there wasn't, but the more I think about....

koolblue, yes i wrote that, is there any harm in posting the same post in multiple forums to ask everyones opinions? if i was a shill, then what am i promoting here when i am talking about a general technique such as fibs???????????????????????????????????????

please, calm down and relax, im not a shill...i wish i was, maybe i can make money with affiliate money instead of losing money to the ES market.....

Originally posted by stocksster

BruceM / Kool:

I don't think MCT is a shill, though he may sound like one as had been some of the cases that you may have seen here in the past. It's just my opinion.

thanks...i also got your note and will look into it....i dare not to mention that website here, ill be condemned by koolblue and brucem......

Ok,ok, I'll keep an open mind, and if i owe you an apology ,i certainly apologize.All are welcome here at mypivots. You have to admit, its a little bizarre, 2 screen names, identical posts on different websites. That's a technique I've seen employed MANY times in the past.Anyway ,if your truly looking for a mentor and are interested in mp, i suggest JPJ trading here at mypivots. In the few years I've been here I've never heard anyone speak ill of him.Apparently, he's one of the best in the business.

Originally posted by koolblue

Ok,ok, I'll keep an open mind, and if i owe you an apology ,i certainly apologize.All are welcome here at mypivots. You have to admit, its a little bizarre, 2 screen names, identical posts on different websites. Thats a technique ive seen employed MANY times in the past.Anyway ,if your truly looking for a mentor and are interested in mp, i suggest JPJ trading here at mypivots. In the few years ive been here ive never heard anyone speak ill of him.Apparently, he's one of the best in the business.

thanks, ill look into JPJ, ill just have to get over the fact that there's live video...

anyway, about the 2 forums with the 2 exact same posts...well, call me lazy.....just copied and pasted and just wanted feedback from both forums on a particular site, thats all, no harm intended...I even asked this same fibs question on the other forum, but I didnt copy/paste it though.....on with my journey....

C'mon give it a try..we are fairly objective here....

I admire that you are taking some time and seem to really be trying to find a vendor /educator that fits you...JPJ used to offer a 5 day trial a few times a year but I'm not sure what he does now....If you need to see the screens then he may not be a good match for you although he did offer sound recaps of the key trades..

Perhaps a combination of Junkie and ez emini will work for you....they certainly seem cheap enough...

How about balanetrader..? Which is more important to you, the quality of the education or having a live room with a screen you can look over....?

Most including myself jump method to method especially in the beginning as we sift through what works for us and what doesn't....I hope your journey is quick .

I suggest posting to as many forums as you can find and then digesting all the reviews to form your own opinion.

Originally posted by MassiveCashTeam

Originally posted by stocksster

BruceM / Kool:

I don't think MCT is a shill, though he may sound like one as had been some of the cases that you may have seen here in the past. It's just my opinion.

thanks...i also got your note and will look into it....i dare not to mention that website here, ill be condemned by koolblue and brucem......

Originally posted by BruceM

C'mon give it a try..we are fairly objective here....

I admire that you are taking some time and seem to really be trying to find a vendor /educator that fits you...JPJ used to offer a 5 day trial a few times a year but I'm not sure what he does now....If you need to see the screens then he may not be a good match for you although he did offer sound recaps of the key trades..

Perhaps a combination of Junkie and ez emini will work for you....they certainly seem cheap enough...

How about balanetrader..? Which is more important to you, the quality of the education or having a live room with a screen you can look over....?

Most including myself jump method to method especially in the beginning as we sift through what works for us and what doesn't....I hope your journey is quick .

I suggest posting to as many forums as you can find and then digesting all the reviews to form your own opinion.

Originally posted by MassiveCashTeam

Originally posted by stocksster

BruceM / Kool:

I don't think MCT is a shill, though he may sound like one as had been some of the cases that you may have seen here in the past. It's just my opinion.

thanks...i also got your note and will look into it....i dare not to mention that website here, ill be condemned by koolblue and brucem......

Ok, I just thoroughly reviewed JPJ's site, it seems very educational and solid. Now you got me a little perked up....hhhmmmm. Just emailed them for free trial, so hopefully that will be soon....but, tell me one thing, in the PalTalk room (which I am not familiar with) does everyone have open mic? or you have to type your questions/comments and moderator will turn your mic on when appropriate? or is it strictly type in chat box, and moderators will talk?

probably best to ask JP and make a list of your key questions...go straight to the source with concerns....this way you don't get second hand information...

Have you researched Balancetrader...I never found too many bad things said about Frank who runs it and it isn't hard core MP....

I don't want to paint too rosey of a picture of MP...

Dalton himself has courses and Alexander trading is geared towards MP....how much time and how commited are you? Will this be a fulltime gig if you are profitable..? do u have a timeframe in order to "make it" as a trader? Is daytrading the area you want to be or is it just anything that is profitable...?

For many of us the market has seemed to "call us" and we have no other choice but to trade......it's not always about the money.....sounds corny,, but I assume you are doing or have done the work on "yourself" which has made you think that trading is for you...

I guess the real point of that last sentence was trying to see if you've put enough effort into the other aspects of a possible career in trading..

all the best

Bruce

Originally posted by AddictedToTrading

Fibonacci retracements work when the person who is drawing them is aware of the certain rules and methods required to effectively utilize them as a trading tool. The problem is that people often make the mistake of trying "fit" Fibonaccis to what they are seeing in the price action. This method of drawing them will most certainly not yield desirable results. Instead, one must understand when to draw, trade, and delete Fibonaccis as the day goes by. I currently utilize fibonaccis is what is called an "ambush trading" method. When done correctly, Fibonaccis give you a clear picture of what the trend is, where the market is moving, and where the trend fails. The rules take sometime to learn, but once you got the hang of it, fibonaccis can be real money makers.

makes sense indeed....the more I read these comments, the more I am leaning towards learning from eminijunkie...