|There have been some statements on the Yahoo group that fibs don't
work. Ok, I understand they don't work for you. They work for me.
Master this concept and you be a consistently profitable trader.
I am using a 600 tick chart because I was working on something else
and this timeframe was up. Regardless or timeframe these same pivot
highs and lows would exist. I did put on a TradeStation eld pivot
high pivot low to
let the examples be less random. All boxes represent BrachZones
except for the purple one. Grey
is with the trend, yellow
countertrend as determined by 9/18 ema ala Floor
Traders Method. Two of the BrachZone retracement areas were noted on
Thursday night Floor Trader
Pivots chart as potential trade locations. One hit and returned a
profit. The others developed as the trading day progressed.
Shown are 15 BrachZones 13 were triggered and returned nice profits
depending on your entry and money management techniques. Lettering of a
b c etc is not meant to denote Elliott format just a label. I am
learning Elliot, in process of mastering.
Once this technique is mastered you will think this way
automatically. Drawing out the exact fibs will be unnecessary. You will
see it. I'm sure Brach
does and I'm sure at times Jimmer
knows where the bands will be even if they were not on the chart.