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  #15 (permalink)

Toronto, Ontario
Trading Experience: Advanced
Platform: NinjaTrader, Multicharts
Broker/Data: IB, IQfeed
Favorite Futures: ES, CL
Snoop's Avatar
Posts: 203 since Oct 2009
Thanks: 135 given, 163 received

I have to laugh when someone says, "I backtested this method, and it doesn't work..." Believe it or not, you can't backtest everything.

I was a member of eminiaddict's room for 2 or 3 months when it first started, and I believe eminijunkie was a member there as well for a time. EJ broke off and started his own thing. He does a better job packaging and marketing it than EA. But from what I've seen, EA's use of fibs was more realistic (EA swing trades). Scalping (EJ) with fibs is very difficult imo.

But on the use of fibs in trading - it is still one of my primary tools in my arsenal. It still amazes me how many people use fibs on the ES - I see time and time again when there are mass exodus at defined fib targets. Even if you don't use fibs, you should know it to see what your competition is looking at. Though, if you are a scalper, I don't find fibs provide much value.

Fibs are a difficult method to learn for the beginner, especially given that they look simple enough to understand. But if you're a relatively new trader, imo, you need 6-12 months before you'll see the genius.

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