In the late 1980s, psychologist Paul Andreassen ran a series of remarkable studies in which he set up an
artificial stock market in his laboratories at Columbia and Harvard. He showed the level of stock prices to
one group of investors; another group could view only the change in stock prices. Depending on how
much the stocks fluctuated, investors who focused on price levels earned between five and ten times
higher profits than those who paid attention to price changes. That's because the investors who fixated on
price changes traded too much, trying to shave profits off the interim fluctuations, while those who paid
attention to price levels were more content to hold on for the long haul.

The OP creates a good sticky. I went through the first 8 pages and did not see the book I wanted to post, so here it is:

Fibonacci Analysis - by Constance Brown
Published by: Bloomberg Market Essentials

The other thing I would add here is that I am not an avid reader of books on trading, unless I can find a good technical reason (or, reasons) for why the book adds to my level of positive expectancy. I've scanned a ton of books on trading in the bookstores - probably reading the first 1-3 chapters before putting the back back on the stand (many hours spent in bookstores). Ironically, I have discovered that books having nothing to do with trading, have been the most helpful of all (mathematics and/or physics).

The essential idea is not to attempt to directly apply physical laws to the financially traded markets, but to force the trader's mind outside of normal boundaries that all too often stifle creative thinking and problem solving. So, I might be reading the book: Philosophy and The New Physics - by Louis Rougier , and encounter a discussion on the "structure of energy," that sparks a new idea within the current set of research I find myself engaged with. Good ideas for augmenting a current indicator, or creating an entirely new class of indicators, have come through this process.

So, I would stress the importance of getting "outside the box" of trading long enough to receive input from other structured sources - namely those disciplines involving other technical sciences, either at a conceptual (non-mathematical), or detailed (mathematics) level. The idea is to stretch the imagination to include problem solving thoughts that do not exist within the typical traders locker room.

Jet, can the Fibonacci technique described in the book be applied to intraday charts, e.g. 5 min chart? What kind of math level is required to be able to understand this book? Thanks,