Fibonacci Applications and Strategies for Traders
Author: Robert Fischer
List Price: $60.00
Our Price: Click to see the latest and low price
ISBN: 0471585203
Publisher: John Wiley & Sons (08 October, 1993)
Sales Rank: 74,171
Average Customer Rating: 4.22 out of 5
Customer Reviews
Rating: 4 out of 5
Very Good Theorems
Practical text describing pattern, timing and ratios using the Fibonacci methodology. Book gives 6 theorems for trading. Solves methodology guess work by requiring confirmation by 2 or more different tools. Novel confirmation of patterns by time goal analysis with ratios which is a new wrinkle. Unfortunately, tries to sell his website thru the book. If you have access to financial data, then you can use the old pen and compass method to draw Fisher's ellipses and spirals. The program provided by with the text contains this, so I can forgive the sales talk. Examples provided to illustrate concepts and fill in details NOT discussed. (Interestingly, I did a time goal analysis on a stock in my portfolio and the geometric structure correctly forecasted a recent turning point in my stock. If I had believed this, I still think it is coincidence, I could have made the price of the book by taking the appropriate financial measures.) Great for potential swing traders.
Rating: 5 out of 5
Good
Combines Elliot Wave Theory with precise Fibonacci set of entry and exit rules. Anyone wanting to learn either and immediately be able to apply it to their trading method, should pick this one up.
Rating: 4 out of 5
A useful starting point
The intent of Fischer's work here is to make the Elliott Wave Principle useful for objectively setting price and date targets. As he points out, there is too much subjectivity in wave counting to make Elliott Wave a useful predictive method, but the application of Fibbonaci expansion ratios makes possible an objective trading strategy.One valuable element is his method for calculating Fibbonacci price confluence zones by multiplying the amplitude of wave 1 by a factor of 1.618, then multiplying the total amplitude from the beginning of wave 1 to the end of wave 3 by a factor of 0.618, giving a target zone for the end of wave 5.
Another interesting concept is the application of Fibbonacci expansion numbers to date ranges, for example by multiplying the days difference between two swing points by 1.618 to find the possible next swing date.
Fischer includes specific trading strategies in order to minimize risk and increase the chaces of trading success. This is not a "get rich in the market" how-to book, but it offers useful tools for a careful and disciplined trader to make money consistently in the securities markets.
Finally, he offers the tantalizing prospect of using the Fibbonaci spiral to combine both price and time expansion targets, and includes in an appendix the instructions for programming a computer to do this.
Altogether, a worthwhile text deserving of careful study.
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