Harmonic Trading with The Phoenix Message Board

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Strategies & Market Trends : Harmonic Trading with The Phoenix

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To: Little Joe who wrote (834)	7/4/2003 11:22:47 AM
From: the-phoenix	Read Replies (2) of 941

Little Joe: You are correct that I assume the "validity" of using the fibos, because I know they work - for me. But, no, I have no proof (and don't believe anyone does) that they work better than some other numbers. That was really the point that I expected readers to get out of the article. These numbers are being used extensively without a rational basis. I at least am attempting to bring some rationale to why I use them. They work, but they are not magic. Pi might work better, or as Walt Houston suggested to me, sixths might work better. But let's not pick on fibos in this regard. Where is the objective evidence for anything in technical analysis? I don't care if it is RSI, stochastics, Elliott Wave or phases of the moon. There just isn't a body of work that objectively measures relative performance between any of these tools.

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