Harmonic Trading with The Phoenix Message Board

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Strategies & Market Trends : Harmonic Trading with The Phoenix

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To: Ramus who wrote (846)	7/7/2003 8:51:40 PM
From: Haim R. Branisteanu	Read Replies (1) of 941

Walt I agree with your last paragraph. The reason that those numbers work sometimes is that many use them and believe in them. Unfortunate it is not as simple as many believe. The best example would be FX were most if not all participants are completely clue less and the use of TA levels are intensively used. The most amazing thing in FX are the bold predictions of the "experts" with complete disconnect from reality. Mostly amazing, are those daily predictions based on FIB numbers and EW Theory only to be violated again and again. One best example would be the recent gyration in the Sterling Euro and USD. The so called experts went from predicting 1.33 to 1 USD about 3 weeks ago to predict now 1.07 to 1 USD in EUR/USD pair. ....... all based on FIB numbers and ratios. Fundamentals such as trade imbalances, budget deficits, savings or real economic growth do not matter. Those issues are only used to justify FX moves after they already occured. IMHO because financial markets are mostly driven by sentiments and expectation the FIB number match some times or better said are used by market participants to achieve their goals.

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