A Fibo of a Fibo for AMEX:SPY by pogicraft

Of course I hear a lot of you like the Fibonacci retracement lines and so this is a Fibonacci of a Fibonacci from the linear regression line starting at the end of the day Jan 3rd... oh god! The capitol freedom riots! It's all true! I'm a believer!

Comment:

btw, just a general piece of advice. When charting, you should understand and differentiate your early signals, from your alerts, from your confirmations. The more sensitive a signal it is, the more likely it is to be a false positive and the more your have to watch it before it actually pans out in the price action.

On the other hand, most extrapolation 1:1 indicators are by definition behind the curve, so if you just follow those, you may have missed most of the movement. Risk:Reward profile is all about coming up with a good sound system and separating the fake outs from the trends, aka maximizing gains while minimizing losses.

I usually try not to tell you what to do -- too crowded there. I'll point out what price points/trends/patterns the pros are looking at and let you interpret what that means for your portfolio.

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