jmtbernardo

Setup for SPY Fibonacci techniques with Clones.

BATS:SPY   SPDR S&P 500 ETF
998 17 5
This chart contains Fibonacci retracements and wedges to forecast psychological areas of support or resistance. The first Fibonacci retracement is lined up with price action that touches multiples times on the retracement, thus this levels has higher probability of influencing price action in the future. I also utilized the technique of Sierpinski fractal triangle clones to identify possible support and resistances, the large clones are also lined with with the first fibonacci retracements. Here is website that explains further information about Leonardo Fibonacci tools http://www.investopedia.com/video/play/trading-with-the-golden-ratio/ If you zoom out, you can see that the highlighted cyan areas lines up very nicely with fibonacci lines.
Liking what I see so far great work
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jmtbernardo StealthTrader
thx
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You're on another level.
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As I mention before, this is my first time doing it, so it still under testing. The market will tell the truth about its effectiveness.
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Others have tried this Triangle Clone technique and haven't shown much progress towards predicting future prices.
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jmtbernardo QuantitativeExhaustion
Failure is part of learning :)
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If you can get the success rate of what nmike did with parallel rectangle clones, I'll give it a look. Until then I remain a skeptic
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jmtbernardo QuantitativeExhaustion
I understand, i would be skeptic too, since it is my first time.
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Triangle Clones not showing much value.
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