Top critical review
6 people found this helpful
Some Good Ideas But Much Superfluous Content
on 17 October 2012
The author begins with a discussion of the golden mean in literature and philosophy, in order to underpin the significance of the underlying mathematical principals, and it's recurrence in nature and science. This is very interesting, but frankly, not terribly salient to the topic involved. When the author does get to discussing the use of Fibonacci ratios in trading, the topic is given a few examples and a general overview, including a brief, but not overly detailed discussion of confluence. This forms, roughly, the central part of the book. What I would like to have seen discussed here is a more detailed examination (with many, many charts) of actual Fibonacci trading scenarios in different time frames, detailed examinations of confluence, of support and resistance vis a vis different Fibonacci levels, and possibly even, confluence of Fibonacci with other support levels such as trend, central tendency and so on. This sort of analysis was absent. The significance of the Fibo levels, 161 and 261 in particular were given short shrift. Are all Fibonacci levels the same? They are not, but they are treated almost as if they were. The concluding chapters, which I glossed, but did not read, bear almost no importance from a practical perspective on how to trade using F ratios. In all, a decent work, but perhaps too much padding, and too little from an actual trader's perspective. I bought the book because the author is said to have been trading Fibonacci for many years, and so, expected more of a traders analysis on how to use Fibonacci in different time frames (eg, intraday to days, weeks, months or even years). That analysis, I assert, is absent. Not a bad book on the whole but not a text that left me satisfied that I understood how to use Fibonacci ratios any more than when I began (I'd been using Fibonacci as a general reference on my daily, weekly and intraday charts for some time). This has been called the definitive text. I would argue, if that's the case, then the marketplace is ready for a new definition of definitive.