- Hardcover: 320 pages
- Publisher: McGraw-Hill Education; 1 edition (1 April 2008)
- Language: English
- ISBN-10: 007149815X
- ISBN-13: 978-0071498159
- Product Dimensions: 19.3 x 2.5 x 24.1 cm
- Average Customer Review: 8 customer reviews
- Amazon Bestsellers Rank: 238,214 in Books (See Top 100 in Books)
Fibonacci Trading: How to Master the Time and Price Advantage Hardcover – 1 Apr 2008
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Written by a noted investment innovator, "Fibonacci Trading" shows you how to identify numeric clusters and measure timing signals, in order to achieve the highest rate of profitable trades. Filled with real-world trading situations, the book combines classic trading concepts and Fibonacci analysis to enable you to take advantage of the naturally occurring and recurring patterns within the market.
From the Back Cover
Accurately predict market trends with the power of Fibonacci
Fibonacci Trading offers new insight into pinpointing the highs and lows in market trading with a proven approach based on a numeric pattern known as the Fibonacci series. Armed with the know-how and tools inside, you'll learn how to maximize profits and limit losses by anticipating market swings based on an enlightened understanding of how Fibonacci levels determine market trends.
This innovative approach created by pioneering technical analyst Carolyn Boroden enables you to predict turning points well in advance, better determine stop-loss placement, and accurately identify critical support and resistance levels. More than 100 charts and illustrations bring concepts to life to form a powerful formula consisting of four key components:
- Methodology-Use Fibonacci time and price analysis to define risk and set goals
- Trading plan-Create a solid trading business plan defining setups, entry and exit parameters, and money managemnet
- Positive trading psychology-Put yourself in the right mindset for success, which allots for 85% of the game
- Discipline-Successfully execute your investment plan with expert tips and advice
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I have to say, speaking as someone who has been trading for years, Carolyn's book was an eye-opener. It is one of the most impressive and important trading books I have ever read. Whereas most books and traders only focus on mainly LAGGING indicators (such as RSI, MACD, Moving Averages etc.), this book focuses on the most important LEADING indicator: Price and Time fibonacci ratios.
What I find specially interesting is Carolyn's work on Fibonacci price and time clusters. Fibonacci price clusters form when certain key ratios (retracements, projections and extensions) all come together within a narrow range zone. This creates points of high probability for a correction to end or a trend to reverse. This is also the same when applied to the time axis.
I now use her price and time clusters and symmetry to identify key points for entry and exit. My favourite price targets for profit taking now are the External Retracements of the price from a prior swing. I also apply her time projections to identify when a trend may come to an end.
Whereas Constance Brown's work addresses the trades very fundamentally and explains underlying considerations such as EWP that went into consideration.
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