By George MacLean
Size
7.8 MB
There are many books
covering Fibonacci from an artistic and historical point of view and almost as
many suggesting that Fibonacci retracements and numbers can be successfully
applied to financial market time series. What is missing is a book that
addresses the common errors in using screen based Fibonacci (and Gann and other
tools).
The book is a critical
exploration of Fibonacci numbers, retracements, projections, time frames and
fan lines and their current usage within the financial markets by technical
analysts. Although they can be extremely effective analytical tools when used
appropriately, mistakes in usage can be extremely costly from a financial and
credibility viewpoint. George Mac Lean takes a brief look at the history of
Fibonacci and Gann, before providing a full account of their applications in
financial markets, including fixed income, equity, foreign exchange,
commodities and indexes. In particular, he draws attention to the overuse and
misuse of easily applied computer packages available to professional and amateur
traders.
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