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Fibonacci Analysis, by Constance Brown
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Only someone who is both a successful trader and a successful writer could pull off what Constance Brown has accomplished in this book: distilling Fibonacci analysis to two hundred or so comprehensive, clearly written, eminently practical pages.
Brown knows exactly what a professional trying to come up to speed on a new trading tool needs and she provides it, covering what Fibonacci analysis is, how it works, where it comes from, pitfalls and dangers, and, of course, how to use it. Basic trading strategies are touched upon in virtually every chapter.
Fibonacci analysis is one of the most popular technical analysis tools, yet it is often used incorrectly. Brown quickly clears up common misconceptions and moves on to show, step by step, the correct way to apply the technique in any market.
Those with Fibonacci analysis software will learn how to use it with maximum effectiveness; those without will chart the market the old-fashioned way. All will find answers to the trader's most important questions:
- Where is the market going?
- At what level should my stop be entered?
- Based on the size of my trading account, how much�should I leverage into a trading position?
- Can I tell if I am in trouble before my stop is hit?
- How much should I buy or sell if given a second or third�opportunity?
Occasional references to other tools--including Elliott Wave, W.D. Gann, and candlestick charts--and an extensive bibliography make this book richer for accomplished technical analysts without confounding the less experienced. Plentiful real-life examples and dozens of carefully annotated charts insure every reader will get maximum value from every minute spent with this book.
Gold Medal Winner (tie), Investing Category, Axiom Business Book Awards (2009)
Winner: Book Series Cover Design, The Bookbinders Guild of New York/2009 New York Book Show Awards
- Sales Rank: #207506 in Books
- Brand: Brand: Bloomberg Press
- Published on: 2008-08-01
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x .80" w x 6.30" l, 1.15 pounds
- Binding: Hardcover
- 208 pages
Features
- Used Book in Good Condition
From the Back Cover
In "Fibonacci Analysis," Constance Brown distills for traders the essentials of this little-understood but highly effective technical analysis tool. Emphasizing practical market applications that can be put to use immediately, this book: shows how to use Fibonacci ratios for price projection, provides detailed charts of actual trading situations, explains the importance of proportion when analyzing charts, alerts traders to the most common errors, and describes how to identify false signals. Brown gives traders a better understanding of this powerful technical analysis tool, leading to more effective trading.
About the Author
Constance Brown, CMT, is on the accreditation board of the Market Technicians Association. Her book, Technical Analysis for the Trading Professional, is required reading for the Level III Chartered Market Technician certification exam. She founded Aerodynamic Investments to advise and offer research to financial institutions and banks worldwide. Clients include Credit Suisse, Merrill Lynch, Morgan Stanley, Bundesbank, and Bank of Tokyo as well as clients in Kuwait, South Africa, Australia, Russia, and Indonesia. Previously, she worked as an institutional trader in New York City. She now lives and works in South Carolina. She is the author of six other books.
Excerpt. � Reprinted by permission. All rights reserved.
Fibonacci
�
The Fibonacci number series: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144,
233, 377, . . . is both additive, as each number is the sum of the previ-
ous two, and multiplicative, as each number approximates the previous
number multiplied by the golden section ratio. The ratio becomes more
precise as the numbers increase. Inversely, any number divided by its
smaller neighbor approximates 0.618 or phi (1).
�
While traders with rudimentary knowledge know they can add,
subtract, divide, and multiply Fibonacci ratios to obtain another Fibo-
nacci ratio,11 they often do not apply this knowledge in their chart
analysis. As an example, traders during the Nasdaq crash in 2000 and
2001 would have had no means to determine a price target low if they
only knew how to calculate price support levels by subdividing the
extreme price high and historic low into the ratios of 61.8 percent,
50 percent, and 38.2 percent.
��������
In Figure 1.4, we see the monthly chart for the Nasdaq Composite
Index. Range A begins at the price high and ends at a price low signif-
icantly higher than the market low. The price low selected in 1998 was
a significant decline, but was not the historic low, which would have
made the problem we are about to discuss worse. Traders who simply
subdivided the range as defined by range A would witness the market
falling through the 61.8 percent support zone and not know what to
do to identify new targets. A retracement of 61.8 percent is the decline
that occurred relative to the full price range selected. Traders and ana-
lysts could further subdivide the range between the 61.8 percent level
of A and the price low first selected to obtain additional Fibonacci
ratios.12 They in turn could find additional support levels by dividing
the range marked C into the ratios 38.2 percent, 50.0 percent, and
61.8 percent. We could further subdivide range D. Each of these addi-
tional subdivisions shows that the Nasdaq Composite respected the
ratios identified. Any Fibonacci ratio that is added, subtracted, multi-
plied, or divided will produce another Fibonacci ratio. Many traders
Most helpful customer reviews
4 of 4 people found the following review helpful.
A Chore to Read. Its Value = ?
By Jack Puglis
Meh...maybe it was me, but Ms. Brown always seemed to stop just short of including the full detail that one needs to truly understand something. I therefore found this book a chore to read.
[As a side note, I'm a trader, have been continued to study trading for years, and read whatever appears to be able to add to my knowledge. I have a very strong quantitative background.]
As she described setups of Fibonacci lines, she laid out some ground rules and followed them consistently. Then she would, for example, set up a superimposed set of Fibonacci lines and measure distances between 50% lines. She'd do this several times in order to see a pattern of changes in the 50% level that she indicated would give insight to the direction of the market.
Her explanations of the setups and the progressions were difficult to follow because, again, essential details as to the reasons that she was doing what she was doing were absent. That left me constantly thinking, "What the heck is going on here? What's the point."
When she got to the point, I was left wondering, "What good is this? Why should I care about this result. Moreover, how will it help my trading?"
I was left with the feeling that I was watching an expert apply her techniques but not relating all of the details, nor indicating what and why she was doing.
6 of 6 people found the following review helpful.
A Master of the Sacred Ratio ... and of Trading Applications
By JayZ MIT
If you look at the reviews of Constance Brown's books on Amazon.com, reviewers fall into the "love it" or "hate it" categories -- no one is in the middle. I've read almost all her books (the new one on Elliott Wave isn't out for another few months and there is one that Amazon doesn't carry, but B&N does). My review covers all of her books in a way, but is meant to be specific to the text on Fibonacci Analysis Fibonacci Analysis (Bloomberg Financial).
Fibonacci analysis is not a trivial process, although most charting software would make you think it is. As Constance points out beautifully, the selection of pivot points isn't as simple or mindless as "take the extreme high and low points" -- markets have an internal geometry that changes over time and you have to match that geometry to pick the proper pivots and thus create the correct confluence zones. She's very upfront about this in her Introduction and in the text itself, again and again. This analysis takes proper tools (whether computer drawn or with proportional dividers on paper) and practice ... and ideally (but not mandatory) a mentor to help guide you.
Is this book a stand-alone text? Yes, it is complete to itself. However, as Constance says (my paraphrase), "WD Gann spent decades learning about the mysteries of the Sacred Ratio and how to apply it; I've spent years, building on his and my mentor's further teachings; and if you're serious, you'll spend lots of time learning the basics and then making it your own". There is no easy road and this isn't "all you need to know about Fibonacci in 8 easy lessons". This is the freshman year of college and you have the rest of college and then graduate and post-graduate work ahead of you if you want in-depth understanding.
Remember that this book has a limited number of examples and pages. You have to study and repeat what Constance does on your own charts for the lessons to sink in. It would be ideal to sit with her for a week, but few of us have either the time or money to do that. Reading other dedicated Fibonacci books [e.g., Fibonacci Trading by Carol Boroden Fibonacci Trading: How to Master the Time and Price Advantage) or going to trader websites using Fibonacci techniques can show you alternate methods, or better yet, give you an opportunity to see how Constance Brown's technique improves on what is the "industry standard" for traders. All of it is learning and making this tool your own.
Are there errors in the text? Yes, a few, but they are relatively minor and if you're reading and understanding the material, you'll know the corrections you need to make. I've found typos and minor corrections in most books and this has fewer that most others in the finance/trading universe.
Does she answer the questions she raises in the text? Yes, she does. It may be in a later chapter or rephrased slightly, but she never leaves us wondering ...
In short, this is not an easy book to read, but that's because the material isn't easy. The writing is well done, clear and the progression from basics to advanced concepts is exactly what the student needs.
This book has taken a place of honor in my trading library, next to her master work on Technical Analysis. She points out the path and gives us our first lessons, but there is no "predigested spoon feeding" here; the rest is up to us as students to find, learn, master and ultimately, pass on to others.
1 of 1 people found the following review helpful.
I wish I had more money to attend her seminar
By James B.
Great book, hard to get through. This is the single most important trading book I have ever purchased. I can see why there are negative reviews, there is a bunch of useless information for me as a trader but useful information for those that want EVERYTHING. It took me a while to write this review because I was putting her information to work while reading the book. Yes I made money using her technique on the emini's. Thank you so much ms Brown you definitely brought everything together for me!!! I only ask for one favor, could you tape one of your seminars so I could buy it?
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