Or another way to look at it, if you're a math geek (sorry I'm an engineer by trade) is the Fibo numbers are 1,2,3,5,8,13,21,34,55,89,144,233,377, etc...
We use the 8, 21, 200 and 365 based on Phil's methods/experience, but the 365 is near the fibo number 377. Fibo's have "pulling power" both in price levels and ma's... I don't really need to know why, I just use them....
We use the 8, 21, 200 and 365 based on Phil's methods/experience, but the 365 is near the fibo number 377. Fibo's have "pulling power" both in price levels and ma's... I don't really need to know why, I just use them....
DislikedYou've pretty much gotten your answer from Ryan and Nadia, but here's a quote from a copy Nadia made of Phillip's mp3 on Rhythm Cycle. You can find the complete work on page 482, post 7222, and Phillip's chart and mp3 are in the post just above Nadia's. Here's the quote:
You can see the 365 there. Between those two the 200 and the 89 at that specific point and price ignores it because it is not very important. The 365 is important when price moves away from the known moving averages like the 8, 21, 89 and 200, when price moves away from them , the 365 starts to play a role. When there is no other moving averages close to that.Ignored