The New Fibonacci Trader: Tools and Strategies for Trading Success Review

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The New Fibonacci Trader: Tools and Strategies for Trading Success ReviewI'm tempted to start writing what I call 'investment teaser books' - investment books that claim to introduce new concepts, set the scene, don't deliver anything and are essentially just adverts for the author's website. These books are almost invariably useless, although I occasionally buy them by mistake because I order them over the Web without looking at a copy before hand.
Anyway, this is an EW-inspired 'teaser book', that basically offers new ways of torturing raw data so that it fits spirals/channels/ellipses.
For example, the author tells us that you can always draw an elliptical envelope around short term trends. You never quite know how long the price is going to stay in that ellipse, but if it breaks through the ellíptical wall, then, have you guessed? That's right, time to start carefully drawing the next ellipse. Sometimes, prices are in two ellipses at once. The problem is that you never quite know whether you've got the right ellipse, because the authors couldn't possibly give away their proprietary calculation method for only the cover price of the book.
The section on spirals suffers from the classic vice of 'advanced' technical analysis that draws so many lines on a chart that the price will eventually hit one of them.
You can also put their amazing new tools together and get something really psychedelic.
This is by no means the worst book (that honor belongs to Connie Brown)on TA even though it's turgidly written , but I'm not sure how you use it to make money except to write one of your own which draws lots of complex geometric figures over winning trades. (I'll have to do a 3D one that projects price and time onto the surface of a parabolic hyperboloid and call it 'Non-Euclidean Trading'). Keep your money, people.The New Fibonacci Trader: Tools and Strategies for Trading Success OverviewPowerful new strategies and tools from the leading exponent of one of today's most important trading toolsWith his bestselling Fibonacci Applications and Strategies for Traders, Robert Fischer established himself as the leader in the Fibonacci approach to trading. This new workbook offers a powerful new arsenal of tools, using step-by-step exercises. Fischer carefully delineates techniques for combining his strategies into precise, reliable, well-disciplined trading tools that enable traders to take advantage of naturally occurring and recurring patterns.

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