[Robert_Fischer,_Jens_Fischer]_Candlesticks,_Fibonacci_Elliot(b-ok.cc).pdf

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C
ANDLESTICKS
, F
IBONACCI
,
AND
C
HART
P
ATTERN
T
RADING
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OOLS
A S
YNERGISTIC
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TRATEGY TO
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ROFITS AND
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EDUCE
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ISK
ROBERT FISCHER
JENS FISCHER
JOHN WILEY & SONS, INC.
Copyright © 2003 by Robert Fischer, Dr. Jens Fischer. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
PHI-spirals, PHI-ellipse, PHI-channel, and www.f ibotrader.com are registered
trademarks and protected by U.S. Trademark Law. Any unauthorized use without
the express written permission of Fischer Finance Consulting AG, CH-6300 Zug,
Switzerland, or Robert Fischer is a violation of the law.
Source of all f igures is FAM Research 2002.
No part of this publication may be reproduced, stored in a retrieval system, or
transmitted in any form or by any means, electronic, mechanical, photocopying,
recording, scanning, or otherwise, except as permitted under Section 107 or 108 of
the 1976 United States Copyright Act, without either the prior written permission
of the Publisher, or authorization through payment of the appropriate per-copy fee
to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923,
978-750-8400, fax 978-750-4470, or on the web at www.copyright.com. Requests to
the Publisher for permission should be addressed to the Permissions Department,
John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201-748-6011,
fax 201-748-6008, e-mail: permcoordinator@wiley.com.
Limit of Liability/ Disclaimer of Warranty: While the publisher and author have
used their best efforts in preparing this book, they make no representations or
warranties with respect to the accuracy or completeness of the contents of this
book and specif ically disclaim any implied warranties of merchantability or f itness
for a particular purpose. No warranty may be created or extended by sales
representatives or written sales materials. The advice and strategies contained
herein may not be suitable for your situation. You should consult with a
professional where appropriate. Neither the publisher nor author shall be liable for
any loss of prof it or any other commercial damages, including but not limited to
special, incidental, consequential, or other damages.
For general information on our other products and services, or technical support,
please contact our Customer Care Department within the United States at
800-762-2974, outside the United States at 317-572-3993 or fax 317-572-4002.
Wiley also publishes its books in a variety of electronic formats. Some content that
appears in print may not be available in electronic books. For more information
about Wiley products, visit our web site at www.wiley.com.
Library of Congress Cataloging-in-Publication Data
Fischer, Robert, 1942 June 17–
Candlesticks, Fibonacci, and chart pattern trading tools : a
synergistic strategy to enhance prof its and reduce risk with CD-ROM /
Robert Fischer, Jens Fischer.
p. cm.
ISBN 0-471-44861-3 (hard : CD-ROM)
1. Investments. 2. Securities. 3. Investment analysis. I. Fischer,
Jens. II. Title.
HG4521.F584 2003
332.63′2042—dc21
2003006623
Printed in the United States of America.
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1
This book is written for all the traders worldwide who
contacted us on our Web site www.fibotrader.com and
asked for advice.
This book contains a great deal of essential information
for successful trading, but the necessary discipline and
patience can only come from you.
We thank all those traders and friends who have pro-
vided help, criticism, and ideas over the past 20 years.
We hope that this book will start a new wave of fruitful
discussion that will benefit all of us.
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT
LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS
LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN
FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN
HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS
SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.
ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS
IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF
HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE
FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN
COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO
ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING
LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT
ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS
RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION
OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY
ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL
PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT
ACTUAL TRADING RESULTS.
The following f igures in this book are related to this disclaimer: 4.1, 4.5, 4.13,
4.14, 4.15, 4.20, 4.22, 4.27, 4.28, 4.48, 5.24, 5.25, 5.26, 5.27, 5.28, 5.29, 5.31, 5.34,
6.1, 6.2, 6.3, 6.4, 6.5, 6.6, 6.7, 6.8, 6.9, 6.13, 6.18, 6.21, 6.22, 6.23, 6.24, 6.25, 6.26,
6.27, 6.28, 6.29, 6.30, 6.31, 6.32, 6.33, 6.34, 6.35, 6.36, 6.37.
P
REFACE
Many investors are unhappy with the performance of investment ad-
visors and funds in the past couple of years and want to make their
own trading decisions, using the analytic tools and the advice they
have accumulated. This book presents easy, reliable trading tools, to-
gether with the trading rules to apply them to real-time trading.
Many investment strategies have been presented in books, mar-
ket letters, and other media. In this book, we describe those tools that
appear to work best, and we integrate them into a manageable and
understandable trading strategy. Combining different strategies cor-
rectly can improve every investor’s chances of success under different
market conditions. Most importantly, we concentrate on strategies
that every experienced investor can easily understand and execute
with the WINPHI charting program that is provided on a CD-ROM at
the end of this book.
With all the sophisticated computer models that are available,
you might think that investing and making money would be getting
easier. But just the opposite has happened. At no time in history has
so much money been lost so fast, and not only the small investors have
suffered. The big investment companies also have had unimpressive
performances even though presumably they had all the necessary tools
to beat the markets. This clearly shows that crunching numbers with
a computer does not ensure success. For many years, we have concen-
trated on pattern recognition, a technique with proven reliability even
when computers are not available.
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