Understanding Robert Miner system

Trading Discussion
1

Hi All,

I’m currently reading Robert Miner’s book High Probability Trading Startegy and now I’m in chapter 3 (Beyond Fib Retracement) and I’m a bit confused :confused:

Here is a picture of how i understand drawing the regular retracement and the APP (alternate price projection)


  1. Line A to B is how I draw the internal retracement using the regular fibonnaci tool.
  2. Then Line 1 to 2 is how I draw the APP (alternate price projection) using fibonacci expansion tool.

Is this the correct way to do it?

Also how do you draw the 3rd set of fibo which Miner called as the “External Retracement”.

Please help me out with this. Thanks :slight_smile: :confused:

2

I think that is a question best directed at ‘Miner’ himself or at least there should be a support desk.

I am not a fan of following something another trader came up with which means I need to adapt to how they view the markets which does not work for me. I prefer creating my own strategy which costs a lot more money than buying a book, but in the end I think the benefits are greater.

3

don’t waste your time with stuff like this. if miner knew how to trade then he would trade and not waste his time writing a book. writers are bad traders! trust me on this one!

1 Like
4

I personally think that Miner’s book is not a waste of time and he is not a writer by profession he’s a trader who writes because he want to share his system.
anyway i will dedicate this thread for those people also reading Miner’s book.

As a followup to my previous post. I already got the 3rd fib set

  1. 1st fib set (internal ret) = Line “A” to “B” is how I draw the internal retracement using the regular fibonnaci tool.
  2. 2nd fib set (APP) = Line “1” to “2” is how I draw the APP (alternate price projection) using fibonacci expansion tool.
  3. 3rd fib set (External ret) = draw the reverse internal fibonacci from point “a” to “b”.


in this case we want to know the probable location of point “c”. the picture did not show the 3rd fib set bec. i just recycled it :slight_smile: but to draw it you just need point “a” and point “b” (the immediate wave before the supposedly wave c)…

i hope this would help other newbie who are just starting to read books and building some skills on forex trading.

I am now in chapter 5 hehe…i’ll post more here as i try to finish this book.

1 Like
6

Hello Albertos,

Have you figure out what the int retracement, APP and ext retracement? and how to draw the draw these out?

7

Many of the general discussions and general observations in Miner’s book are very interesting and valuable, and it make it very worthwhile reading the book.

But the main, specific system he’s teaching, some of which rests on “proprietary information” available only from himself, is really marketing and of questionable validity.

When developing a trading system or even a trading style, it’s a very good general principle to reject firmly anything that depends on Fibonacci parameters, in my opinion.

8

Hi Albertos.

Im not familiar with Robert Minor, and I dont use fibonacci, but I am somewhat familiar with it.

Line A to B is fine because you used the correct 2 points. Major swing high and major swing low.

I believe line 1 to 2 is incorrect because a fibo extention/expansion uses 3 points instead of 2. The swing high, swing low and first retracement.

I think thats the reason your fibo levels are overlapping.

I could be mistaken, but thats my best guess.

Good luck and keep us posted

9

Hi Albertos,

did you find out, how it works?
As far as I understand, one has to measure for instance low to high
with fib and then shift the diagram to start with the next low (3rd point
as PanchoVilla84 stated).
I am currently reading the book and try trading with MT4, but it cannot
shift the fib to another area, so I will have to change to try this kind
of AlternatePriceProjection.
It is just one step of two to find the retracement zones of the highest
probability.

What did you find out so far?

12

Were you in Fahrenheit 451? :thinking: :laughing: :rofl:

That’s a great generalization.

The U.S. president would say: “you’re probably right, I mean, I think you’re right. Why’s he writing if he call’s himself a trader?! Unless of course he’s a traitor which he could be, I don’t know. But you never know, he could be good. I… well… some traders write great stuff, really great, great stuff… you just can’t tell. We’ll just have to wait and see.”

The king of laying the groundwork for both sides of the argument to be used as provenance later on!

KC
Untied States

13

THnak you so muc