TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
Please post an introductory paragraph explaining what you do, how long you have been involved in the markets etc. to give readers some background information.

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
It seems that in one way or another, I've been involved with trading all my life. In 1967 I finished engineering college and began seriously trading. Back in those days, I was dealing with low capitalized, small, over-the-counter issues, where you'd lose 15-25 percent just in the bid/asked spread. We used to margin those "equities", that's using the term loosely, at the company's credit union where I was working. It was definitely spooky. In those days, I was also involved in trading options on stocks. That's before they were listed on exchanges, like they are today. You talk about volatility, when you wanted to sell, the broker would say 'to who?'. It was strictly a bid by appointment situation. We'd generally ended up paying for an exercise to exit a position. I got involved in trading commodities , about 1980. I like the commodity markets. If you can develop strategies to effectively deal with the risk, the advantages far outweigh those of other markets. Since I've learned how to do that, I have substantially decreased the amount of stock and options trading that I do, but I'm still involved. About 1986 I began speaking, initially with Jake Bernstein, at the Futures Symposium International. That's when I started letting myself out to the public. It really mushroomed from there. I've spoken all over the world, in major centers in Asia, Europe, and the Middle East. In 1996 alone I've spoken in 22 different countries. That was a bit much, but I couldn't give up the opportunity to speak in places like Tallin, Estonia, St. Petersburg, Russia, and Bombay. I've met fantastic people all over the globe. The industry has been nothing but good to me.

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
Tell us a bit about your trading/investing style, how do you go about it?

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
The trading techniques I use are substantially different than those used by other people. I mix leading and lagging indicators and interact with prices based on that approach. I use certain lagging indicators like Displaced Moving Averages and the MACD/Stochastic combination, to determine the trend. Once I'm in a trend, I use Fibonacci analysis, as a leading indicator, to position myself within that trend. The last step is to take Logical Profit Objectives. Those profit objectives are calculated by certain Fibonacci techniques. The approach is mine, since I've spent an awful lot of time developing it. I use Displaced Moving Averages, for example, in very specific and unique ways. I think I've really done my homework on that one, about 3 years worth of research in the early '80s. During the mid-80's, I spent another three years or so determining the most effective method to utilize Fibonacci techniques. I think I've done a good job of separating the best, from the good, or the average. Sometimes it's not a matter of developing a brand new indicator. It's a matter of utilizing an existing indicator in a more effective manner.

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
Can you give an example of what you mean by using an existing indicator in a more effective way?

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
OK, lets take moving averages. Instead of using standard moving averages, I use Displaced Moving Averages. In fact, back in the mid '80s, when I started speaking about this, there weren't any computer programs out there that I was aware of, except our own, that would displace a moving average. Prior to that, some people used the opens, instead of the close, to determine the moving average, so that they would know what the moving average value was, before the end of the day. When you displace a moving average say five days, you know what the moving average is going to be up to five days out. There was no longer any reason to use the open. Unfortunately, many of the graphics software programs that displace moving averages today, don't show them past the last days price action. It's an example of programmers creating trading software, rather than traders.

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
What are your profit objectives, and do you have a long-term or short term outlook?

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
My profit objectives are a function of the time frame I am trading in. Weekly objectives are much larger than objectives calculated on a five minute chart. The methods of calculation however is exactly the same. If there is one single thing a trader can do to vastly improve his win/loss ratio, it's to use logical profit objectives consistently in his trading plan.

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
How about the downside, what risk tolerance do you have?

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
I have a very low risk tolerance . I once heard futures trading described as learning how to juggle dynamite. That's not a bad definition .These days it's the same situation for stocks even though we're in this incredible bull move, just look at the volatility. What you have to get used to is controlling greed so you can realize consistent profit! For a variety of reasons most people can't do that.

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
What steps do you take to control the downside?

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
Fibonacci analysis , along with my trend indicators tell me clearly if I'm wrong or if I should get out of a trade. When that happens, I exit at market or look for a way out.

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
Please describe the best and worst investments/trades you have made.

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
'Hot' uninformed tips are always the worst. Often they come from an entity that is trying to gain commissions or has a position in the instrument they are tipping. Sometimes big bull moves bail everyone out... that's where the old adage about not confusing a bull market and brains comes from. Informed trading situations that fit my investment criteria are the best and most rewarding trades.

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
Trading/investing is a highly competitive endeavor, what gives you an edge in the market?

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
Experience, control, and an excellent approach- as in a method -to trading

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
Everyone is familiar with the old maxim "cut your losses, and let your profits run". Many traders have difficulty deciding when to capture their profits, sometimes letting a profit turn into a loss. What do you use to make a sell decisions to close a trade?

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
I don't do either. My profits are let to run only to the extent of a pre calculated objective. This doesn't mean I never have distant objectives, it all depends on my time frame for the trade. Also, I might get back in to the same instrument but it will be only at 'safe ' pre calculated levels. I don't cut my loses, The market does , by violating a pre calculated level or indicator. I just exit the same way I'd get off a street if a truck was bearing down on me. The trick is in having the criteria to see the truck, then the experience and discipline to act on it.

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
What advice can you give to someone who is just entering this field? What would you do to shorten the time and reduce the losses that are usually involved in the learning cycle?

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
People trying to gain profit out of this game have a lot of challenges. I'd recommend they seek out traders who know what they are doing AND have the ability to explain what they are doing to others. There's a real educational issue here. If they are working the short time frames ,like 5 minute charts, there's understanding floor mechanics as well. Once they have all that down, then they have to master control... anyone getting week knees out there?

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
If you were to find a perfect trade, what would it be? Please describe what it takes for a trade to be lined up with "all its ducks in a row".

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
I'll have to answer this in a general way since most of you are unfamiliar with the specific aspects and details of my trading approach. Trades need to conform to the following criteria. I've used this approach continuously for years. I buy dips in an uptrend and sell rallies in a downtrend. The lagging indicators allow me to determine trend. The leading indicators, primarily Fibonacci analysis, allows me to "safely" place myself within that trend. I use Logical Profit Objectives continually and I have oscillators, that are used as filters, to keep me from entering in the direction of a trend which is too dangerous to bother with. I also have about 8 trading patterns or conditions which act to give me the direction of a market. If they are in conflict with the trend analysis, I always go with what the patterns are telling me. Within that criteria there are obviously standout situations but you wouldn't understand the terms I would have to use to describe them.

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
What markets do you trade?

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
Markets that move and conform to proven money making situations. In 95 one of my biggest trades was in the soy bean meal market. I hadn't traded meal for over ten years. The setup was perfect and I moved on it.

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
Would this be appropriate for mutual funds?

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
The unqualified answer is yes, but there can be some difficulties. Let's say you're trading a foreign bond fund. The managers of the fund may involve themselves with certain hedging or option writing activities which could affect price in such a way that the Fib analysis would not be as accurate as it would be if you had a pure cash market trade. All in all however the Fib analysis works very well in mutual funds.

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
Is your system mechanical?

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
No, but the secret to making a judgmental system good is to make as much of it as possible non-judgmental.

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
How do you calculate the trade profit objective?

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
I use one or both of two methods. The first is Fibonacci analysis, see the Fibnodes Web pages. I also use the Oscillator Predictor.

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
What % gain and % loss is typical for your trades?

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
It depends on the volatility and time frame of the instrument.

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
What displaced moving averages do you use? For which markets?

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
I use the same DMAs for all markets. One the ways you can tell if you're on to something good is if it works across different markets. Otherwise you get into this curve fitting morass that buries so many new technical traders. I use the 3x3, 7x5, 25x5. They are all simple moving averages of the close. The second number is the displacement amount.

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
Are those moving averages appropriate for longer-term traders (daily charts)?

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
Yes, in fact I use DMAs for daily, weekly, and monthly charts. I use the MACD Stochastic combination for intra-day as well as daily, weekly, and monthly charts.

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
Do you trade other people's money?

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
No, not interested.

What is the worst monthly draw-down you experienced in the past year?

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
That is proprietary information, but it was nothing serious.

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
Can you give us an idea of your win/loss ratio?

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
For legal reasons I'm reticent to quote numbers, but I will say that employment of these methodologies thoughtfully and correctly can lead to 70 to 90% winners. Some of the reasons you can get such good ratios has to do with the exit criteria as well as the profit objectives. Let's say a mental stop is violated. Rather than exiting at the market or getting hit, you can develop a Fibonacci retracement series and exit at a much more favorable point. This can turn small losers into small winners or break even situations.

TradeNet Staff -Neal.: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
Are your techniques published? Can I read about them somewhere?

Joe DiNapoli: . . . . Sat, Feb 15, 9:57AM PST ( -0900 GMT)
I have Trading Courses available. With them you get me at no additional charge, within reason of course. Hopefully we'll have a book out later this year, but there continues to be technical difficulties in getting it done the way I want it done.

Techharry: . . . . Mon, Feb 17, 8:53AM PST ( -0900 GMT)
I'd appreciate if you can comment on the soybean market, where is it going short term, and in the coming months? looking forward for Wednesday's conference.

TradeNet Staff -Neal.: . . . . Mon, Feb 17, 10:40AM PST ( -0900 GMT)
Hi TechHarry.. Thanks for posting a question.. Joe DiNapoli will answer questions posted here during the conference on Wednesday.. The purpose of the conference is to discuss Joe's successful methods rather than making market calls. If the soybean market is making moves appropriate to Joe's methods, he would comment on it on Wednesday evening.

CACTUS: . . . . Mon, Feb 17, 2:49PM PST ( -0900 GMT)
Hi. It would be very interesting if Joe DiNapoli can explain some about the Fibonacci Arcs, in specific terms, which arc of the three is the most important to put as objective for support or resistance. And what factors in your judgment do I have to focus for make the best performance of my Fibonacci analysis?

shawn: . . . . Mon, Feb 17, 7:58PM PST ( -0900 GMT)
Can you explain the basic principle of the Fibonacci Arcs, Thanks

Hugh (San Diego): . . . . Mon, Feb 17, 8:58PM PST ( -0900 GMT)
Joe- I've never used Fibonacci numbers in trading. What are the basic principles I need to know to get started crunching the numbers, and what are some possible buy and sell rules?

CLARENCE: . . . . Tue, Feb 18, 11:53AM PST ( -0900 GMT)
Neal, where do I find Joe DiNapoli's web page?

TradeNet Staff -Neal.: . . . . Tue, Feb 18, 8:32PM PST ( -0900 GMT)
Clarence, good question! Check Joe's web pages.. you can also email joe at coast@fibtrader.com -Neal.

tcs: . . . . Tue, Feb 18, 6:55PM PST ( -0900 GMT)
Joe ... would you discuss displaced moving averages?

Joe DiNapoli: . . . . Sat, Feb 18, 6:56AM PST ( -0900 GMT)
Hello tcs, DMA'S will be a part of the forum. They are a big part of the way I trade

lane: . . . . Tue, Feb 18, 6:56PM PST ( -0900 GMT)
Joe is a great guy and trader. I have known him for several years now and truly respect him. He certainly knows Fibonacci techniques! Lane Mendelsohn

Joe DiNapoli: . . . . Wed, Feb 19, 10:11AM PST ( -0900 GMT)
Lane thanks,--your check is in the mail

Joe DiNapoli: . . . . Wed, Feb 19, 10:07AM PST ( -0900 GMT)
To all, I can see from the questions that you'll likely find some of my responses...surprising. This conference should be interesting for everyone, especially me since this is a new medium for me. It will be a lot less structured than those I hold in a normal workshop setting. One thing I'll try to refrain from is the dispensing of "hot tips" or imminent market direction. Why? First of all, I'm a CTA and there are legal issues involved. Secondly, it would be a disservice to you unless you're familiar with the methodology I use. Let's say there's a double repo sell signal on the S&P cash. You might not know what that means but you can tell I'm very excited about it. You hold off a bit, I'm go short. The market climbs to the failure point. I reverse and go long. You go short at what you see is a more favorable price. I buy your sell. You get killed because you followed "my recommendation" not my methodology. Finally "hot tips" or blind recommendations are typically one of the biggest causes of losses... It's like a something for nothing deal. Investing and speculation is hard, risky work. There are few short cuts. Unless of course you have a market gaining 1000 points every few months or...your name is Hillary!

CACTUS: . . . . Wed, Feb 19, 5:27PM PST ( -0900 GMT)
Anybody knows at what time starts the conference? Maybe my PC is going very slowly. Here in Mexico it´s 19:30PM.

TradeNet Staff -Neal.: . . . . Wed, Feb 19, 5:37PM PST ( -0900 GMT)
Hi Cactus, the conference will start in about 20 minutes at 6:00 PST.

Ayrton: . . . . Wed, Feb 19, 5:56PM PST ( -0900 GMT)
Hi, does anyone here trade commodities? I think this should be a good session tonight..

Cash: . . . . Wed, Feb 19, 5:59PM PST ( -0900 GMT)
Everything seems to be going really well in the market these days. Are we in for a serious correction Joe ?

Joe DiNapoli: . . . . Wed, Feb 19, 6:06PM PST ( -0900 GMT)
Hi I'm here. We might as well get started with Cash's question and break the rules right away by coming up with a projection. We've got pretty substantial Fibonacci resistance at 844.10 on the S&P cash. The equivalent Dow number is 7340. I wouldn't suggest going short there unless we get a sell signal, but taking profits wouldn't be a bad idea. Later on I'll tell you what's really worrying me about this market and what we have to watch out for.

I_Do_Windows: . . . . Wed, Feb 19, 6:06PM PST ( -0900 GMT)
Joe - Please discuss the difference as to when to use Bonsai, Minesweeper, Double Minesweeper, and the Wash and Rinse. Which can be used for entry and exit techniques? Also, please discuss where to place stops when each of the techniques are used for entry. Is this information discussed in detail in your book? -Regards, SR

Joe DiNapoli: . . . . Wed, Feb 19, 6:06PM PST ( -0900 GMT)
I'd like to tackle a pretty advanced questions posed by I_do_windows. For those of you who haven't studied my work, you may find this to be a bit heavy in jargon but I'll try to keep it simple. Bonsai, Minesweeper A and Minesweeper B, are all entry techniques with predefined stop levels. Bonsai is typically for the trader with excellent floor connections, meaning low commissions and good fills. Bonsai players typically are willing to have a lower percentage of winning trades in order to be in the market more often. A lot of floor traders I've trained like this particular entry technique. It's more what they're used to. The Minesweeper techniques afford insurance at a reasonable cost. Stops using these techniques are typically hard for the locals to get. Wash and Rinse is a different animal. It falls more into the directional techniques(patterns) I use. For those of you who are unfamiliar with Wash and Rinse it refers to the market meaning the locals or the specialists washing out stops before the big move occurs.

CACTUS: . . . . Wed, Feb 19, 6:09PM PST ( -0900 GMT) Joe, have you ever traded on the Mexican Stock Exchange? If yes, can you talk about how it looks? Do you have any recommendation of how to use your techniques for trade in that market?.

bbb: . . . . Wed, Feb 19, 4:52PM PST ( -0900 GMT) Any opinion about the Buenos Aires stock exchange? I'm an ewaver and the Elliot count fits very well in the merval index

TradeNet Staff -Neal.: . . . . Wed, Feb 19, 6:10PM PST ( -0900 GMT) Hi Gildone, Cash, Cactus, everyone... Joe is frantically typing responses, so please be patient while he provides the unprepared responses

Joe DiNapoli: . . . . Wed, Feb 19, 6:39PM PST ( -0900 GMT) BBB and Cactus, I never traded the Mexican stock exchange or the Buenos Aires stock exchange, but I've had clients who have traded both. Reports of results using my techniques, particularly in Mexico were very positive. I was involved with a large money management firm there in the late 80s. With regard to EWT, I don't practice it. I find it too confusing to make any money with. If you like it however, by all means use it. I think you will find a lot of value in combining the Fibonacci techniques I use with the Elliot Wave techniques you use.

gildone: . . . . Wed, Feb 19, 6:39PM PST ( -0900 GMT)
Joe, In your opinion, how well do your methods apply to trading from the daily bars. Also, do your techniques work better on certain markets.

fox: . . . . Wed, Feb 19, 6:09PM PST ( -0900 GMT)
Hello Joe, New commodity trader here, I'm familiar with Fibonacci. Let's see if the old dog can learn a new trick.

Joe DiNapoli: . . . . Wed, Feb 19, 6:09PM PST ( -0900 GMT)
To Cactus and Shawn, regarding your preconference question, I researched Fibonacci arcs back in 1989. They simply were not useful enough for me to include them in my trading methodology. I can direct you to someone who has. Cactus if you want to make money using Fibonacci, I would suggest you forget about using Fibonacci arcs and look at using retracements of multiple reaction highs or lows, which is what I do.

KB: . . . . Wed, Feb 19, 6:10PM PST ( -0900 GMT)
Have you done daytrading? Is it hard? What would be your advice to smb that's just starting out?

Joe DiNapoli: . . . . Wed, Feb 19, 6:17PM PST ( -0900 GMT)
K.B. I've done a ton of day trading. I was there when the S&P started and I was trading the value line before that. It's worse than tough. It takes diligence, education, discipline, and will turn out to be the toughest shrink you'll ever find. It's also likely to be the most expensive.

rinebob: . . . . Wed, Feb 19, 6:10PM PST ( -0900 GMT)
Hi Joe, Can you discuss how sensitive fibonacci is for accurately picking tops/bottoms? Also, can you use it for options trading or is that too volatile?

Joe DiNapoli: . . . . Wed, Feb 19, 6:11PM PST ( -0900 GMT)
Fibonacci analysis is the most accurate means of forecasting support and resistance that exists. You must use fibonacci analysis however in the correct context. In my opinion it is essential for options trading, since you have to deal with premium expansion and contraction. The bottom line is if you don't know where support and resistance will manifest ahead of time you're dead attempting to trade options.

CACTUS: . . . . Wed, Feb 19, 6:14PM PST ( -0900 GMT)
Joe: And how can I use that, do you have any special parameters or with the proportions of the Fibonacci Theory. How do you work with that, may you show an example? Thanks

Joe DiNapoli: . . . . Wed, Feb 19, 6:23PM PST ( -0900 GMT)
Cactus, we have no means of showing you a chart on this page. However, if you visit my software page, you can see two examples.

Joe DiNapoli: . . . . Wed, Feb 19, 6:14PM PST ( -0900 GMT)
Hugh, To answer your question posted prior to the beginning of the conference regarding the use of Fibonacci numbers, I don't use Fibonacci numbers . I use certain ratios derived from them i.e. .382, and .618 for retracements, .618, 1, and 1.618 for expansion ratios. The basic principles will be elaborated on as we go along.

KB: . . . . Wed, Feb 19, 6:18PM PST ( -0900 GMT)
Hey, Joe I am from Tallinn!!! VIVA! What do you think about investments in the Baltic region?

Joe DiNapoli: . . . . Wed, Feb 19, 6:33PM PST ( -0900 GMT)
K.B. I spent a wonderful week in Tallinn last year courtesy Dow Jones Telerate and Tim Slater and met an enthusiastic group of traders at my workshop. I was very impressed with Estonia in particular and the Baltic's in general. I really liked it there.

Hugh (San Diego): . . . . Wed, Feb 19, 6:19PM PST ( -0900 GMT)
Joe, I'm a little new to technical analysis in general, if there is time in this conference can you explain what a Displaced Moving Average is?

Joe DiNapoli: . . . . Wed, Feb 19, 6:25PM PST ( -0900 GMT)
Hugh, a displaced moving average is a moving average moved forward (or backward) in time. Imagine you have a 7-day simple moving average, now slide it to the right by 5 days.. The result is a 7X5 displaced moving average.. The displaced moving average value for today is equal to the UNDISPLACED moving average of 5 days ago.

ollie: . . . . Wed, Feb 19, 6:26PM PST ( -0900 GMT)
You mentioned a while ago that you don't use Fibonacci retracements but instead current ratios. Please explain further. Thanks

fox: . . . . Wed, Feb 19, 6:36PM PST ( -0900 GMT)
Hi Joe, I'm with Ollie.. please discuss your use of "current ratios"

Ollie: . . . . Wed, Feb 19, 6:38PM PST ( -0900 GMT) Joe, is it still advisable to use Fibonacci retracements as exit points? What do you recommend?

Joe DiNapoli: . . . . Wed, Feb 19, 6:38PM PST ( -0900 GMT)
Using retracements as exit points is an advanced procedure. You're better off using expansion ratios as shown on the Fibnode software Web pages in both the meal trade and the S&P trade.

Joe DiNapoli: . . . . Wed, Feb 19, 6:44PM PST ( -0900 GMT)
Fox, did I say "current ratios" somewhere? Ollie, using Fibonacci retracements as exit points is an advanced technique. To start out with use expansion ratios as profit objectives. What I mean is, you expand an ABC wave to an objective point as is shown on my software page.

Joe DiNapoli: . . . . Wed, Feb 19, 6:29PM PST ( -0900 GMT)
Hugh, did that explain displaced averages well enough? It is my experience that displaced moving averages contain trend better than regular moving averages, so they create less whipsaw...

Hugh (San Diego): . . . . Wed, Feb 19, 6:31PM PST ( -0900 GMT)
Yes, that explained it well. (Why didn't I think of that myself?!)

PHF: . . . . Wed, Feb 19, 6:29PM PST ( -0900 GMT)
Hi Joe-I have some of your publications and I own FIBNODES SOFTWARE. I've always had difficulty figuring out whether the market's going into congestion and how to play trading range vs. trending markets.

Joe DiNapoli: . . . . Wed, Feb 19, 6:31PM PST ( -0900 GMT)
Good question. There are a variety of ways to distinguish trending markets from markets that are in congestion. But the topic is fairly comprehensive and difficult to answer in this forum. Consider that congestion in one time frame can be a strongly trending market in a different time frame, i.e. going from daily to five minute. Also, put the 3x3 DMA on any time frame chart, and see if action stays primarily above or below it. If it does, you've got a trending market. You can also use the detrended oscillator as an indicator of trend of lack of it. Sources for this information would be my Trading Course or the book I'm currently writing. You could also consider Wells Wilder's ADX, for determining trend or congestion. Volumes have been written on the study..

speculator: . . . . Wed, Feb 19, 6:33PM PST ( -0900 GMT)
Hi Joe; Please tell us your call on the direction of gold!

Joe DiNapoli: . . . . Wed, Feb 19, 6:35PM PST ( -0900 GMT)
Speculator, I appreciate your question but I'm going to try to refrain from making calls tonight. See an earlier response entitled to all.

CACTUS: . . . . Wed, Feb 19, 6:35PM PST ( -0900 GMT)
Joe: I didn't get the displaced averages. How you move the average?

Joe DiNapoli: . . . . Wed, Feb 19, 6:38PM PST ( -0900 GMT)
Cactus, that would depend on your charting software. If you are calculating it by hand, merely calculate the moving average from the prior day (or 5 days ago in the above example), So today's moving average is the moving average for the future, i.e. 5 days into the future in the above example....

Ollie: . . . . Wed, Feb 19, 6:37PM PST ( -0900 GMT) Cactus, if you're interested at DMAs, check out the recent issues of Technical Analysis for Stocks and Commodities Magazine.

TradeNet Staff -Neal.: . . . . Wed, Feb 19, 6:43PM PST ( -0900 GMT)
The value of this conference depends on your involvement, so do ask questions. Joe specifically requests that we do not ask him for market opinions or hot tips, please try to focus on Joe's techniques and experience.

CACTUS: . . . . Wed, Feb 19, 6:44PM PST ( -0900 GMT)
Ollie: Thank you very much. Do you have any home page address or e-mail to subscribe because I cant find the magazine in Mexico.

TradeNet Staff -Neal.: . . . . Wed, Feb 19, 6:46PM PST ( -0900 GMT)
Cactus, the web page for that magazine is www.traders.com/

Gadola: . . . . Wed, Feb 19, 6:45PM PST ( -0900 GMT)
Joe, any ideas on how to get into a market that is in a strong trend with no corrections to Fibnodes on, such as the current Swiss Franc.

Joe DiNapoli: . . . . Wed, Feb 19, 6:52PM PST ( -0900 GMT)
Gadola, One of the biggest advantages of the techniques I use, is their ability to get you into a raging move with relative safety. You accomplish this by dropping your time frame, creating a Fibonacci support series and buying above confluence. Your stop is predefined below a lower Fibnode. The example of the S&P trade on my software page should illustrate this fairly well. In this case of course it's a down move so we're creating a resistance series.

gildone: . . . . Wed, Feb 19, 6:47PM PST ( -0900 GMT)
Joe, your analysis seems to focus on price alone. Do you use Fibonacci on the time axis as well? Do you use other analysis to complement your Fibonacci expansion/retracement analysis?

Joe DiNapoli: . . . . Wed, Feb 19, 6:48PM PST ( -0900 GMT)
I don't use Fibonacci work on the time axis, though I've done a lot of study on the subject. Yes, there's an entire setting or context in which Fibonacci analysis should be applied. Without this context you are treading on thin ice.

stocksrme: . . . . Wed, Feb 19, 6:49PM PST ( -0900 GMT)
Joe the e-wavers I talk to are very bullish on stocks at this time. What is your view. Also would you buy gold stocks at this point?

Joe DiNapoli: . . . . Wed, Feb 19, 6:48PM PST ( -0900 GMT)
Stocksrme, No I'm not bullish, I'm worried, valuations are absurd but that doesn't mean they won't get more absurd. Just look at the Nikkei hitting 38,000, $50 silver, or tulip bulbs going for the equivalent of thousands of dollars. It's the bigger fool theory, but it's a fun game if you don't get caught.

Joe: . . . . Wed, Feb 19, 6:51PM PST ( -0900 GMT)
Do you have any methods in which you attempt to predict the following days price activity from today's price action?

Joe DiNapoli: . . . . Wed, Feb 19, 6:55PM PST ( -0900 GMT)
Joe, Not simply from today's price activity. I believe the study of higher time frame charts is necessary for maximum safety, so I usually use more than one day's price activity to determine objectives. Around 1982 I came up with a interesting indicator called the Oscillator Predictor This study looks back 6 months using a detrended oscillator to forecast overbought and oversold levels for tomorrow's action.

Double R: . . . . Wed, Feb 19, 6:51PM PST ( -0900 GMT)
I trade stocks using a hybrid can slim method. My goal is to generate monthly income. Do you have a stead fast profit and stop loss rule, so I can play the average % gains ? Do you always use technical analysis to set profit & loss stops, or take minor gains and play the overall average ?

fox: . . . . Wed, Feb 19, 6:52PM PST ( -0900 GMT)
I'm a little confused , do you use fib ratios to determine Probable entry & exit points?

Joe DiNapoli: . . . . Wed, Feb 19, 6:57PM PST ( -0900 GMT)
Fox, that is correct, I apply Fib ratios to the price scale to determine optimum entry and exit points.. This is combined with other indicators too, of course.

Hugh (San Diego): . . . . Wed, Feb 19, 6:57PM PST ( -0900 GMT)
What is the formula used to construct the Oscillator Predictor?

Joe DiNapoli: . . . . Wed, Feb 19, 6:57PM PST ( -0900 GMT)
I fully disclose everything I do, you'll never get yesterday's trading strategy from me, I teach exactly what I use. With respect to the formula for the oscillator predictor I'm under a moral constraint with a programmer, not to divulge the formula. You can get access to oscillator predictor in the Coast Investment Software, (graphics) TRADING PACKAGE. You can simulate the oscillator predictor by properly using the detrended oscillator.

KB: . . . . Wed, Feb 19, 6:57PM PST ( -0900 GMT)

TradeNet Staff -Neal.: . . . . Wed, Feb 19, 6:59PM PST ( -0900 GMT)
Hi KB! Welcome to the conference... Could you speak up, we can't hear you in the front. :-)

dbh: . . . . Wed, Feb 19, 7:00PM PST ( -0900 GMT)
Can you elaborate a bit more on "logical profit objectives"

Joe DiNapoli: . . . . Wed, Feb 19, 7:01PM PST ( -0900 GMT)
I use one or both of two methods. The first is Fibonacci analysis, see the FIBNODES SOFTWARE Web pages. I also use the Oscillator Predictor.

CACTUS: . . . . Wed, Feb 19, 7:03PM PST ( -0900 GMT)
Joe: Well, for example I have the Dow Jones chart. I'm waiting for a correction because I'm looking an extraordinary negative divergence with the RSI. How can I determine if the trend is ending and it´s coming a correction time? If I take the last great correction(Nov. '96) and trace a trendline beginning on the lowest low(aprox.6250 points) and ending today, if I use the Fibonacci proportions, the first support is in the 6,744 points and the second(using the .618) is on 6555 points. Is that right? And how can I predict the correction if the trend is going only bullish.? I hope you understand my questions.

Joe DiNapoli: . . . . Wed, Feb 19, 7:04PM PST ( -0900 GMT)
To Cactus, First of all I don't find Oscillator to price divergence a satisfactory indicator to act on. I also do not use trend lines. I use only two trend indicators. Displaced Moving Averages, and the MACD Stochastic combination. I'd have to look at these on the appropriate time frame chart to give you my impression of the trend. I will continue to answer your question but I'm going to send this now.

KB: . . . . Wed, Feb 19, 7:03PM PST ( -0900 GMT)
Hey, Neal I already asked two question:-) Now I am drinking my coffee and relaxing:-) I am only a newbie here, I don't want to mess with you big guys:-) Celine Dion is a wonderful singer..;-) If we could switch to rock...:-)

TradeNet Staff -Neal.: . . . . Wed, Feb 19, 7:07PM PST ( -0900 GMT)
KB, thanks for posting questions, we are probably 75% newbies here (First time on these pages for Joe too), welcome... I need a coffee myself..

CACTUS: . . . . Wed, Feb 19, 7:11PM PST ( -0900 GMT)
Well, who invites the coffee's.? Aparently we´re having a brake.

Joe: . . . . Wed, Feb 19, 7:04PM PST ( -0900 GMT)
Since you have spent some time with Jake B. Are you familiar with the MA-DTO system of Jake's and what do you think of it?

Joe DiNapoli: . . . .Wed, Feb 19, 7:06PM PST ( -0900 GMT)
Joe, unfamiliar with that one, but I really like Jake Bernstein and I have benefited from some of the things he teaches. My first exposure to the MACD, his version was called the DEMA (Dual Exponential Moving Average),laid the basis for my MACD Stochastic combination trend indicator. In the late 80s we did a number of seminars together. I always found his work to be of value and his treatment of clients to be particularly generous.

dapper: . . . . Wed, Feb 19, 7:12PM PST ( -0900 GMT)
Hi Joe, Great to catch you here, sorry I'm late....it's a 24 hour world out there. How much longer is the conference on line? Trader Dave...

Joe DiNapoli: . . . . Wed, Feb 19, 7:15PM PST ( -0900 GMT)
Dapper, that depends a bit on how many questions you ask... I am on the east coast, so I'll get tired in a while...

Hugh (San Diego): . . . . Wed, Feb 19, 7:13PM PST ( -0900 GMT)
Joe-Do you consider any technical indicators overrated? Which ones and why?

Joe DiNapoli: . . . . Wed, Feb 19, 7:23PM PST ( -0900 GMT)
Hugh, I'd probably make a lot of enemies if I told you what I thought of most technical indicators so I won't. But in my workshops and teaching material I usually sight seven key mistakes traders typically make. Let's see how many I can remember. One, initiating trades on a breakout, I buy or sell retracements not new highs or lows. Using Oscillator to price divergence as an entry tool. This is typically suicidal. Tightening up your stop without any cognizance of where to put it. You should be doing a Fib series to determine stop placement. Let's see that's three I think. A fourth would be to let the market take you out of a trade instead of having logical profit objectives. Think about it. Who are the most successful traders as a group. The floor traders of course. They always have taking profits as there priority. It's getting too late, I can't remember the other three.

dapper: . . . . Wed, Feb 19, 7:21PM PST ( -0900 GMT)
I've been using Joe's methods for more than a few years now, and for all the "newbies" the beauty of his work is that it is applicable across all time frames in all markets. Some indicators and studies have to be slowed or "speeded up" but the signals for entry and price targets remain valid. I trade R/T commodities in short time frames ..5 minutes.. but it works just as well on long term mutual funds. No astrology required either !

Ayrton: . . . . Wed, Feb 19, 7:24PM PST ( -0900 GMT)
Dapper, so I should get a refund on that crystal ball I just ordered?

fox: . . . . Wed, Feb 19, 7:25PM PST ( -0900 GMT)
I'm impressed. If your day trading R/T and have survived "a few years" my congratulations. I'm happy to hear it can be done!.

Joe DiNapoli: . . . . Wed, Feb 19, 7:26PM PST ( -0900 GMT)
Thanks Dapper. Glad you found usefulness in my work.

dapper: . . . . Wed, Feb 19, 7:27PM PST ( -0900 GMT)
how about adding to a losing position ? "It can't go any lower, can it "

Joe DiNapoli: . . . . Wed, Feb 19, 7:27PM PST ( -0900 GMT)
Dapper, Yea right, it's just got to bottom out so let's average down. Who was it that was worth about a billion dollars that said he wasn't wealthy enough to average down?

I_Do_Windows: . . . . Wed, Feb 19, 7:28PM PST ( -0900 GMT)
You explained earlier that Wash and Rinse was a technique used with "directional" signals. Could you elaborate, please?

Joe DiNapoli: . . . . Wed, Feb 19, 7:37PM PST ( -0900 GMT) To I_Do_Windows, what I meant was that Wash and Rinse was more in the category of a directional signal rather than in the category of an entry signal. Once you have a Wash and Rinse (pattern) then you could apply one of the entry signals you mentioned earlier. To elaborate more fully the directional signal gives you the context for the trade, i.e. up or down. The actual entry uses an entry technique derived from Fibonacci analysis.

dapper: . . . . Wed, Feb 19, 7:33PM PST ( -0900 GMT)
FOX, I've been an active trader for over 25 years, and have made every mistake in the book. A great trader once told me "The better you get, the more problems you will have". Man, is it ever true! As long as you learn something from each mistake [yours, brokers, pit, back-offices, etc.], and always maintain a tight money management and control program you will win. JOE, any time for some of your ideas on money management?

fox: . . . . Wed, Feb 19, 7:38PM PST ( -0900 GMT)
Thank you dapper, just started R/T 2 weeks ago, I've already learned several things NOT to do.

Joe DiNapoli: . . . . Wed, Feb 19, 7:45PM PST ( -0900 GMT)
Dapper, money management is a big topic I spend about three hours in my Trading Course on this subject alone. It's far more complicated than risking two or five percent of your margin on a given trade. You need to understand ruin theory, that's gambling theory, aberrant runs and much more. This information is hard to find. For years I've taught something called the three period rule. It assumes you have a good trading methodology. It goes like this. If you're not in profits after three periods, you get out of the trade. That's three days on a daily chart, fifteen minutes on a five minute chart. Hope that helps. One last comment regarding your question. If you learn how to buy and sell in the right places there will be great competition for fills in those areas. In that sense things do get harder when you get better. I'm talking about problems like X'd trades.

Joe: . . . . Wed, Feb 19, 7:35PM PST ( -0900 GMT) You said you used lagging indicators, like the displaced MA. If you adjust it to be 5 days ahead, wouldn't that be a leading indicator? You said you use Fib analysis as a leading indicator? Could you explain?

Joe DiNapoli: . . . . Wed, Feb 19, 7:38PM PST ( -0900 GMT)
Unfortunately, this isn't the forum to fully explain your question. The easy answer is no, a displaced moving average is not a leading indicator. In my upcoming book DINAPOLI LEVELS I get into a complete discussion of just what constitutes leading and lagging indicators. It's too difficult a topic to accurately cover in this forum. Yes Fibonacci analysis is a true leading indicator, when used properly.

Ayrton: . . . . Wed, Feb 19, 7:39PM PST ( -0900 GMT)
Joe, what markets do you trade?

Joe DiNapoli: . . . . Wed, Feb 19, 7:41PM PST ( -0900 GMT)
Aytron, I trade markets that move and conform to proven money making situations. In 95 one of my biggest trades was in the soy bean meal market. I hadn't traded meal for over ten years. The setup was perfect and I moved on it.

Hugh (San Diego): . . . . Wed, Feb 19, 7:42PM PST ( -0900 GMT)
Joe-What is a "detrended oscillator"?

Joe DiNapoli: . . . . Wed, Feb 19, 7:41PM PST ( -0900 GMT)
The formula for the detrend is close minus moving average, reasonable variations are high or low minus moving average. This oscillator was used many years ago before the RSI became popular. It has many advantages over the more common oscillators, one being that the extremes are not normalized to plus or minus 100.

CLARENCE: . . . . Wed, Feb 19, 7:46PM PST ( -0900 GMT)
Joe, what is an X'd trade?

I_Do_Windows: . . . . Wed, Feb 19, 7:53PM PST ( -0900 GMT)
Joe, didn't you write a magazine article about X'd trades a couple of years ago?

Joe DiNapoli: . . . . Wed, Feb 19, 7:54PM PST ( -0900 GMT)
To Clarence, an X'd trade is a canceled trade and can wreak havoc in your account. It can also be devastating psychologically. See Stocks and Commodities magazine March 95. I did an article on X'd trades. I was surprised the editor printed it. A lot of traders benefited from this knowledge.

CLARENCE: . . . . Wed, Feb 19, 7:51PM PST ( -0900 GMT)
I guess I'm not good enough, or I'd be experiencing X'd trades! Right? (grin)..

techharry: . . . . Wed, Feb 19, 7:43PM PST ( -0900 GMT)
I hope I'm not late, do you use pivot points high or low before entering a trade ?

dapper: . . . . Wed, Feb 19, 7:47PM PST ( -0900 GMT)
what constitutes a "good" market to trade in terms of contract volumn, tics per period, etc ?

Joe DiNapoli: . . . . Wed, Feb 19, 7:48PM PST ( -0900 GMT)
To Techharry, Love these handles. I don't use terms like pivot points because they mean different things to different people. If you're talking about using old highs or lows, or turning points the answer is only to the extent that they fall into my Fib analysis rules.

Ayrton: . . . . Wed, Feb 19, 7:48PM PST ( -0900 GMT)
Joe, Would your methods be appropriate for mutual funds?

Joe DiNapoli: . . . . Wed, Feb 19, 7:49PM PST ( -0900 GMT)
Ayrton, the unqualified answer is yes, but there can be some difficulties. Let's say you're trading a foreign bond fund. The managers of the fund may involve themselves with certain hedging or option writing activities which could affect price in such a way that the Fib analysis would not be as accurate as it would be if you had a pure cash market trade. All in all however the Fib analysis works very well in mutual funds.

I_Do_Windows: . . . . Wed, Feb 19, 7:48PM PST ( -0900 GMT)
Joe, do you have a recommendation for a source to learn "floor mechanics" that come into play for the 5 minute and faster markets?

Joe DiNapoli: . . . . Wed, Feb 19, 7:58PM PST ( -0900 GMT)
To I_Do_Windows, you're asking some very pertinent questions. With regard to learning about floor mechanics it's near impossible. You have to talk with someone who knows what's going on and who trusts you enough to talk with you. I spend about two hours in my private seminar sessions going over floor mechanics and I don't allow any recording of this information. The kind of comments I get go like this "so that's what's going on down there", "so that's why my fills always get screwed up" or "now I understand why you enter orders the way you do"

CACTUS: . . . . Wed, Feb 19, 7:48PM PST ( -0900 GMT)
Joe: Do you have an answer about my questions I'm really interested on your feedback.

TradeNet Staff -Neal.: . . . . Wed, Feb 19, 7:52PM PST ( -0900 GMT)
Cactus, I'll look back at your questions above, while Joe is responding to another question, and I will remind him...

Joe DiNapoli: . . . . Wed, Feb 19, 7:56PM PST ( -0900 GMT)
Cactus, I'll review your questions with Neal in a minute, still catching up here...

TradeNet Staff -Neal.: . . . . Wed, Feb 19, 7:57PM PST ( -0900 GMT)
There is a possibility that Joe will return in the future for a more detailed in-depth conference to explain his trading tactics in gory detail.. The detailed conference could be more like his actual trading classes, teaching how to trade the way he does.. Please post a message if you are interested in attending such a seminar so we can gauge the interest..

TradeNet Staff -Neal.: . . . . Wed, Feb 19, 8:05PM PST ( -0900 GMT)
Yes, Fox, the idea would be more of a training presentation than a questions/answers session...

I_Do_Windows: . . . . Wed, Feb 19, 7:58PM PST ( -0900 GMT)
I am in Neal

Hugh (San Diego): . . . . Wed, Feb 19, 8:01PM PST ( -0900 GMT)
Yes, Neal. I would attend.

fox: . . . . Wed, Feb 19, 8:03PM PST ( -0900 GMT)
This is my first conference. And yes, I would be very interested in a follow up conference with Joe. In that future conference, May I suggest holding all questions to allow Joe to teach us uninterrupted ? TradeNet Staff -Neal.: . . . . Wed, Feb 19, 8:05PM PST ( -0900 GMT) Yes, Fox, the idea would be more of a training presentation than a questions/answers session...

dbh: . . . . Wed, Feb 19, 8:06PM PST ( -0900 GMT)
Detailed conference sounds great

Joe DiNapoli: . . . . Wed, Feb 19, 8:00PM PST ( -0900 GMT)
Cactus, I believe I answered your question about Fib Arcs etc. above, let me know if you can't find it.. I'll work on your other questions in a minute..

techharry: . . . . Wed, Feb 19, 8:00PM PST ( -0900 GMT)
Joe, To me, pivot point for example will be (high+Low+close)/3. high pivot point will be (pivot point-low) low pivot point will be (high-pivot point). which % retracement do you use?

Joe DiNapoli: . . . . Wed, Feb 19, 8:09PM PST ( -0900 GMT)
To Techharry, I don't use pivot points as you defined them in any way whatsoever, so I can't give you any retracement value regarding them.

Joe DiNapoli: . . . . Wed, Feb 19, 8:03PM PST ( -0900 GMT)
Cactus, I think I answered the Mexican Exchange questions too.. I'm working on your most recent long question now..

Joe DiNapoli: . . . . Wed, Feb 19, 8:03PM PST ( -0900 GMT)
To Cactus continued, The way I use Fibonacci requires the input of more than one high and one low. For the Dow you would use the high of the move and multiple reaction lows to create a Fibonacci series from which you could then determine support levels. I hope you understood my answer.

CLARENCE: . . . . Wed, Feb 19, 8:08PM PST ( -0900 GMT)
Joe, I think the conference is almost over... You said earlier that something was really worrying you about the current stock market. Could you explain that while we still have time?

Joe DiNapoli: . . . . Wed, Feb 19, 8:17PM PST ( -0900 GMT)
To Clarence, I'll try to be specific so I'm not misunderstood. The monthly crude oil chart is showing me some startling possibilities. The recent highs on the crude should never have been achieved. By that I mean although we did not exceed Fibonacci resistance we kept hammering against it in an uncharacteristic way. If we go back up and exceed those recent highs on the monthly continuation chart we could be in for an explosion of oil prices. Anything in excess of approximately $30 would likely lead to the highs set during Saddam's fiasco. Just imaging what this would do to western Europe, Japan, and our federal reserve as we try to bail everyone out. Don't get me wrong I am not predicting explosive oil prices. I am saying that if certain Fibonacci levels are exceeded our stock market, our bond market, and for that matter the rest of the world could be in major trouble and those price levels are not very far away. On that cheery note, I'm getting close to closing. Any last minute questions?

dapper: . . . . Wed, Feb 19, 8:08PM PST ( -0900 GMT)
Joe, Ref. the discussion on X-trades, and "mechanics" who are on the floor. [did I get it right?] I doubt if any professional trader would discuss X-trades, unables, split fills, etc. except in the strictest confidence. Suggest those interested try either your private seminars for a full picture or talk to a current pit trader for some possible insight. Either way you will be "enlightened"

TradeNet Staff -Neal.: . . . . Wed, Feb 19, 8:11PM PST ( -0900 GMT)
Dapper, thanks for opening the way for this posting:- Joe has several educational tools for sale. We have negotiated a discount for attendees of this conference. If you are registered to post messages on this web page, you qualify for a discount on some of Joe's products. This offer expires in 60 days. Just mention this conference when you order, we'll verify that you are registered to use our web pages at that time. NOTE! I personally purchased Joe's training tapes and manual at the Telerate conference last November. I highly recommend it! Feel free to send me email at neal@halcyon.com after reading Joe's web pages, or email Joe directly at coast@fibtrader.com to ask about the training.

TradeNet Staff -Neal.: . . . . Wed, Feb 19, 8:11PM PST ( -0900 GMT)
Joe DiNapoli's training materials can be ordered from his office. COAST INVESTMENT SOFTWARE INC. VOICE (941) 346 3801 FAX (941) 346 3901

CACTUS: . . . . Wed, Feb 19, 8:12PM PST ( -0900 GMT)
Joe: Thank´s. Yes, I understood your answer, and sorry about the interruption. One last question: What do you mean with a multiple reaction low? Some concepts looks different to me because maybe in Spanish are used on different terms. Neal: Sure, this is my first conference in the web, and I am interested in another conference with Joe. Greetings from Monterey, Mexico.

I_Do_Windows: . . . . Wed, Feb 19, 8:13PM PST ( -0900 GMT)
DAPPER: Regarding money management, I have listened to Joe's Trading Course tapes about 8 times or so just for that reason. Really opened my eyes.

TradeNet Staff -Neal.: . . . . Wed, Feb 19, 8:16PM PST ( -0900 GMT)
Greetings Cactus, your questions are not an interruption.. I_Do_Windows, I just re-listened to Joe's tapes last week, and was amazed at how much MORE I learned this time...

TradeNet Staff -Neal.: . . . . Wed, Feb 19, 8:18PM PST ( -0900 GMT)
We need to start winding down, it's getting late on the east coast, please post final questions at this time.... Joe is preparing responses to prior questions now..

dapper: . . . . Wed, Feb 19, 8:19PM PST ( -0900 GMT)
Adios, to all. The next conference sounds great. Tokyo and Singapore very active, must get to work. Dapper from Australia.

Joe DiNapoli: . . . . Wed, Feb 19, 8:19PM PST ( -0900 GMT)
To Cactus, Multiple reaction lows cross all geographical boundaries. I've taught about them in about 40 different countries. Instead of looking at only the major low or the lowest low of the move, you need to look at and calculate Fib retracements off all significant lows. You cannot do this using graphic software alone since the chart would be chaotic and unreadable. This is where FIBNODES SOFTWARE comes in. You also need to be able to identify the Fibonacci retracement values with the reaction lows that create them. This is the concept of lineage. Again this is addressed in the FIBNODES SOFTWARE program or if you use a pair of proportional dividers you might be able to duplicate this on a price chart by hand. Don't worry about this being your first on line conference, it's mine too.

CACTUS: . . . . Wed, Feb 19, 8:21PM PST ( -0900 GMT)
Joe: Thank´s for your time. It was so valuable to talk with you. I hope meet you again in this site. Greetings.

TradeNet Staff -Neal.: . . . . Wed, Feb 19, 8:21PM PST ( -0900 GMT)
Thanks for attending Dapper!!!!

CACTUS: . . . . Wed, Feb 19, 8:22PM PST ( -0900 GMT)
Dapper: It seems you know a perfect Spanish, see you in another conference. Adios amigo.

CLARENCE: . . . . Wed, Feb 19, 8:23PM PST ( -0900 GMT)
Thanks for the response Joe, it'll take me a while to digest that... I would be interested in another conference too..

TradeNet Staff -Neal.: . . . . Wed, Feb 19, 8:26PM PST ( -0900 GMT)
Thank you for attending everyone.. Thanks also to Joe for taking the time to explain your tactics...

CACTUS: . . . . Wed, Feb 19, 8:26PM PST ( -0900 GMT)
See you later everybody. !!!!!!!!GONE¡¡¡¡¡¡¡

Joe DiNapoli: . . . . Wed, Feb 19, 8:27PM PST ( -0900 GMT)
To all, thanks for attending, this was really an interesting and fun experience for me. You should know thatNealput this on fully at his expense, including putting my Web pages up for your behalf, as well as mine. He also pushed me to offer all of you a 25% discount on my products. He's looking out for all of you and he's doing a good job. He deserves your thanks, he certainly has mine. Good night.

I_Do_Windows: . . . . Wed, Feb 19, 8:27PM PST ( -0900 GMT)
Thanks, Joe. I Do Windows! -SR

TradeNet Staff -Neal.: . . . . Wed, Feb 19, 8:27PM PST ( -0900 GMT)
Hey, Joe, turn out the lights when you are done, OK?

fox: . . . . Wed, Feb 19, 8:27PM PST ( -0900 GMT)
G'night from the Florida Fox