Wasn't the OP's original question about whether or not the fib indicator is a joke?
I don't use the fib indicator in my own trading, nevertheless I'd never dispute the existence of Fibonacci ratios in nature or the market because clearly they do exist, however, in terms of what aspect of Fibonacci can be hunted/traded for a profit, what I would suggest is that the fib indicator levels that have a higher probability of "working" are already written into price-action/structure. And that price itself is the indicator.
Take the current M15 Gold chart for example:
Reading pure PA and this morning's bullish move we don't need any indicators to see that there's clearly an area of price-action around 1171.70 that warrants some attention if, as and when the market returns. If we place a fib indicator into the chart we can also see the clear confluence at the 50 percent level.
But if price does bounce here and give a long continuation entry does that mean that it's the indicator causing the bounce or has Fibonacci's data already been written into the market structure during this morning's M15 PA?
I don't use the fib indicator in my own trading, nevertheless I'd never dispute the existence of Fibonacci ratios in nature or the market because clearly they do exist, however, in terms of what aspect of Fibonacci can be hunted/traded for a profit, what I would suggest is that the fib indicator levels that have a higher probability of "working" are already written into price-action/structure. And that price itself is the indicator.
Take the current M15 Gold chart for example:
Reading pure PA and this morning's bullish move we don't need any indicators to see that there's clearly an area of price-action around 1171.70 that warrants some attention if, as and when the market returns. If we place a fib indicator into the chart we can also see the clear confluence at the 50 percent level.
But if price does bounce here and give a long continuation entry does that mean that it's the indicator causing the bounce or has Fibonacci's data already been written into the market structure during this morning's M15 PA?