I'd also like to add that I find peoples emotional attachment to technical inicators alarming. Some folks act like you've just spat on their kid when you point out some simple truths about some simple numbers.
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Why do we trade?... no really, why? 51 replies
Why oh Why .... 19 replies
DislikedHmmm.....sounds like some of you guys in this thread have limited your exploration of Fibs to basic retracements, and then dismissed their usefulness and labelled them BS.
As they say.....
"Beauty is in the eye of the beholder"
"Beauty is more than skin deep"
Whatever works for someone obviously isn't BS to them!
And that is all I'm going to say on the subject! (well probably not but that's the plan, lol)Ignored
Dislikedhow many MIT dorks are there on the Forbes list?
Disliked.........Having said that, I'm not a great fibo fan. If I may generalize, I would arrange the commonly used line studies in this (descending) order of reliability: candle S/R (James16 'PPZs'), round numbers, trendlines, pivot levels, and fibos last.
If a key fibo retracement level (38.2, 50, 61.8) coincides with some of the other S/R types, then I believe it does no harm to assume that some traders may be watching it, which adds potential weight to the possibility of a reversal in that area.Ignored
DislikedJust found a recent chart (see attached screenshot) that illustrates what I meant back in post #43.
The high of candle 'A' is a near perfect low risk (short) entry. It coincides with (in order or reliability, IMO) a flipover triple bottom (manually drawn white line), the daily R1 pivot (red dashed line - partly obscured), a round number (1.5350 - dotted gray line), a previous daily low (dark blue line - difficult to see), and lastly a 50% fibo retrace of the obvious swing from the Asian session high (dotted yellow line). All of these fall within...Ignored
if banks trade with dog shit then i'm buying several large dogs.
this site ain't for theoreticians.
how many MIT dorks are there on the Forbes list?
Disliked...to illustrate the 'incidental' way in which I use fibos....Ignored
DislikedWant your kid to become one of the richest people in the world? Send them to Harvard.
The Cambridge, Mass., school tops our first-ever billionaire college study with an alumni base that features 54 10-figure titans, more than 5% of the world's billionaires[i]. Of those 54 plutocrats, 11 received an undergraduate degree, 41 earned a master's, doctorate or juris doctorate, and two earned two degrees....Ignored
Dislikedi don't know if they are or aren't but they MOVE this market.
that's all that matters.
i wonder how many stupid fukers we can get on one thread.
DislikedWhat if that 50% hadn't been there, would you still have taken the trade?
By the way, is that a typical working chart you'd usually trade off?Ignored
DislikedYes, I would have taken the trade. My basic entry is a strong (preferably big candle) push through a significant level, and then a pullback to the same level (I like to let price come to me, rather than chase it). In this particular example, the flipover S/R is the overriding criterion, especially as there are so many prior candle lows around that same level.Ignored
DislikedYes, this is a typical chart that I trade off. To many folk it must seem horribly cluttered, but every line is there for a reason, as I look for groups of lines clustered around the same area.Ignored
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