Dislikedin fact wasn't all science and mathematics considered heresy at one time, the bible being accepted as the source of all knowledge?
Fortunately we've moved on a bit since the Dark AgesIgnored
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Dislikedin fact wasn't all science and mathematics considered heresy at one time, the bible being accepted as the source of all knowledge?
Fortunately we've moved on a bit since the Dark AgesIgnored
DislikedSo why are S/R, fibs, trend lines, etc important? Because the bankers say they are. Every trader (for a CB, bank, hedge fund, etc) use these tools when they are trading. The patterns I spoke about develop when these big boys are in the market, and break down when the big boys are not very interested in the market, or change their direction.Ignored
DislikedHi Ted, can you tell me one thing that has underlying mathematical meaning in the market? If nothing, then we don't need maths to trade, if something, then we all go back and learn trading maths and quit fighting.
KennIgnored
DislikedYou have a circular argument here which sounds like a conspiracy.
When a big trader looks at a S/R line, what is he actually doing? Does he expect the price to touch the line and then he and others try to reverse it? But why would other big trader bring the price lower or upper if he knows what will follow?
How do the big trader decide which S/R line is important and for what timeframe and which pair?
If the most big traders decide to buy at a certain price, which is a confluence of S/R, fibs and emas, what other big traders are going to sell to...Ignored
DislikedThe fib' Nazis are trying to impose a rigid, rational (mathematical) structure on a system that does not and cannot comply.
(They know not what they do. LOL)Ignored
DislikedTo help out the OP...
traders are widely targeted by snakeoil salesmen, especially forex. It is easy to create a losing indicator, cherrypick a few trades out of 1000 that actually work, and sell it. Fib. systems seem to be common among them.
With that being said, retracements are a great thing for beginning traders to find an entry. Fibs may help you if you lack screentime and cannot determine how an ideal retracement looks. If you have no entry strategy on your retracements, they may even give you an 'area' to scale-in. They do nothing more....Ignored
DislikedWow, Taking a break for a few minutes this weekend, open up the old FF and this, yank me session, is still going on. Do fibs work? Yes sometimes, sometimes they don’t, but once you understand the structure of markets - specific pricing for any instrument is tough to fill for large orders --- specially Forex. I would surmise that the overall market pattern would dictate, not the specific level, or price. But what everyone here needs to get their brains wrapped around, trading has nothing to do with being right or wrong.
Actually that mindset is...Ignored
Dislikedhis place is too full of "I can't make it work so it can't work for you" people -- sad.Ignored
DislikedSeems like someone got a fully understanding of the underlying market-structureIgnored
DislikedWell let him be as angry as he wants but he still is telling the truth.
I'm glad that there are quite alot of people who don't buy everything they read on the internet and think for themself. When I found out that there are no magical numbers in the chart I was afraid that I might be the only one who knows the truth. Good to see that there are still some openminded people left on the planet.Ignored
Disliked
BTW I am ready to be convinced, "I'm all ears" as they say.
Just because you use a retracement tool with these ratios does not, repeat not, mean they have any underlying value in market structure.
Try changing the values to 25, 50, 75, 125 etc. They'll work just as well.Ignored