I've been fascinated with fibo's since the day they started working for me.
I normally enter on a 61.8/38.2 retracement once i see a candlestick formation.
but after reading trader888's post i am now wondering if fibonacci methods work or do they only appear to work
why am i saying this?
well, if fibo's are mainly used in conjunction with the trend, then buying/selling at fib#'s is really just entering a trade in the direction of the trend at a supposedly "cheap" price.
in an uptrend, we normally enter if the down retracement has died out (candles getting shorter and reversed) and if it is at a fib#
So i am wondering if it is just that the price is cheap or is it aesthetics?
I normally enter on a 61.8/38.2 retracement once i see a candlestick formation.
but after reading trader888's post i am now wondering if fibonacci methods work or do they only appear to work
why am i saying this?
well, if fibo's are mainly used in conjunction with the trend, then buying/selling at fib#'s is really just entering a trade in the direction of the trend at a supposedly "cheap" price.
in an uptrend, we normally enter if the down retracement has died out (candles getting shorter and reversed) and if it is at a fib#
So i am wondering if it is just that the price is cheap or is it aesthetics?
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