I am starting this thread as I'm aware that there are several 1KT members who have an in-depth knowledge of this method for analysing potential trades.
I am also aware that many think it's mumbo-jumbo, but suspect that's more to do with a lack of appreciation of all the factors that need to be considered.
I also feel this is an area where newbies can be led astray by the hype surrounding this tool, and hope that 1KT members' input will show them how to properly apply Fibs to their charts.
At this point I'll leave the door open before sticking my oar in, as I am probably the least qualified to offer advice.
OK guys/gals, it's over to you.
P.S. I'm looking for generic concepts here, avoiding copyright issues for known trading methodologies.
I am also aware that many think it's mumbo-jumbo, but suspect that's more to do with a lack of appreciation of all the factors that need to be considered.
I also feel this is an area where newbies can be led astray by the hype surrounding this tool, and hope that 1KT members' input will show them how to properly apply Fibs to their charts.
At this point I'll leave the door open before sticking my oar in, as I am probably the least qualified to offer advice.
OK guys/gals, it's over to you.
P.S. I'm looking for generic concepts here, avoiding copyright issues for known trading methodologies.