Dislikedthomknight...thank you for your post and your chart and thank you for a straight answer...i just dont think anyone else on this thread can handle any more riddles...but i do have a question what would be your next fib on the charts you posted...thanks again!Ignored
Most traders dismiss fibs as nonsense, when some of us know the real edge that exists in them. If everyone knew exactly how fibs worked, and where price was going, I don't think they could be traded anymore. If some of this stuff became common knowledge, brokers/dealers would simply have to manipulate their data to shut the party down. Also, it makes no sense to bring out the big guns in a place like forex factory, because to be a successful trader you depend on the losers to grow your account. If there are no more losers then there are no winners. Nobody would be stupid enough to open a trade. Price would just go sideways, and we'd probably have some sort of fixed price system.
While fibs do work in amazing ways, to me they are still quite illogical. After almost 3 years now of studying of fibs, I cannot say why they should work time after time. Trading is so absolutely complex when broken into it's individual parts, every swing is different than the last in many ways. And quite humorously, MT4 doesn't even display real pricing, just an average price. If spreads never changed it wouldn't be that big of a deal, but that's not the case.
If you think that you can come to a place like FF and find a system that will make you easy money, you're nuts. It won't happen. If it does, then you will have a "system suicide" on your hands.
One more thing..Even Skunny fibs fail sometimes. You could make the case that the fib didn't fail but "switched," but if you were in a trade and it "switched around" on you, then you still have a loss on your hands. So to say that you can trade and never lose is seriously foolish.
If someone claims they never lose, ask to see their statement. I guarantee they will never show it to you.