DislikedFascinating if you believe in Fibs. I think there is a 33% chance the Euro will move up, a 33% chance it will move sideways, and a 33% chance it will go down.
Ignored
I don't think its really important or relevant if I believe in FIBs. What IS important in that a lot of traders believe in them, just as a lot of traders believe in Pivot Points, Support and Resistance points, etc, etc,.
The more people there are that believe in a certain thing, the better the chances are that their actions, as a result of their beliefs, will result in price conforming to some of these levels.
Remember this, these are just tools that one uses to make decisions. Even those who claim that all they use in their decision making is price action, are still basing their actions on a belief that price will do something which conforms to their belief.
Just tools, fellow trader, just tools. The only thing I ultimately BELIEVE in is my bottom line and how all these various tools at my disposal allow me to hopefully increase that bottom line.
On an entirely different subject, I must apologise for the lousy quality of that chart I posted. Would someone be kind enough to point me in the direction of where I can find in this forum (or elsewhere) the appropriate methodology to post CLEAR charts.
Thanks very much.
As well, I apologise for my English. Its my second language and try as I might, I don't always get it right...