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Fibonacci is like a guessing game

  • #41
  • Apr 16, 2012 10:22am Apr 16, 2012 10:22am
Quoting tomplank
Fibonacci is the worst indicator I have ever seen
How can you say something like that?

First you ask how to use it, then you say right ahead that it's not worth it?

As other members have said, you're not obliged to use it.

As for myself, I find it very reliable for take profits, for instance.
Around 50% or 61.8% retracement. Many times the price rests there before continuing the trend or turning around.

For example, this very recent EURUSD 4h the 50% retracement is right on the pinbar:
http://i.imgur.com/MyMVe.png
  • #42
  • Apr 19, 2012 12:27pm Apr 19, 2012 12:27pm
lemme tell ya a fib
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #43
  • Apr 27, 2012 2:31am Apr 27, 2012 2:31am
I'm a newby in trading, anybody can explain how to use fib lines? for what they need?
  • #44
  • May 3, 2012 2:30pm May 3, 2012 2:30pm
Quoting tomplank
Hey,

how do you work with fibonacci indicators?
In my opinion Fibonacci is like a guessing game.
I think the more traders believe that it works, the more likely the price will act around fibo levels. The same goes to support and resistance levels.

If you don't like fibo levels don't use it. There are many more indicators that you may like.
  • #45
  • May 16, 2014 4:27am May 16, 2014 4:27am
Quoting EmeraldEyes
{quote} Retailers use fibs. They're just magic numbers. The only "Fibonacci" # worth while is 50% retracement of a clear one-way market. I like when people say "50% fibonacci" though instead of just 50%.lol
We're all so clever :-)
95% of the people don't believe 100% they can win, that's why they lose
  • #46
  • May 16, 2014 4:28am May 16, 2014 4:28am
Quoting tomplank
Hey, how do you work with fibonacci indicators? In my opinion Fibonacci is like a guessing game.
The whole Forex thing is one big guessing game, so what else is new???
95% of the people don't believe 100% they can win, that's why they lose
  • #47
  • May 16, 2014 4:32am May 16, 2014 4:32am
Quoting pipmutt
{quote} I think you'll find you've drawn the fib levels upside down!! You should be drawing from the high down to the low for a downtrend retracement, your 100 (100%) and 0 (0%) need to be the other way round! Think about what all those fib levels represent. Same with your second chart, draw low to high for going long on a retracement.
Yes, this clearly makes a big difference for using the 50% fibs
95% of the people don't believe 100% they can win, that's why they lose
  • #48
  • Last Post: May 16, 2014 4:37am May 16, 2014 4:37am
Quoting gelunas
{quote} I think the more traders believe that it works, the more likely the price will act around fibo levels. The same goes to support and resistance levels. If you don't like fibo levels don't use it. There are many more indicators that you may like.
No doubt about the power of 'belief', so yes, part of what makes Fibonacci's work is the fact that many traders believe they do (self fulfilling prophecy), but this is a characteristic of Life itself (just read up on placebo effect and, the opposite, the nocebo effect - belief is the driving force in the universe, corny as it may sound to most people :-)
95% of the people don't believe 100% they can win, that's why they lose
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