As someone who's relatively new to trading and any form of technical analysis, could someone please explain the logic behind fibonacci levels, harmonic price patterns, etc? I mean, why is price any more likely to react to a fibonacci level than any other level randomly drawn on a chart. Is it just a self-fulfilling prophesy, witchcraft, or what?

- Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,438 Posts
MT4/MT5 EAs/Indicators/Alerts coder
- Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,438 Posts
MT4/MT5 EAs/Indicators/Alerts coder