To each their own I suppose.
I know several traders that are very consistent with their methods using rule based Fibonacci strategies.
I also know significantly more traders that are unsuccessful with Fibonacci, their also unsuccessful at any other strategy they try.
It is my opinion that without a rule based method to enter, manage, and exit the market you will, over time, be unsuccessful.
I work in a data research and analytic firm for financial traders of various institutions. The number one reason they attribute to failure in trading is subjectivity.
If you've never saw a Fibonacci level be respected then I can only guess you're drawing them completely wrong, they are respected all the time, you just never know which level and to what degree it will be respected. With solid risk management you can trade each level and lose 3 time but win on the 4th one and turn a profit. We see traders do it all the time.
Wish you will in your method though, I see no logic, but good luck!
I know several traders that are very consistent with their methods using rule based Fibonacci strategies.
I also know significantly more traders that are unsuccessful with Fibonacci, their also unsuccessful at any other strategy they try.
It is my opinion that without a rule based method to enter, manage, and exit the market you will, over time, be unsuccessful.
I work in a data research and analytic firm for financial traders of various institutions. The number one reason they attribute to failure in trading is subjectivity.
If you've never saw a Fibonacci level be respected then I can only guess you're drawing them completely wrong, they are respected all the time, you just never know which level and to what degree it will be respected. With solid risk management you can trade each level and lose 3 time but win on the 4th one and turn a profit. We see traders do it all the time.
Wish you will in your method though, I see no logic, but good luck!