There is no logic in fibs. It is exactly drawing a line in sand, and consider it as a boundary.
Where is the logic behind applying Fibonacci to trading?
Fibs work perfectly. So perfectly you can even change the percentages used in the fib tool to whatever you like, and it'll still show price "respecting" the quasi-fib boundaries you've plucked out of your butt. But the secret sauce to fibs is matching it with astrology and tarot. Only trade when the morning paper says your star sign is going to have a good day, but also only when your local crackpot with a deck of cards reads your fortune and says good things. Then sniff some more glue because you are all crazy af.
- #23
- Feb 5, 2016 1:26am Feb 5, 2016 1:26am
- Joined Nov 2008 | Status: Trader | 2,143 Posts
The logic is:
fibos well applied, in price and time, make $.
fibos well applied, in price and time, make $.
"The logic is:
fibos well applied, in price and time, make $."
Baloney.
There is no logic in it. Fibonacci levels are useless in trading. They're also quite subjective - where does one place 0% and 100% ? Different traders will use different prices, hence it's subjective. Markets don't move because of fibo levels , moving averages , or any other indicator.
fibos well applied, in price and time, make $.
"Baloney.
There is no logic in it. Fibonacci levels are useless in trading. They're also quite subjective - where does one place 0% and 100% ? Different traders will use different prices, hence it's subjective. Markets don't move because of fibo levels , moving averages , or any other indicator.
- #27
- Edited 3:03am Feb 5, 2016 2:40am | Edited 3:03am
Anyone who says Fibs do not work , I wouldnt go near them with a ten foot trading pole! Fibs are based on ratios and the golden ratio, everything living on the earth uses the golden ratio so we gravitate towards these numbers. Fibs started being used because traders began seeing a pattern, so they applied it mathematically and lo and behold ratios became evident.
I have studied fibs for years and while most use them for turns in the market like a 50 or 61.8 this is only part of the story. I could show you time and time again day in day out on every time frame how fibs play out. We follow the big traders, we try and get in on their moves, if the huge hedge funds and banks use fibs then we should as well.
Fibs are the only LEADING indicator in the forex world, all the other indicators LAG
2 examples on gold - why long, I am a supply demand trader and my trendline to the short side was broken on the day. First example - swing low to first swing high, gives a 61.8 retracement, now take profit as a leading indicator has told me 161 is take profit , price went to the 161 then bounced back to the zero line fib, this one completed fully, second example same swing low to the new swing high again a 61.8 retracement again telling me take profit is the 161!!! No fibs dont work what so ever.... This is only one example using the 61.8 retracement ....
I have studied fibs for years and while most use them for turns in the market like a 50 or 61.8 this is only part of the story. I could show you time and time again day in day out on every time frame how fibs play out. We follow the big traders, we try and get in on their moves, if the huge hedge funds and banks use fibs then we should as well.
Fibs are the only LEADING indicator in the forex world, all the other indicators LAG
2 examples on gold - why long, I am a supply demand trader and my trendline to the short side was broken on the day. First example - swing low to first swing high, gives a 61.8 retracement, now take profit as a leading indicator has told me 161 is take profit , price went to the 161 then bounced back to the zero line fib, this one completed fully, second example same swing low to the new swing high again a 61.8 retracement again telling me take profit is the 161!!! No fibs dont work what so ever.... This is only one example using the 61.8 retracement ....
- #30
- Feb 5, 2016 3:42am Feb 5, 2016 3:42am
- Joined Nov 2008 | Status: Trader | 2,143 Posts
"The logic is: fibos well applied, in price and time, make $.
- #32
- Feb 5, 2016 3:53am Feb 5, 2016 3:53am
Fibs work perfectly. So perfectly you can even change the percentages used in the fib tool to whatever you like, and it'll still show price "respecting" the quasi-fib boundaries you've plucked out of your butt. But the secret sauce to fibs is matching it with astrology and tarot. Only trade when the morning paper says your star sign is going to have a good day, but also only when your local crackpot with a deck of cards reads your fortune and says good things. Then sniff some more glue because you are all crazy af.
Inserted Video
43:49 in shows Fibonacci.
But the whole video is worth watching
Wealth comes from what you keep, not what you earn
- #35
- Feb 5, 2016 3:58am Feb 5, 2016 3:58am
{quote}
How many of you are in the EUR USD long from the 61.8 retracement, ahhh sucks to be you if you are not , just another random level
- #36
- Feb 5, 2016 4:04am Feb 5, 2016 4:04am
{quote} Baloney makes $...like it or not...
- #39
- Feb 5, 2016 4:07am Feb 5, 2016 4:07am
- Joined Nov 2007 | Status: Trying manual mode again | 2,210 Posts
