Fibonacci Indicator? Is it a big Joke?

subscript.

just want to say that, price itself did not care/respect any indicators.

I think most of us who find a use for fibs, don't use it in the conventional way. This never worked for me, and I had problems with it also.
There is a time & place to use fibs and that is the real issue here.

Sometimes it can be so unnervingly accurate, especially when other factors are in agreement. I put that down to coincidence rather than accuracy.
Stay calm, relaxed & follow a plan.

Price doesn't care about anything, until you put human emotions into it. Humans will always to react to the classic emotions of Fear & Greed.
This is what makes a market. Robots only follow instructions of their masters, so are not devoid of emotion either.

I was browsing by and I saw this thread and I felt a compulsion to respond as I noted there is a huge misunderstanding of the fib tool in the specific context of understanding of price actions/movements of the exchange rate of a particular currency pairs.
One must understands that forex unlike all the other commercial commodities where price is based purely on markets`supply and demand is a highly regulated and controlled item constantly monitored and watched by all its respective central banks to ensure that the price actions/movements are within their expected parameters norm as set forth by them. Each pairs is inherently different and dynamical due to the multitudes of factors that impact each individual nations interests and needs. The central banks will intervene if parameters are breached or under hostile siege to destabilise their monetary and financial policy and goals.
Now fib is just a tool to act as a indicator used by currency traders all over the world to try to understand and capture the price actions of the currency movements in the hope to benefit from this exchanges and for the past two decades even the commercial banks are also into it becos they are not satisfied with their traditional roles and the very `limited` benefits of creaming the spreads from each exchanges. Thus the emergence of countless investment banks and its cohorts.
All the retail forex traders are aware and excited of this facts and will go thru all ways and means to understand and know how to read and capture the exchanges movements in the hope and wish to reap the monetary benefits that comes with it if they succeed. So far few have succeeded and most are still trying and many more are starting to try too.
Here is where I would like to throw in my two bits of whatnots I have and see if I can elicit some sort of responses from some like mindedness traders in which I much doubted I will. Flames perhaps/mabbe?
Forex PA is a structured and uniformed process and in order to become an accomplished forex traders one has not only to just understand and know how it works BUT one has to also know exactly where the critical and crucial structural cornerstone is at and only then can one use the fib tool to calibrate and measured its movements`projections paths and curves in all the downmoves, upmoves, breach/hold levels, toppings/basings and also the consolidated PA. Each and every currency pairs have its own dynamics and depths based on the same principles. Crosses pairs are the product of two major currencies vis a vis Usd. So what works for E/U may not work with U/J or G/U etc....

Ok now that I have spoken too much and this is my only and last post in this thread, hope the joke is not on you just becos you do not know how where and when to use fibs as a tool. For one cannot really be a accomplished trader if one does not know how to use this penultimate tool. I personally dont even need to see a traders T/E to know if he is a successful or unsuccessful trader, all I need to know is to see is what is his trade calls on entry/exit and SL of any particular trade on a major currency pairs. This is my fib tool to gauge and know a trader`s competency level. Hehehe

Cheers and success.

GS.

I don't think it's a joke.

Do you?

If I'm just "seeing things", then the market is also

I'm ok with that

I mean really, can it be any more obvious?

Draw enough lines on a chart and price will "respect" many of them.

Comes down to what you believe and what works for you. I am not for or against any particular trading style. Fib's, Pivots, moving averages, moon phases, sun charts, Mayan Calendars whatever it takes for you to feel comfortable making a trade is what is important. And by all means if you make a billion doing it I will be the first to cheer your success.

It's obvious there is always a next level that may or may not save you on a bad trade, or some level that may or may not be the place to enter, or some level that may or may not be the place to exit. (:

Obviously, nothing is certain in forex, it's all probability.
But of course you understand this, since despite your best efforts you were unable blow your account or lose at forex

[quote=Ill-b-back;8595341]{quote} Obviously, nothing is certain in forex, it's all probability. But of course you understand this, since despite your best efforts you were unable blow your account or lose at forex[/quote]

Indeed, and I am really, really trying

in the game numbers and levels which is Forex better to have freedom of choosing your levels as central banks know fib levela and might use them to trick the market

If you use fib levels 100% you are blind

Repost

I don't. I use them when the picture fits. I said "if you know where you're going."

Kindly can u share a chart pic here as an example? To also show you the diff between fib and have the freedom to place your levels freely

I'm sorry, I'm happy to give advice but I am not going to divulge the exact way I trade. No offence. Good luck .

so you have a secret grill and its based on fib hahaha... Its the best ever joke i saw in forex no hard feelings & best of luck when i loss big and realise fib is a lie just reply here and will share with u fractals patterns & how to trade chaos

I trade price action. I look at chart patterns, sometimes candle patterns; I use trend lines and S/R. I look for confluence areas, then I use fibs to help me pinpoint the reversals. Sometimes it's possible to be accurate to a few pips, obviously outside of any news announcements. There are points on a chart where you can just see price will reverse. That's nothing unique; plenty on here look at those things too, but where I'm different is where I place my stop and take profit. I am not a good teacher and even less so to those who mock. I'm sorry for responding in the first place.

Fibo is useless for indicator, but if you use for quantitative analysis fibo actually work , this help you where put an order SL and TP

my Tipp: look at one strong move from the last time, draw a Fibo and move with exactly this Fibo around the chart. Maybe you will see something useful and get a feeling how the market works. Ill be Back did the first step maybe there are more steps how to use this tool.

btw Domba get it right as he said "good for quantitative analysis". It is more a tool to have an overview if the price is very stretched or to find places where i dont want to be in a trade anymore and so on. Just my view attached is a picture from the USDJPY 1H maybe you play a little bit with the Fibo because i dont want to upload many different pictures which nobody can or is willing to follow. notice: i took this Fibo because it was the last strongest reversal move. If you just look at only the picture the Fibo shows you nothing, you have to move around with here and use the -61.8 and 161.8 maybe for the extrems.


to make clear what i mean here a second picture: first move with the same fibo from before



and i could show you 5 more with pinpoint accuracy




high was 0 or 100% now move the Fibo so, that at the same point the level -61.8 apears. How far can it go down? till 100% or support/ resistance at level 0


and so on and on works!