That's one hell of a funny thread. Someone creates a thread and asks a million dollar question and another one answers in really brief "yes" and they live happily ever after. Thank you, I laughed my head off.
No is the answer to your question. All the ones you mentioned (and my favorite - fib weekly pivots) have a 50-50 chance of bouncing or breaking through. The idea is to closely observe price action (candle patterns) when price hits those levels (or zones). There are really three options: Price bounces, or bounces and retraces to the line or powers through - generally with a large candle.
Yes. As with any organization that tracks profit and loss, there is an equilibrium point where you break even. Forex is supply and demand of money between countries and so, yes, it most definitely has an equilibrium point. It requires business analytics though. I have no idea what round numbers, pivot points, or s/r has to do with it, or anything for that matter. Those methods just draw lines around historic prices and have nothing to do with current or future market flow, unless you think the market is just going to stop moving when it hits some...
Ignored
Patterns, fibo, pivot etc are in fact "fiction". There is really nothing special about them.
However there is also very clearly a large herd behavior.
And so when enough people chant the myth, their very chanting makes it work.
They don't have any predictive power, but definitely can be points of interest in the market.
This in combination with price action and or good money management can give a trader an edge.
{quote} Sorry you think it is fiction. You have obviously never worked in management of a business before, so have no idea what I am talking about. No problem. I don't have much use for price action nor money management. Price action is candlestick trading, right? It is different from one time frame to another, so utterly useless. Ancient hocus-pocus for the desperate who don't want to do it correctly. No problem though. If you think it is an "edge" and you think you make profit, then good for you. I respect you, but your analysis is garbage, obviously,...
Ignored
If you are ignorant enough to believe your way is the only way then congratulations for your stupidity.
Patterns ARE fiction, they are created by traders, of course they might work because of herd behavior.
The market does never ever move by itself, every move is made by a transaction, every pattern is created by a series of transactions.
As you said, lines has nothing to do with predicting future price movement, neither does patterns.
All you can do is analyze previous behavior and movement, how one does it does not really matter as long as you are right more than 50% of the time. (Or less with good money management ..)
Price action can be candlestick trading as it can be many other things, and a trader can also analyze more then 1 time frame at a time, no?
And if there is no money management for you then you will be faced with reality once in the future, since systems never work forever.
Keep living in your bubble, but sooner or later it will burst.
{quote} WOW. LOL. Price action people are always so sensitive, and poor. I realize you have no idea who you are talking to, so I will have to just let your trash talk slide. Sorry for your loss, your disrespect, and your disbelief. Your problems are not my problems. Have a good day, and Good Luck.
Two things very important.
(i) From where the price can bounce (ii) And when the price (time) will most probably bounce. You will have to develop skill to know the killing instant.
Forex; the game of movements not the game of candles.
