Fib levels: who uses them?

[sunvalley]

Quote from Dogballoon:

I have <i>absolutely</i> no desire to get into a pissing contest. Furthermore, I believe it when some traders say they find a discretionary technique that works for them that doesn't require fundamental validation, as long as it is directly reflected in their P&L. I couldn't ever codify or explain what I find valuable in my PV analysis, and I believe the best traders intuitively understand order flow rather than repeatedly trade specific patterns.

I am simply looking for that validation for those who believe they understand it through and through. I am sorry if my question seemed antagonistic.

Agreed. I apply the technique directly to price action that I identify as impulsive and corrective. In other words, I am buying/selling the corrective pullbacks. I do believe that price movement has a fractal nature. When trading the eminis intraday I sometimes wonder about the "fundamental" analysis. I trade price. I hate to say it, but Elliott wave applied in a practical way does work for me in the markets.

 

[lundy]

I use them as secondary confirmation... For example, if I have a pattern, I enter after a solid close thru the 68.2% level

 

[REDDEC]

theses are hard and trying indicators. at first I was just using them for 50% retracement levels. but then I dug deeper and read about them and asked anybody who knew about them. I found how to use the fib time,circle,extension, and retracement. these numbers work because they are just support and resistance areas. if you place them from the right points they work.

 

[Tyren]

Learning about fib many years ago changed my thinking from 1.000 s/r-levels to ca. 0.786 and 1.272.
80% of traders look for horizontal support(1.000).

 

[Dogballoon]

It's becoming clear that anyone from the Maverick branch of Assent in Chicago is a potential homewrecker.