Fibs are worthless.... you're artificially forcing it.... there's so many levels it's just random finding s/r to fit the fib lines
Fibs
Looking for chart PA setups that trigger at support / resistance can be simplified by lines that denote these areas.
Standard procedure involves lines that draw themselves rather than subjectively drawn lines.
While Fibs can provide fine S/R, unless a guy has special software he's gotta
draw them himself which can be subjective.
I'm more likely to use a higher timeframe (60 or 30 minute) fib that
appears and gets a reaction repeatedly on a 1minute chart than keep the 1m
chart populated with Fibs.
So I notice fibs if they're around and will use them for support or resistance if a price action trigger happens on one but
it's easier to do stats on setups with lines that draw themselves, they are consistent and objective.
A trader gets better at working with fibs the more that he works with them,
he reads up on them and notices things.
Plus, each additional line takes a slice out of the operator's concentration mindspace,
so an object SR line appeals to me more than a subjective SR line.
