Fibs don't work
- Thread starter SunTrader
- Start date
How can an external factor like a handwritten line on the chart, influence the fundamental basis beneath. It can't.
Or at at least in a perfect world it - cannot.
But this is not a perfect world. Institutions sold the illusion & they know that this is the very first basic stepping stone for any new person, thus,
- the legend goes on.
On the other hand, at the certain times & at the certain timeframes, the fundamental value of the equities, gets reflected by the same lines. No so often tho.
Just thinking out loud.
Or at at least in a perfect world it - cannot.
But this is not a perfect world. Institutions sold the illusion & they know that this is the very first basic stepping stone for any new person, thus,
- the legend goes on.
On the other hand, at the certain times & at the certain timeframes, the fundamental value of the equities, gets reflected by the same lines. No so often tho.
Just thinking out loud.
Of course fibs won't work on the flats or sides. If applied properly - it is extremely helpful
Of course Fibs work... "just not 100% perfectly every time"... like noobs "expect... otherwise it's no good".
As for me, I don't use Fib "projection" levels, but I do use "retracement levels".... they don't work 100% either... but well enough, often enough to be of value.
As for me, I don't use Fib "projection" levels, but I do use "retracement levels".... they don't work 100% either... but well enough, often enough to be of value.
I was sleeping, most others I'm sure as well, when this all took place except last one. That only made a 38.2% retracement which was a heads-up prior swing low was going to be taken out. That, and it was a continuation of strong intraday downtrend.
They also won't "work" if the proper start/end points are not used. Notice the last one, the spike high was truncated down to bar high open which then lines up next bar's high and the high 3 bars later.
sure, this is actually what I meant in the previous post
What is this... a joke I don't get?
Do your thing man! LOL.
They work great when there's action and you draw them right.
https://www.elitetrader.com/et/threads/oil-spike.366805/page-2#post-5599612