Fibs don't work

[DevBru]

Even a broken clock is right twice a day.

Give a chart to 100 people and you will get a lot of different lines and FIB levels.

 

[SunTrader]

...
Give a chart to 100 people and you will get a lot of different lines and FIB levels.

True most don't know how to draw them correctly.

Same as most don't know how to play golf on the level of the PGA tour, make into NFL, MLB or NBA etc.

 

[easymon1]

Give a chart to 100 people and you will get a lot of different lines and FIB levels.

I would stand in line to see that experiment carried out.
Identical charts, no results posted until 100 realistic attempts at fib retracements received at the hopper.

10 Things To Know About Fib Levels
https://www.elitetrader.com/et/thre...st-right-here-baby.335635/page-5#post-4926985

 

[Rams Fan]

No one, or their algos, are using fibs to set prices.

This is not an accurate statement. I will attest to knowing first hand that there are algos using fibs to set actionable prices. However, as I am as anonymous as you, who am I to attest to anything, and why should you or anyone else care?

 

[ph1l]

You're a bad dude. Would it be possible to disregard datapoints above 1 and post that chart with higher resolution between 0 and 1, maybe in increments of 1?

I made a mistake in my post before. The histogram bar with the highest count was for 0.538637553686026 <= ratio < 0.551775054995441. The bar close to 0.618 had a slightly lower count.

For something with finer granularity,

Here, the intervals 0.499976170943578 <= ratio < 0.50010674711776 and 0.666721945374226 <= ratio < 0.666852521548408 had the highest counts (12 each of the 7105 ratio values < 1).

 

[longandshort]

This is not an accurate statement. I will attest to knowing first hand that there are algos using fibs to set actionable prices. However, as I am as anonymous as you, who am I to attest to anything, and why should you or anyone else care?

You’re telling me that major investment banks or hft/quant funds are using fibs to set prices? Can you name the firm or fund lol?

 

[longandshort]

I made a mistake in my post before. The histogram bar with the highest count was for 0.538637553686026 <= ratio < 0.551775054995441. The bar close to 0.618 had a slightly lower count.

For something with finer granularity,
View attachment 285047
Here, the intervals 0.499976170943578 <= ratio < 0.50010674711776 and 0.666721945374226 <= ratio < 0.666852521548408 had the highest counts (12 each of the 7105 ratio values < 1).

I like what you're doing and trying to accomplish. What do you think of this study?
fibonacci_trading.pdf (ust.hk)

 

[volpri]

it’s funny that you and others on this forum have this mystical view of institutions and use that as a basis for some of your “interesting” opinions and indicators. You can ask anyone else who has worked as a trader at a bank or asset manager lol. No one, or their algos, are using fibs to set prices.

Are you fibbing or truth talking? Just asking?

 

[JackMorgan]

That is exactly it. Right, ask why did you start there? There is a reason.

But since you put it in those terms ... you'll have to find out for yourself. Or just go on believing as the rest of the sheeple do that fibs don't work because they tried and couldn't get them to work so of course they don't work for anyone else ever.

I use very few indicators, but when I see a good op to draw the fibs, I do . I have no problem determining ideal start and end points.

 

[Money Trust]

Your post works in both hindsight and foresight ... showing your ignorance. But you are good company. So there's that.

Why are you snapping at everyone who disagrees with you?