Do you believe, without checking yourself, everything you read?
I believe in most any TA trading topic it is a self-fulfilling prophecy that the term self-fulfilling prophecy will be bandied about at some point - as a lazy excuse by those who can't.
Fibs don't work
- Thread starter SunTrader
- Start date
Do you believe, without checking yourself, everything you read?
I believe in most any TA trading topic it is a self-fulfilling prophecy that the term self-fulfilling prophecy will be bandied about at some point - as a lazy excuse by those who can't.
If a serous trader watched the charts on one pair on two time frames ( monitors side by side) for one year less holidays shall we say approx 5500 hours a year of pattern Recognition studying, you should start to see the way patterns play out, (And there reactions) introduce Fibonacci levels.
You then start to recognises the ebb and flow of the chosen pair reacting to these levels.
You then start to recognises the ebb and flow of the chosen pair reacting to these levels.
No, I don't believe everything I read. But I didn't read that article until today
.So I looked for pages about testing something Fibonacci-related for trading and found a few.
https://tradingrush.net/i-tested-fi...-find-the-truth-about-fibonacci-retracements/
https://www.quantifiedstrategies.co...acci_trading_strategy_backtest_-_does_it_work
https://youtu.be/il5I3lm-MV8
The results didn't seem too promising.
But these people are all trying to sell something, so they might be withholding some relevant information. So I also found some test results here and here (second link is a correction of an error here) from someone I'm 100%† sure isn't selling anything.
However, I'm not yet completely convinced there isn't some significance to Fibonacci constructs related to trading.
† Actually, 99.999% sure rounded up.
Hey Mickey, good to talk with you again. Since we talked last, I had a heart attack (I am sure the Fibs caused it) and 4 by passes but am doing great and hope you are with your previously stated health issues as well. Why are the Fibs found through out nature. I dunno but they are. Why would ratio percentages work in Chart price retracements? I dunno that either. All I know is that when I see a chart price retracement approach the 61.8% retracement level I want to be very careful.
Lets look at this logically.
Fib nonsense is all about a series of coincidences.
Fibs indicators are not rocket science.
If fibs worked, why are not all Fib traders millionaires?
Taking the statement above, let me give another 'profound' theory to contemplate.
"When the 5MA turns down I want to be very careful"
Geee, wow, superduper indicator!
"Hedge fund billionaire Paul Tudor Jones at one time attributed much of his success to the Elliott Wave {Fib based} approach."
http://www.futuresmag.com/2017/01/26/arc-principle-what-elliott-didnt-know
Then there Stevie Cohen, richest MLB owner of the NY Mets who used for a long time Tom DeMark's studies which predominantly are based on the Fibonacci sequence.
And others, open your mind and a Google Chrome browser to learn more.
BTW, side note what do you find that does work?
HeheheheAnd others, open your mind and a Google Chrome browser to learn more.
BTW, side note what do you find that does work?
What works is not following something that jumped the shark 50 years ago.
That's a huge number of Fib traders!
That's a ......... sorry reply. Hehe
Come on its your day time now. You can do better. Or was it one too many pints last eve?
Awww Mick --- You are the perfect set up guy. I took your chart and extended it and low and behold in mid February it hit the 61.8% retracement and it stopped the downtrend cold. Now what was it that I said. When a retracement approaches the 61.8% retracement you want to be careful. Now what are the odds that I could take your chart and find a perfect example of the exact fib that I posted about.
