Fibs don't work

I posted in Baron's topic a Bitcoin H1 chart 3+ hours before setup completed right in fib confluence zone yesterday (result below):-

! BTC H1 setup result.png


Does it happen every time of course not. What does work every time?
 
SunTrader said:
I posted in Baron's topic a Bitcoin H1 chart 3+ hours before setup completed right in fib confluence zone yesterday (result below):-

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Good try, but that ain't because of the Fib. It's because of the previous support. Look at it for yourself. It stopped pretty much right at the exact price of the previous pivot.

upload_2024-1-25_13-18-26.png


For that matter, we can just say this is the support zone, since other prices have also reversed near this price.

upload_2024-1-25_13-24-11.png
 
schizo said:
Good try, but that ain't because of the Fib. It's because of the previous support. Look at it for yourself. It stopped pretty much right at the exact price of the previous pivot.

For that matter, we can just say this is the support zone, since other prices have also reversed near this price.
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Well this is the support zone that I see, dropping down to M5 chart, which didn't hold ... till it reached fib zone I previously posted. Agree to disagree on this one.
! BTC broken support.png
 
tuxedo69 said:
Trading using Fibs , coupled with pattern recognition is and should be simple.
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YES, and it is. with my proof as I have been using fibs with Pattern Recognition. A book that explains it well is "Fibonacci Ratios and Pattern Recognition" by: Larry Pesavento and a free PDF can be found or the hard-copy bound book is still at Amazon. Absolutely and works if understood and applied with discipline.
 
MACD said:
YES, and it is. with my proof as I have been using fibs with Pattern Recognition. A book that explains it well is "Fibonacci Ratios and Pattern Recognition" by: Larry Pesavento and a free PDF can be found or the hard-copy bound book is still at Amazon. Absolutely and works if understood and applied with discipline.
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I believe there is no right or wrong way of trading using Fibonacci levels, they are just levels not the holy grail of magic lines.
I may believe MACD and other Fibonacci traders use the wrong levels, the incorrect high or lows and they may think my levels are also wrong, but does it matter, as long as it works for us.

I started using pattern recognition only, then added Fibs which then gave me points of reference to trade off of, then built a strategy around this.

I did look at Pesaventos book (it is worth a read) but decided to persevere with my own strategy.
 
I believe we each can find our own ways to trade profitably but that there is certainly a right and a wrong way to use fibs/patterns/etc. Though more than one way can be right, many, many more can be wrong.
 
Thanks MACD,

SunTrader you say (there is certainly a right and a wrong way to use fibs/patterns/etc) i am not sure about that, there are so many configurations with applying Fibs where do you start.
Time Frames, 5min, 1hour so many to choose then do you trade Time bars or Tick Charts
what Pairs,
Patterns, ( which are not Random)
Are you a Trend trader
or Counter Trend trader
Then what Fib levels do you use,
Fibonacci, Fans, Retracement's, Time zones, Expansions, Extensions.
 
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