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The only way to trade with fibonacci
- Thread starter 1a2b3cppp
- Start date
This picture illustrates why 38.2, 50, and 60whatever are not necessarily the optimal places for adding to your position i fyou're creating an optimal system. Unless, however, you believe that fibs are magic in which case they are the only values you need!
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Quote from chrisjs87:
What's the theory behind the Fibonacci strategy (if any)?
Are you talking about fibs in general?
It's hocus pocus where people think the market is supposed to retrace at 38%, 50%, and 62% because those are magic numbers that resonate with universal frequency or some mumbo jumbo like that.
Are you talking about my particular strategy?
Well, you should really read the first post because that explains it. But basically, fib nazis are SO ADAMANT that price DOES retrace at these numbers (because they are magic, remember) yet they can never give you specific instructions or reasons as to when or where or which number it will retrace at, and they come up with a million excuses for why it didn't happen when it doesn't happen.
So I took all of their vague bullshit and designed a system that will be profitable if they are correct in their belief that price is more likely to retrace at these specific levels than at random.
Quote from chrisjs87:
what is going on in this thread?
Two posts in a row?
Really?
Well, fibs are being discussed in this thread. I'm not sure how that wasn't clear before. Trading rules are being given and examples are being posted.
I'm hoping the fib gurus will join this thread but I doubt they will.