Trading with Fibonacci retracement

nero1

Active member
186 6
In 5 trillion daily market even 100 millions are not impressive. Also take into account that

1. Around half of the market is long and the other half is short, and fibos for those will be different by level and trades in opposite direction
2. People draw fibo levels differently by choosing different extreme points on the chart

As a result there will be lots of different levels that are used by small part of market participants (say maximum 5 %) and may be in a different time. Impact of these trades will be very unconcentrated and mainly balanced.

Probably only those levels that enjoy significant consensus among traders will be really important. But the question is how to differentiate those ones from the others.
All pros use fib,is one of the most important issues in markets,the only problem is that you should know how to use them and i dont know if there are any --teachers --gifted enough around to help you, you are on your own in this.
Its ridiculous for someone to claim that fibs dont work.
Of course its man made if it was nature gifted like ellioticians claim it wouldht work.
 

forker

Senior member
2,688 500
I believe the concept behind fibs is ratios that merely print a predicted zone where price might naturally draw towards. The key point is zone and not clear cut levels (nothing in technical analysis is clear cut - there are always ifs, buts, whens, and depends mixed in)
 

dbphoenix

Legendary member
6,952 1,245
All pros use fib,is one of the most important issues in markets,the only problem is that you should know how to use them and i dont know if there are any --teachers --gifted enough around to help you, you are on your own in this.
Its ridiculous for someone to claim that fibs dont work.
Of course its man made if it was nature gifted like ellioticians claim it wouldht work.
A. Not all pros use Fibs. More likely none of them do.

B. One could argue that it's "ridiculous" for someone to claim that Fibs don't work. But it's hardly ridiculous to expect someone who claims that they do to come up with some evidence of it, e.g., Fibs plotted on 100 charts and a tally kept of how many of these lines are touched by price, to the tick. Any takers?

Caveat neophytus
 

nero1

Active member
186 6
A. Not all pros use Fibs. More likely none of them do.

B. One could argue that it's "ridiculous" for someone to claim that Fibs don't work. But it's hardly ridiculous to expect someone who claims that they do to come up with some evidence of it, e.g., Fibs plotted on 100 charts and a tally kept of how many of these lines are touched by price, to the tick. Any takers?

Caveat neophytus
The problem with fibonacci is to know how to use them,and very few know how,so this discussion can be endless,if you dont know how to use them how will you say if they are useful or not..

I am not offending you in any way,you may be an excellent trader,but you have your own beliefs in trading based in what you know and you may not know how to use fibbonaci.
 

forker

Senior member
2,688 500
The problem with fibonacci is to know how to use them,and very few know how,so this discussion can be endless,if you dont know how to use them how will you say if they are useful or not..

I am not offending you in any way,you may be an excellent trader,but you have your own beliefs in trading based in what you know and you may not know how to use fibbonaci.
Very few know how? It isn't rocket science I could teach my 4 year old to pot retracements and extentions
 

nero1

Active member
186 6
A. Not all pros use Fibs. More likely none of them do.

B. One could argue that it's "ridiculous" for someone to claim that Fibs don't work. But it's hardly ridiculous to expect someone who claims that they do to come up with some evidence of it, e.g., Fibs plotted on 100 charts and a tally kept of how many of these lines are touched by price, to the tick. Any takers?

Caveat neophytus
Its very easy to prove to you that fib works,i will not bother to do it of course,someone can be profitable only by using fibs as ressistance and support without other methods.
 

dbphoenix

Legendary member
6,952 1,245
The problem with fibonacci is to know how to use them,and very few know how,so this discussion can be endless,if you dont know how to use them how will you say if they are useful or not..

I am not offending you in any way,you may be an excellent trader,but you have your own beliefs in trading based in what you know and you may not know how to use fibbonaci.
Doesn't have anything to do with belief. As I said, plot Fibs on 100 charts and keep a tally of how many of these lines are touched by price, to the tick. Simple arithmetic. If price touches these lines only more or less or sort of or generally, then explain of what value they are.
 

nero1

Active member
186 6
Doesn't have anything to do with belief. As I said, plot Fibs on 100 charts and keep a tally of how many of these lines are touched by price, to the tick. Simple arithmetic. If price touches these lines only more or less or sort of or generally, then explain of what value they are.
Do you actually believe that the real pros will use fibs like retails traders do.
You have to find the methods to use fibs first and then talk,now you are just speaking about something you have never used in your life,you have your beliefs with what you know.
And as they say,when you dont know about sth maybe you shouldht speak about it
 

dbphoenix

Legendary member
6,952 1,245
Do you actually believe that the real pros will use fibs like retails traders do.
You have to find the methods to use fibs first and then talk,now you are just speaking about something you have never used in your life,you have your beliefs with what you know.
And as they say,when you dont know about sth maybe you shouldht speak about it
Actually I went through all this twenty years ago and found nothing in it.

The task I suggested is not difficult. If you don't want to do it then don't do it. But don't just dance around it.
 

nero1

Active member
186 6
Actually I went through all this twenty years ago and found nothing in it.

The task I suggested is not difficult. If you don't want to do it then don't do it. But don't just dance around it.
ok,you have a point here i just said my opinion :cool:
 
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