jony92 said:I want to Know When I draw Fibo..Which point is best to draw Fibo level..
rod178 said:Swing Highs to Swing Lows
Swing Lows to Swing Highs
imho it's a vastly overrated tool. The actual ratios are based on Mumbo Jumbo, although often have some meaning as lots of Traders like Mumbo Jumbo, http://en.wikipedia.org/wiki/Mumbo_Jumbo Fibs are based upon pseudo science, similar of Numerology, Astrology, Palm Reading, Iridology etc
Suggest that you use fibs only to draw you eye to the Order Blocks. ie as a retacement tool, 65% has as much meaning as 61.8 or the other 'magic' numbers.
the golden gun said:lol, who are you trying to convince... him or yourself?? )
rod178 said:I only deal in facts, not wishful think or self delusion
http://www.lhup.edu/~dsimanek/pseudo/fibonacc.htm
the golden gun said:I don't care what you believe or use in your trading, but thought it was funny how you answered this guys question and in the same breath denounced the use of the tool. lol
don't you see how that makes you look?
rod178 said:... like I was trying to help him avoid wasting his time
rod178 said:some rational discussion on the use of Fibs in Trading http://www.forexfactory.com/showthread.php?t=418659
Piper said:Hundreds of real life examples about application(applied) of fibs in trading. http://fxgears.com/forum/index.php/topic,402.780.html
-P
rod178 said:No a Fib was pulled or required.
Fibs are only (sometimes) of passing interest in retrospect.
Piper said:Now you are denying the setups i posted in realtime?
-P
Piper said:Thank you I rest my case. >
-P
the golden gun said:no it's confusing because ICT uses fibs, and doesn't denounce them like you do.
jony92 said:I want to Know When I draw Fibo..Which point is best to draw Fibo level..
Jack said:How did these silly Fibs get in the trader introduction section?
*moves thread*