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Fibonacci Queen

  #48 (permalink)

south africa
Posts: 170 since Dec 2018

trendisyourfriend View Post
This discussion belongs to the past. It has been discussed at length on this forum. People are using tools which speak to them. It can be VWAP, Fibonacci retracement and extentions levels, Volume profile with its Low/High volume nodes or Pivot points and finally Moving average like the 50 EMA or 200EMA often mentionned to gauge price action.

Despite your arguments @centaurer people are making money using them because they worked on their price action reading skills. I would encourage you to look at Damian Castilla's youtube channel to educate yourself on how a profitable trader uses the Fibonnaci tool.

Profitability is not the litmus for a trading system or rule IMO.
You have to beat buy and hold or short and hold over the same time period or what is the point of trading? Trading off random lines and under performing a buy and hold strategy has no point. It is trivial to create profitable systems that enter at random, hold for a random or fixed length of time and exit then at some random time. You just have to run into the right data and market regime.

The fact someone has a youtube channel increases the probability to me they have no real signals.

I placed my first trade in 2004 and use to trade off pivots(more random arbitrary lines) for years. It is not as if I don't understand the other side of this.

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