Yes, I think that's the conclusion we have all agreed on. It is just one of many ways to look at things, on its own I don't think it can help maintain consistency, that is strictly between the trader's ears. I wouldn't want to use them on their own, but that's true of anything else I know too.
It is certainly far too easy to get dragged into theoretical chit-chat and forget about what counts, is the job profitable or not? I have had periods of astonishing profitability but many long periods of losses, so all I can say is that I am no trader yet, I just keep learning, exploring and trying to fill in missing pieces of my own puzzle.
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I've been thinking about this question (are fib useful) along with the question of whether any indicator "is useful".
I'm starting to be of the opinion that, the true underlying value of an indicator is really that it is emotionless. Meaning, they are just tools (all of them, fibs, averages, etc.) to help you take objective action according to your plan. Either the number is >, < or = to whatever indicator you are using.
Of course, there are varying ways these tools are applied, along with varying rates of success and probability. However, at the very basis/fundamental level, I think the only true value is it's ability to help people remain objectively consistent
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These kinds of pictures always make me smile, because they suggest that there is some kind of order in the world after all, which is an idea I like.
We have beaten this fib horse pretty well to death in this thread, so I am not offering any criticism or objection. But I do see all those lines, and many, many confluences too, and, while I do like how it worked out, I always wonder how I would really make use of them. Some of them have only a bar's height between them, or less, and look how many get touched. How to distinguish them, is my question.
This is just a comment, not an attempt to continue an argument. I think we got to an acceptable stopping point already, and I'm not fighting you. I do really like this kind of stuff.
My friend @ratfink sometimes calls it art, and I can appreciate that. Thanks for the chart, it is very cool.
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