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Are Fibonacci retracements and projections useful?
Started: by Big Mike Views / Replies:25,174 / 430
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Are Fibonacci retracements and projections useful?

  #331 (permalink)
Live Your Bliss
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srgtroy View Post
I posted these levels AT THE BEGINNING OF THE WEEK! BEFORE ANY PRICE ACTION!

https://futures.io/traders-hideout/37501-fibonacci-retracements-projections-useful-29.html#post537485

The idea that this is all post hoc is laughable...

I'm sorry for the opposition that so far price has conformed pretty well to them...

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...but there is no need to throw a tantrum.

Maybe your way is just not the only way...

Being able to forecast a price level one time using a line is truly an incredible achievement. Congratulations!!!

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
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  #332 (permalink)
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Anagami View Post
Being able to forecast a price level one time using a line is truly an incredible achievement. Congratulations!!!

So you agree it wasn't pos hoc after all? This wasn't just one line. It was market structure...that price actually seems to have followed...perhaps you would do the same for us next week? The unmitigated resistance to the possibility of these working is pretty hilarious...

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  #333 (permalink)
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srgtroy View Post

I'm sorry for the opposition that so far price has conformed pretty well to them...

Don't ever apologize Roy. In fact I'd be telling people to shove it. I know nothing of fibs but if they work for you then drive on. Every trader needs to be his or her own guru.

Someday, and that day may never come, I'll call upon you to do a service for me.
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  #334 (permalink)
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Pariah Carey View Post
Don't ever apologize Roy. In fact I'd be telling people to shove it. I know nothing of fibs but if they work for you then drive on. Every trader needs to be his or her own guru.

Thanks for your support. It is much appreciated. This argument goes further then fibs really. It's about what this site is really about? Is it about keeping an open mind about different ways to trade, or following one method blindly?...

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srgtroy View Post
Thanks for your support. It is much appreciated. This argument goes further then fibs really. It's about what this site is really about? Is it about keeping an open mind about different ways to trade, or following one method blindly?...

To me the only question that really matters is--does it make you money? If you've proven to yourself that a certain way or method of trading does, then go out and trade it. And if it helps you meet your financial goals, then you're a successful trader. If someone else doesn't like it or understand it, well I already suggested what they can do. They don't walk in your shoes, and they're not trading with your account.

Now if you find yourself constantly losing money and bouncing from one system to another, then yeah you probably need a different approach.

Someday, and that day may never come, I'll call upon you to do a service for me.
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  #336 (permalink)
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Pariah Carey View Post
To me the only question that really matters is--does it make you money? If you've proven to yourself that a certain way or method of trading does, then go out and trade it. And if it helps you meet your financial goals, then you're a successful trader. If someone else doesn't like it or understand it, well I already suggested what they can do. They don't walk in your shoes, and they're not trading with your account.

Now if you find yourself constantly losing money and bouncing from one system to another, then yeah you probably need a different approach.

Very true! In fact, I think you're statement that "Every trader needs to be their own guru" is a really great one. It's also the strength of FIO. There are so many different ideas presented here, each with their own strengths and weakness, but hopefully, all that ultimately helps you gain your own insight.

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  #337 (permalink)
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Anyway, I will finish the week posting these levels and seeing how price works with them, as I initially intended, and then I will go back to using them on my own, because I didn't really plan on going down this road right now anyway...

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  #338 (permalink)
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srgtroy View Post
Thanks for your support. It is much appreciated. This argument goes further then fibs really. It's about what this site is really about? Is it about keeping an open mind about different ways to trade, or following one method blindly?...

Hi @srgtroy

Unfortunately too many people on this forum do not have an open mind when it comes to trading. They believe their way is the only way, and woebetide anyone that disagrees.

I know that @tigertrader is a great trader, and he is usually right in his reading of the markets. But he has been trading a very long time, so is very experienced. However, many on here do not have his experience and trade in a way that makes sense to them (for me it is intraday order flow and taking smallish targets several times a day).

There are people that try and copy him, but they are unable to, because they do not have his experience. But they will always argue that other method of trading is wrong (like the Mack type traders who stopped posting on this forum because they felt they were being ridiculed).

There is someone who thinks that all lines on a chart are random, but somehow believes that a certain moving average has magical properties.

Then there are traders that religiously believe in Market (and Volume) profile.

I personally do not see value in a lot of things that other do, but it does not mean I am right and they are wrong.

What I am trying to say is, that there is many ways to trade and what works for me does not work for others. So continue to trade in the way that makes sense, and do not be put off by others.

I am attaching a 2 min to show how using fibs could be useful to a fib trader who also use other trading methodologies when deciding to make a trade.

Before anyone asks, I did take the breakout pull back trade, but it had nothing to do with fibs, and everything on how I view trading.

Regards,

Dudley

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Are Fibonacci retracements and projections useful?-es-12-15-2-min-18_11_2015_fibs.png  
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  #339 (permalink)
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mrmuggins View Post
Hi @srgtroy

Unfortunately too many people on this forum do not have an open mind when it comes to trading. They believe their way is the only way, and woebetide anyone that disagrees.

I know that @tigertrader is a great trader, and he is usually right in his reading of the markets. But he has been trading a very long time, so is very experienced. However, many on here do not have his experience and trade in a way that makes sense to them (for me it is intraday order flow and taking smallish targets several times a day).

There are people that try and copy him, but they are unable to, because they do not have his experience. But they will always argue that other method of trading is wrong (like the Mack type traders who stopped posting on this forum because they felt they were being ridiculed).

There is someone who thinks that all lines on a chart are random, but somehow believes that a certain moving average has magical properties.

Then there are traders that religiously believe in Market (and Volume) profile.

I personally do not see value in a lot of things that other do, but it does not mean I am right and they are wrong.

What I am trying to say is, that there is many ways to trade and what works for me does not work for others. So continue to trade in the way that makes sense, and do not be put off by others.

I am attaching a 2 min to show how using fibs could be useful to a fib trader who also use other trading methodologies when deciding to make a trade.

Before anyone asks, I did take the breakout pull back trade, but it had nothing to do with fibs, and everything on how I view trading.

Regards,

Dudley

I honestly believe there is a lot to learn from @tigertrader. But I also believe nobody knows everything.

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  #340 (permalink)
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Best thread of 2015!

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