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Are Fibonacci retracements and projections useful?
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Are Fibonacci retracements and projections useful?

  #31 (permalink)
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tturner86 View Post
Amen...

never mind the "than". fixed

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  #32 (permalink)
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fibonacci in nature

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There's fibs in your brain, you see them everywhere.

It's basically what you see when you compare if one object is larger than the other in the case of a retracement compared the the leg it's retracing. The discernible difference without any sort of measuring stick is about 5%, so 55%. I think there's a lot of fibonnaci estimations going on in the brain we're not completely aware of that are just conditioned into us. Can it be used in an exact science? maybe, but it's probably too complicated for everyday use. I think it's more efficient to just use the brain the way it's meant to be used, looking a bunch of charts and eyeballing. When you try to make the process into an exact science you're excluding a lot of the extraneous variables you take for granted.


Last edited by Itchymoku; October 27th, 2015 at 09:11 PM.
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  #33 (permalink)
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Do fib retracements & and extensions hold value?

Yes, but only if you know when and where to use them.

They go hand in hand with market structure and symmetry. I think most people get hung up and think they need to be exact, they don't.

Here is an example of using Fib's for entry and exits. This trade was planned the day before after the market closed at 1:15 Pacific Time. If the morning conditions were met, this trade was a go. They entry wasn't perfect, I could have been filled about 10 ticks higher if I had waited for the open. If I remember correctly, price went about 4-6 ticks past my predetermined target.
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And the live trade with the target set.


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This trade was planned, in advance, using Fib's and structure.

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  #34 (permalink)
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UmBillyCord View Post
Do fib retracements & and extensions hold value?

Yes, but only if you know when and where to use them.

They go hand in hand with market structure and symmetry. I think most people get hung up and think they need to be exact, they don't.

Here is an example of using Fib's for entry and exits. This trade was planned the day before after the market closed at 1:15 Pacific Time. If the morning conditions were met, this trade was a go. They entry wasn't perfect, I could have been filled about 10 ticks higher if I had waited for the open. If I remember correctly, price went about 4-6 ticks past my predetermined target.
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And the live trade with the target set.


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This trade was planned, in advance, using Fib's and structure.

You could have done that with any set of arbitrary lines. What is it about Fibs specifically that makes them quantifiably better than another random toolset?

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  #35 (permalink)
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TheShrike View Post
You could have done that with any set of arbitrary lines. What is it about Fibs specifically that makes them quantifiably better than another random toolset?

I guess your reading comprehension is not very good. I planned that trade THE DAY BEFORE, entry and target, using fibs and structure. The larger the time frame, the better they work.

You don't like fibs...fine. But the random line BS is really old. There really is order within the chaos. You just need to know how and where to look.

BTW, I really don't need to quantify or prove squat. Why would I lay out proof to people I am competing against in the market? Does Bill Belichick send his playbook to the competition before a game?

Until Copernicus, the conventional wisdom said that the sun orbited the earth.

The funny thing is, when I look at market profile or Ichimoku they are coming to some of the same conclusions, just a little earlier or later and using different tools.

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  #36 (permalink)
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UmBillyCord View Post
I guess your reading comprehension is not very good. I planned that trade THE DAY BEFORE, entry and target, using fibs and structure. The larger the time frame, the better they work.

You don't like fibs...fine. But the random line BS is really old. There really is order within the chaos. You just need to know how and where to look.

BTW, I really don't need to quantify or prove squat. Why would I lay out proof to people I am competing against in the market? Does Bill Belichick send his playbook to the competition before a game?

Until Copernicus, the conventional wisdom said that the sun orbited the earth.

The funny thing is, when I look at market profile or Ichimoku they are coming to some of the same conclusions, just a little earlier or later and using different tools.

Don't be rude.

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  #37 (permalink)
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UmBillyCord View Post
Do fib retracements & and extensions hold value?

Yes, but only if you know when and where to use them.

They go hand in hand with market structure and symmetry. I think most people get hung up and think they need to be exact, they don't.

Here is an example of using Fib's for entry and exits. This trade was planned the day before after the market closed at 1:15 Pacific Time. If the morning conditions were met, this trade was a go. They entry wasn't perfect, I could have been filled about 10 ticks higher if I had waited for the open. If I remember correctly, price went about 4-6 ticks past my predetermined target.
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And the live trade with the target set.


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This trade was planned, in advance, using Fib's and structure.

It is not clear to me where the fibs are on the charts that are the basis for your trade setup. Can you please clarify or point them out?

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  #38 (permalink)
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UmBillyCord View Post
I guess your reading comprehension is not very good. I planned that trade THE DAY BEFORE, entry and target, using fibs and structure. The larger the time frame, the better they work.

You don't like fibs...fine. But the random line BS is really old. There really is order within the chaos. You just need to know how and where to look.

BTW, I really don't need to quantify or prove squat. Why would I lay out proof to people I am competing against in the market? Does Bill Belichick send his playbook to the competition before a game?

Until Copernicus, the conventional wisdom said that the sun orbited the earth.

The funny thing is, when I look at market profile or Ichimoku they are coming to some of the same conclusions, just a little earlier or later and using different tools.

Then why aren't the fibs on your chart?

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  #39 (permalink)
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I voted no because as someone already stated, the market doesn't care that you see a fibonnaci level. IMHO, the reason why they work sometimes is because there's so many people that are looking at the same level (for whatever reason i.e. pivot, trendline, s/r, fib, moon cycle, cat meows), it creates the order flow to actually bounce off that level. Do they always work? no. Will anything always work? no. Trade what you believe.

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  #40 (permalink)
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canyon View Post
It is not clear to me where the fibs are on the charts that are the basis for your trade setup. Can you please clarify or point them out?

They are not there on purpose. It took my brother 10 years to discover, test and systematize how we use them.

Even if I posted them, you would not really know what you are seeing unless you knew the full context. That trade setup over two days. It wasn't a random event.


tturner86 View Post
Then why aren't the fibs on your chart?

I would never post them or how we use them on a public forum. The only people I would show/train are my children and extended family.


Last edited by UmBillyCord; October 27th, 2015 at 11:42 PM. Reason: addition
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