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

  #41 (permalink)
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UmBillyCord View Post
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.


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.

Then why post your trade in the first place if you can't discuss how the fibs worked or help you plan your trade?

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  #42 (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.

Thanks for the ad hominem but it was just a simple question. There's no need to get bent out of shape. Let me see if I can phrase this a little differently.

What is it specifically about the Fibonacci number sequence that gives it's users an edge in trading? Why does the price seemingly bounce off those levels? I'm interested in the actual phenomenon taking place. Are they just a self fulfilling prophecy? Is it cosmic magic? The secret number order that controls the universe? You don't have to give up your secret sauce. Just explain why it works. There must be something really special about a number sequence a guy in the 1200's came up with to still have relevance in the electronic markets of today. You must know, otherwise why use them right?

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  #43 (permalink)
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TheShrike View Post
Thanks for the ad hominem but it was just a simple question. There's no need to get bent out of shape. Let me see if I can phrase this a little differently.

What is it specifically about the Fibonacci number sequence that gives it's users an edge in trading? Why does the price seemingly bounce off those levels? I'm interested in the actual phenomenon taking place. Are they just a self fulfilling prophecy? Is it cosmic magic? The secret number order that controls the universe? You don't have to give up your secret sauce. Just explain why it works. There must be something really special about a number sequence a guy in the 1200's came up with to still have relevance in the electronic markets of today. You must know, otherwise why use them right?

For sake of debate, they don't need to know why they work to use them properly if they know how to use them and where they work.



Last edited by Itchymoku; October 27th, 2015 at 11:57 PM.
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  #44 (permalink)
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Then why post your trade in the first place if you can't discuss how the fibs worked or help you plan your trade?

Because I was bored.

Seriously, there is very little curiosity and determination by people to to look at things, think and get their hands dirty really learning. Everyone wants to be spoon fed.

This quote sums it up nicely

"What is wanted is not the will to believe, but the will to find out, which is the exact opposite."
 Bertrand Russell

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  #45 (permalink)
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Everyone stay calm. It is possible to have a civil and useful conversation even when people disagree.

Thank you.

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  #46 (permalink)
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Gotta have faith


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  #47 (permalink)
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TheShrike View Post
Thanks for the ad hominem but it was just a simple question. There's no need to get bent out of shape. Let me see if I can phrase this a little differently.

What is it specifically about the Fibonacci number sequence that gives it's users an edge in trading? Why does the price seemingly bounce off those levels? I'm interested in the actual phenomenon taking place. Are they just a self fulfilling prophecy? Is it cosmic magic? The secret number order that controls the universe? You don't have to give up your secret sauce. Just explain why it works. There must be something really special about a number sequence a guy in the 1200's came up with to still have relevance in the electronic markets of today. You must know, otherwise why use them right?

I truly have no f*cking idea how or why they work. That really isn't the issue. I just know with a reasonable probability when and where they work.


Last edited by UmBillyCord; October 28th, 2015 at 12:06 AM.
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  #48 (permalink)
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UmBillyCord View Post
Because I was bored.

Seriously, there is very little curiosity and determination by people to to look at things, think and get their hands dirty really learning. Everyone wants to be spoon fed.

This quote sums it up nicely

"What is wanted is not the will to believe, but the will to find out, which is the exact opposite."
 Bertrand Russell


UmBillyCord View Post
I truly have no f*cking idea how or why they work. That really isn't the issue. I just know with a reasonable probability when and where they work.

You don't know how or why it works and you accuse us of not wanting to get our hands dirty and really learning about something.

I would make a comment but at this point it is too easy and it is not worth arguing with someone who doesn't know why or how what they are doing works.

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  #49 (permalink)
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Big Mike View Post
Everyone stay calm. It is possible to have a civil and useful conversation even when people disagree.

Thank you.

Mike

It reminds me of discussion about Gold as investment or money. Invariably people get excited or hostile.

I think Fibs are both holy grail and Bull faeces ( just like every other methodology out there). It all depends on how it fits with your market understanding and its role in your position sizing and trade execution.

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  #50 (permalink)
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UmBillyCord View Post
I truly have no f*cking idea how or why they work. That really isn't the issue. I just know with a reasonable probability when and where they work.

Brace yourself, I'm going to ask for proof.

Please share the probability work/research that you've done that prove fibs are useful.

Just to keep things calm let me reiterate -- we are both adults and I am not attacking you. We are two people having a conversation, I hold one opinion, you hold a different one. Insults are for children that can't defend their statements or ideas and have no place here.

I've laid out all my opinions in hundreds (thousands?) of posts already, and at least one thread you've mentioned already. I would appreciate it if you lay out yours instead of just saying you can't share anything, you could anonymize the data and share your research without sacrificing any privacy or holy grail type system.

I'm trying to pinpoint research that shows fibs are useful.

Thank you.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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