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Are Fibonacci retracements and projections useful?
I don't have number on my hands but I know they work well the way I use them. It very complicated du the fact the way I put the fib I got multiple way to see what I want
I can see it for a intraday or for days, week etc...
It a really hard work to quantify them...
When you want to succeed as bad as you want to breathe, then you will be successful
-Eric Thomas
The people that say fibs are no better than random lines have provided evidence to support their opinion.
So far the pro-fib supporters seem to say something like this:
- They are useful, but I don't know why
- They are complicated, too complex for me to show you
- I run a hedge fund that uses fibs, and am not allowed to talk about why they are useful (lol)
To anyone who has read up on some human psychology, this would be a classic case of what basically boils down to confirmation bias.
There is a very clear pattern when you get a large enough sample size. This community is made up of 75k members, and it allows a lot of unique insight into how people think and behave.
I have a feeling most of the pro-fib guys also don't believe that trading psychology plays a major role in trading. I wonder why then the top firms in the world hire professional psychologists such as Brett Steenbarger? Must be a fluke.
Just for shits and giggles, I did a 6m long video showing some Fibonacci stuff on NQ
Yell at me, call me retarded, whatever you need to do I fully expect it. But there are a couple of key concepts (not that I'm a master of this stuff or anything) that I quickly talk about.
Will anyone change their mind about fibs as good/bad/hocus pocus/voodoo/whatever? Probably not and that's ok. But I didn't intend this video to change anyone's opinions, only to take a look at some things which might make you go hmmm
