Does anyone use this with success? I`m speaking about retracements, and I suppose other techniques. Is it worth learning?
yes, ive used this over 4yrs and done well so far with it. Because its not a matter of if it works, its a matter of WHEN.
Fibonacci, Elliot Waves, Gann, Murray Math are excellent tools but they are not solved fully by even senior traders. For those who have solved it are making top dog dollars. However, these sciences with even basic understandings can be very well utilized as a part of some solid system and gain confidence while trading it.
unfortunatly there arnt really any good books on the subject, but there are plenty of websites that go over the subject, and check youtube as well.
Fibonacci's total bullshit. Most of the time "successful" fibo-snatchy lines just happened to be close to a salient Support / Resistance (Reads: STRAIGHT HORIZONTAL) line. It's just coincidence when it hits & when it doesn't. It's as erratic as any other indicator or oscillator. I CHALLENGE ANYONE to post Future charts where a Fibo line better explains market behaviour than a simple, straight trendline (horizontal or poss. even diagonal). There's an elegance to a method that DOESN'T require calculation; rather a focus on organic market action. To the OP: Trade fibo'snatchies at your peril. Don't be a snatch.
When using Fibonacci numbers in trading, it is essential to consider the interplanetary lines of galactic support on the longer term charts. Especially if you are a Taurus or a Libra. Also, the importance of incense cannot be overstated.
I just finished a great book on the subject of Fibonnaci and geometric patterns. Also covers AB=CD patterns, Gartley 222 patterns and Butterfly patterns in depth, with both intraday and position trading examples. For each method, they also point out a failed pattern example, and discuss recommended risk management, stops, etc. Most books seem to ignore the fact that patterns fail roughly just as many times as they work. "Trade What You See" by Larry Pesavento and Leslie Jouflas.
I've been trading Fibonacci's for 10 yrs. The problem is most traders don't know how to use them properly. Traders have no plan or rules on how to use them. They look at them in hindsight Anyways, if you have any questions, feel free to PM me. Id be more then happy to help.