I think so, but maybe that's just me. I keep seeing references to the use of Fibonacci numbers in trading. However, I think that people who use these numbers or ratios are misguided. First, I don't think markets are preordained to coincide with a number sequence that supposedly explains much of the universe as we know it. That's just a tad too mystical for my taste. Second, there appears to be no lack of Fib numbers or ratios to latch onto, such that if one fails there is always another and another and so on. This effectively renders it meaningless irrespective of the prior argument. Third, if used as intended, it is essentially a predictive tool rather than a reactive one. And we all know what happens when we choose to distinguish ourselves by predicting the markets. But, as I noted at the outset, that's just my opinion. So please vote and share your views.
You need to read the question again. The choices are that either you agree with the characterization that Fibs are worthless or even potentially expensive ("Yes"), or you disagree with that characterization ("No"), meaning you find Fibs useful. How many more choices do you need?
de·men·tia /dɪˈmɛnʃə, -ʃiə/ ânoun Psychiatry. severe impairment or loss of intellectual capacity and personality integration, due to the loss of or damage to neurons in the brain.
I put Fibonacci timing in the same category as astrology. But if it "works" for some traders, more power to 'em. But I hate it when con artists like Bill Williams try to pass off this mysticism as having something to do with chaos theory. Not that chaos theory has been actually proven to have anything to do with the markets, which is another peeve altogether.
Thank you. Now please explain why you think it is "setting in" for me, while being mindful of my response to ron2368's post. I eagerly await your response for my edification.
I completely follow your point. I see Fib as just another market theory. I find it funny when some traders points out that a stock just bounced of of 50% or 38% Fib retracement when the other 98/100 pivot points were completely random. They fail to mention the non-Fib pivots, and now that a stock has pivotted on a Fib percentage it's 'special' and should be given more consideraiton. However, if some sort of Fib works for some traders, good for them for finding an edge.