Practicality of Fibonacci Retracements

Discussion in 'Technical Analysis' started by Raul641, Mar 13, 2007.

  1. Raul641


    The S&P open yesterday and today were both at the 38.2% retracement of its recent high to recent low. Today we got a huge selloff.

    Prices seem to reverse at Fibonacci retracement levels often enough to be interesting, but they also seem to ignore the Fibonacci levels often enough to make it impractical as a trading indicator.

    How do you all use the Fibonacci levels in your trading, if at all? Is it only as another confirmation for other indicators or theories?