i use the fibs everyday and see them working perfectly; so in my experience they work and i dont want to slap on my experience on someone else and say u better believe they work. only with your own direct individual experience you can know what works. everything else you read or hear about are somebody else' s convoluted expressions cheers
3-2-10 spy puts in a weak looking candle at 786; a sign of exhaustion http://www.sierrachart.com/userimages/upload_2/1267598796_47_UploadImage.png
3-2-10 q's last candle appear turning down at 786 on daily http://www.sierrachart.com/userimages/upload_2/1267599000_87_UploadImage.png
3-2-10 bidu wanting to take a break at 618. http://www.sierrachart.com/userimages/upload_2/1267599240_0_UploadImage.png
What about the rest of the times when price retraced nowhere near a fib line, price crashed right through a fib line, or flirted with a fib line then kept right on going? How do you tell real time and with enough notice to make money? If you claim to use fib lines to trade, and you are successful, then fib lines have nothing to do with it. You have some other unconscious skill that you are ignoring. But I will be happy to believe in your tea leaves if you can show me how they make me money. (see the red and blue circles on attached)
you can cure your pain by skipping and not reading my posts; unless you like to be in pain; lol; fib is a tool; if you know how to use it, it will work for you and if you dont know how to use it you can say it doesnt work. and there lies the ignorance
I'm at the College computer lab so I can't fully respond as I don't have my chart software here, but I can say from looking at your charts of support/resistance circles, you...in my opinion are making it slightly more complex than it needs to be. On my charts I marked major s/r points where the market made a nice move up or down...again this is rather subjective, but I dont care about little retracements...of course I dont know they are little retracements at first..i can only tell after the fact, but thats ok I'll finish this Q in about 2hrs.
If I understand you correctly,you wait until a 61.8% retracement to buy your fitst lot,and add at the 50% and 38.2%%.If wrong,you liquidate at the the full retracement...And where do you sell at a profit? If I am right how can you say you dont care and buy all of them?? Do you know in advance that price will retrace 61.8% and then trade up to the 50% and 38% levels?? Sounds to me like you certainly care,otherwise you would average down starting at the 38% retracement down to the 68%. I would have to assume you are entering with an allocated size per level,and most likely if you are filled at all levels you are in at apx a 50% retracement... You my friend are a closet Fibber !!!