There is a holy grail, truly. It's the space in between your ears. If you believe in fibs great. Master of Gann great. Willing to spend 250k to get the secret sauce from TZ great. Whatever you believe in and apply it consistently, assuming a positive expectancy, will work.
I believe something is great when it works, not when gurus tell me it is great. If that were the case, I would believe SVT or SCT or whatever JH's method is called is good. lol @ the struggling trader saying someone else knows what they're talking about. No offence, I know you're working hard to learn; I'm just saying that students aren't capable of identifying who knows what they are talking about.
by the way, this thread is a great example of forum psychology. - Threads with vague "methods" go on for dozens of pages. Look at the JH bullshit, or ProfLogic's ergodic thread, or jjrvat's, or Anek's threads, etc. Or the (other) fib threads with all the after-the-fact charts posted. "OMG I HAVE TO STUDY THE MYSTICAL NATURE FIBONACCI SEASHELL SEQUENCE OF LIFE!!! SEASHELLS ARE DIRECTLY APPLICABLE TO TRADING!!!" - This thread gave everything up front with no bullshit, no guru story, no nothing, and it got only a few replies. I'm sad! I really thought this would turn into a good discussion. Especially, since it didn't take 40 pages to get clarification from the guru threadstarter. Well, the only thing I left open for interpretation was how many lots to buy at each position. But that's gonna depend on you and also on how wide the gap is from the 0 line to the 100 line, because it's going to vary based on the size of the trend. Your position size for a span of 10 points might be different from on a span of 50 points because the total dollar risk would be different, then. Note - I'm not responsible for any losses. But if price retraces at fib numbers, like people claim, this method should make a lot of money.
Fibs by themselves don't work. However, in some cases its possible with over 60% win ratio to determine when a fib is going to work. This can be observed by drawing fib lines on a chart and seeing in the past that yes sometimes price bounced from the fib line and not from a non fib line. So if you are a trader that used fib lines as one of your tools, the easiest way to prove or not prove it to yourself is to use the report function that most trade platforms like Ninja Trader have. If the report function shows that you have made profits over an extended time then keep doing what you are doing. I think the problem some people have with trading or TA is that they want to find the holy grail. For example, scientists like the fact that gravity works all the time. If you throw a ball up into the air, it comes back down. While trading is dealing with statistics. How many times will my trade work for example what is my win%. What type of stop hard or mental do I need to use for my money management. When should I not be trading. Is the day a range day or a trend day. Should I average down or up. How long should I wait for a trade to work and how can I determine where my target should be. These are sometimes more important questions of managing a trade than what you use as a trade signal.
Aren't most traders "trend traders"? And don't most traders lose money? Making a statement like "trading with the trend works" is just as vague and pointless as saying "fibs are magic numbers."