I am no Fib Master. Personally, I prefer support/resistance lines over fibonacci. Be that as it may, I think I could make good use of it, especially in conjunction to S/R and TL. After all, it ain't the WHAT that is important but HOW you use it that gives it its proper shine. Anyway, everyone is welcome to chime in, pro-fib and anti-fib alike. For a starter, here's one way to approach the fib. Finding the confluence zone between the fib and the trendline will give you a good reading of what's to come.
Stick with and MACD and PA...you're a smart guy. You had it 10 years ago...stop looking for new answers. Sit on your hands until the signal comes to you. THAT is the hardest part. FUK FIBS.
My opinion, not to fib. Ask 100 traders to draw fibonacci levels on a chart and it is very likely that you get many many different results. Same as with support and resistance, it can work but it is very hard to trade from.
I have not done much fibo study, but based on this chart, we should head back down to 3323 before hitting 3357 again. Considering ATH and whatnot.
Always saw fib like “y axis grid lines”. Draw enough lines and your eyes will make a pattern. Seems that if a level has any significance, you’d notice it without any lines.
I tested Fibonacci retracements on daily price bars and concluded they are not special in https://www.elitetrader.com/et/thre...quires-any-testing.339841/page-6#post-5004143
The ones who say they are lie about it. Fibonacci lines are like spaghetti. Throw enough of them against the wall and some of them are bound to stick.
Nice work on your es call yesterday. correct direction and distance, could make a nice clean in and out trade doable. gotta love it. good stuff.