After the Fed meeting today Fibs were quite profitable with repeated scalps on the ESZ1 I was trading XAUUSD Very profitable.
@JSOP forgive me for saying: Your knowledge of Fibonacci trading is either "old school" or perhaps misunderstood. I will be happy to assist in clarification if you wish in another post here or a new thread. A good book: "Fibonacci Ratios and Pattern Recognition" -- should find it for free on Google or buy at Amazon. (Both offer a money back return privilege -- should not find it helpful. Best to you and stay healthy ...
In addition to confluence with the resistance on that 9am candle wick. The higher the confluence of signals, the higher chance of a profitable trade.
Wow. I have to agree with @MACD. I first learned about the lesser known 88.6 and even 94.1 in the late 90's!! I don't use Fib levels, but they do exist in my toolkit.
It was a perfect 61.8% time and price retracement squaring. That is all the confluence I need. Said it numerous times that ... time then price then pattern in order of importance. Yet whether it is fibs or anything else all anyone talks about is price doh!
Been trading Fib's on xauusd for a while, was looking for 1793.17 by the morning .or hit stop . we will see. Just another trade. (any one else see the trade)? On the other screen i have been watching WTI Cash also works on Fib lines.