Question: How reliable is fibonacci retracement

Discussion in 'Learn how to trade or invest by asking questions' started by chubble123, Mar 18, 2017 at 6:02 AM.

  1. chubble123

    chubble123 New Member

    Dear all,

    I am a student in year 10 and am doing a research project on the reliability of fibonacci retracement. Please could you state your opinion and give some evidence to back it up.

    Thanks
     
  2. Acstudio

    Acstudio Well-Known Member won penny contest 44x won weekly contest 40x won weekly contest 41x simulator winner 20x

    Are you familiar with a very mysterious and cryptic thing called "a bell curve"? It's pretty much that...as with just about everything in life. My evidence= [​IMG]
     
  3. ineedupticks

    ineedupticks New Member

    This one is a tough question - I always feel like Fibonacci is a mind game similar to those math equations where you take the last 4 digits of your phone number, plug it in, and get your age.

    I never use it.

    One of my best friends who has traded alongside me for the last 13 years uses "exotic" analysis such as Fibonacci, fractals, and Murray math. He has broken down the math, shown me the sequences, etc and given me examples several times during live trading and it seems to work. The exotics are way beyond me so I stick to the whole K.I.S.S. methodology.

    I've seen many times where he makes great money. I remember some time several years ago, he pulled me over to point out RIMM and how it was hitting Fibonacci points on a pullback, he threw everything he had into it (making this his biggest trade ever). My memories a little fuzzy but it was falling and he set his buy price for something like 93.85 price dropped slightly through his buy price and made a huge spike over the next several sessions to where he got out around 138.

    For me, I stayed away from that pullback
     
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