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Fibonacci, wave patterns and cycles are all present because humans find writing opinions easier than reading them, and find news stories seductive even when the same one is used to justify price moves in both directions on the same day. On the other hand markets are far easier to read than they are to trade, even when they're beautiful.
I appreciate all in here who have helped me to begin to learn the difference between analysis (of all forms) and trading. Yesterday was a good day, I recognised that I have usually been getting out where the pro's are getting in - suddenly finding 'ease of movement' on the DOM simply because it was a with-trend trade was a refreshing experience. I will spend next year working on capturing @tigertrader's asymmetric return (well maybe a tiny bit of it anyway.)
Well, despite being scolded by the "opposition" for expecting price to retrace back to my major level, that is, in fact, exactly what it did, after losing steam at the fib right above it:
I don't care for fibs, but I love that you had these numbers and levels before hand and not in hindsight...
I think some observers figure it must be hindsight if it's beautiful, this is a fallacy.
Fibs for serious users are no more hindsight than any other TA, whether you use wave-based relationships, traditional draws, constructive draws or time-based supports. Some are more accurate/beautiful/relevant than others but we all still get left with the same questions - did we pull the trigger or not? And what are we expecting to happen?
Well, despite being scolded by the "opposition" for expecting price to retrace back to my major level, that is, in fact, exactly what it did, after losing steam at the fib right above it:
so, how many did you buy there?
i bought a shitload, and still have 25% of them, and it wasn't because of a fib
Well, despite being scolded by the "opposition" for expecting price to retrace back to my major level, that is, in fact, exactly what it did, after losing steam at the fib right above it: