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Are Fibonacci retracements and projections useful?
how many times did one have to draw, and re-draw above lines before one got them to "work"
and, while in the process, how many times did one, get in, and get stopped out, and got back in, and stopped out, and got in and out with a small profit, and got back in, and got stopped out, and...
Hello tigertradre. I don't think you can "cure" everyone here, nor that anyone needs it. people do what they do because they don't know any better. there are also no logical arguments you can make against any type of analysis, as long as people view markets as drawings on a chart.
I am not an elite member, so am not familiar with details of what you are proposing as an alternative/better way of looking at markets. But explaining your method and presenting clear arguments is the best you can do.
no number of confirming observations can verify a universal generalization, such as "all swans are white", yet it is logically possible to falsify it by observing a single black swan.
which is exactly why, the burden-of-proof is on the fib advocates and not me
if you were an elite member, and you read my thread, then you would see that i do exactly as you described, on a daily basis.
btw, you have a trading account and trade, but you can't "bone-up" for an elite membership.
btw, my definition of profitable trader is a trader who can support himself and his family while scaling his account simultaneously, and has been successful doing this for at least 10 consecutive years
What a fun read, @tigertrader taking on survivorship bias victims.
When people lose in the market, they fulfill their function in the financial ecosystem. I see no problem. Fibs, TLs, Elliott Wave..etc. are all great. Please use them everyone and use often. They are great tools for forecasting the past.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.