I was not using Fibo, but more and more evidence of this self fulfilling prophecy is becoming obvious. For example today USD CAD: level 38.2 to the pip on 5m:
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Now I am a believer in Fibo
I was not using Fibo, but more and more evidence of this self fulfilling prophecy is becoming obvious. For example today USD CAD: level 38.2 to the pip on 5m:
Sort of - second pic below is from technical analysis done by a pro-trader of a trade that Soros took - forget how much he made on this one, but in the tens of millions anyway. I went to the exact date and pair and what did I see? I saw his first trade placed at exactly 50% of a retrace (with some confirmation). A second one was taken later to add to the position. Coincidence? Maybe but I doubt that coincidence has a lot to do with it. Yes I also trade 50% retracements as one of my setups.
EU next week highly probability to goin shout..pass the 61.8
ust to give a different view:
attached is a picture that explains how fibonacci can work in a little bit different way. I took the biggest candles ( here 1hour chart) and you can see how nice the fibo levels where touched. Note: I know its a bit hard to see so i underlayed the candle with a green rectangle!
just a little note: in my experience, fibonacci is usualy very accurate, if the fibonacci isnt pin point accurate, dont use it or play with it. As an example take a look at the last picture and all the spikes above the 50 level without touching any level accurate. That was the reason that i looked at the closing of all these candles and choose the 50 level as a important level. If you use fibo for swings, consider that they are looking different regarding the spike from broker to broker - here too, if the fibo isn?t 99,9% accurate, don?t use it.
