es/pip wrote:I agree that fibs dont matter
OK, discretiaonal traders don't believe in Fibs.
The most funny definition of Fib and pivot lines,
I've ever heard is something like this:
They don't exist in reality, they are imaginery,
calculated & created by some "gurus",
exist on paper and in the books only,
but because too many traders read and heard about them,
they (traders) are watching these levels and putting
their orders (both Buy & Sell ones) in close proximity
of these lines, and that's why they (lines) are working for some
or not working for the majority of others.
It's seems to be some kind of special "zero-fib-line",
where ones are taking profit, and others are grabbing
profit from them.
I'm not discretional trader, but I'm starting to believe
in the above definition more & more.