Post
Topic
Board Trading Discussion
Re: Fibonacci Tool and Price Action.
by
Mpamaegbu
on 17/06/2023, 11:05:56 UTC
My friend told me that using the Fibonacci tool in conjunction with price action is the most successful trading method. I'm attempting to investigate and learn about it.
To start with, Price Action (PA) isn't an indicator. It's just you viewing price movement in relation to candle patterns and guessing where it heads to. In essence, PA is trading handsfree. As for Fibs, I used that a lot when I began trading but along the line I realized there's no perfect way to draw it. It was more of guessing as it could be plotted or drawn from any top or bottom. By that I mean, top/bottom of 1hr, 4hrs, daily or weekly etc could be used and they give different vibes. For me, anything that's not near clarity in trading is second guessing and that's gambling. May be there are better ways to look at Fibs than I do and I wouldn't mind to have opinions on that. This day, I'm more confident relying on pivots, trendlines and S&R than any other indis.