Fibs don't work

I use Fibs for certain things but need some price confirmation first prior to entering.

GE: 4 legs down, hunting with Fib levels where the down trend is likely to resume.

 

ok what was said lol

 

Read, again, the post you quoted.

Meanwhile I'll be lol while you do.

 

He literally said:

They are effective as targets not because of sea shells or pyramid construction but because institutional algo's fire at those levels, targets, counter trend HFT algo's etc.. As long as the institutions use them, I use them.
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To which I responded, no they do not.

 

on the desk.

 

"desk" is industry jargon for product group or asset class. meaning no one uses fibs in any trading capacity, algo or not, lol.

historically, "on desks" (meaning, in the industry) fibs were used as a quick way to assess where a shock would land, or to view price action through the lens of some type of shock, like a significant drop in liquidity etc. however, technology has improved sufficiently over the last thirty years (lol) to enable things like real-time estimate of kyle limits, market liquidity, and other factors.

so sure you can use them, but it's weird to say that one uses them because institutions use them when in fact they do not.

 

So you know what all of "they" do?

 

you may be surprised to hear that there are standards in the industry. no one is using fibs for trading-- most traders barely even have a chart open. This is what a trading software looks like for professionals:

 

You may be surprised, prolly not, that I don't for a second believe you know what everyone uses or doesn't use. So be it.

 

Had to log out to see who you were responding to, I had that clown on ignore.