Ok, beginning of the year. FOMC meeting minutes, Non Farm Payroll reports are lining up, and traders are still in some kinda holiday mood. So, I will start trading sometime next week. Let’s have some fun before getting into action.
I am a straight forward and slow trader, look at the charts I’ve posted on this blog, you know how dumb I am. I can’t figure out why do some magic numbers/methods, such as Fibonacci, Gann, astrology or even idiot wave (oops sorry, is it Ell-iot?) etc work for some traders (or do they really work? God knows). So, I decided to run a series of polls to see how many of my readers are actually using these tools or craps (oops, sorry) to trade, and consistently profit from them. Well, you know what I am saying, we are looking for a consistent approach. Oh man,consistent, man, consistent. Let’s collect around 100 votes for each poll before continue to the next one.
So, the first one. Fibonacci. Can somebody tell me why on earth the price shall rebound after retracing to 50% or 62.8% ? Other than ‘The whole world is watching this level’ , I can’t find another answer. Please leave me a comment if you do. No offense to Fibonaccians out there. You should continue have fun in your own world if it brings you profit! 🙂
Here is the first poll