Fibonacci retracement tips from seasoned traders

[samewise]

I was looking at charts today and start dropping fib retracements all over the place.

It amazes me how this indicator lots of times hits the .618 and .382 to the pip.

Any huge fib retracement users out there? What experience can you share? what do you see once price retraces back to the 618? Continuation or reversal of the previous trend? No clearer answer on what price does next?

I think there’s something with it, just don’t know when it’s best to use or if it should be used at all???

Thoughts?

[SchmaltzHerring]

@samewise

just don’t know when it’s best to use or if it should be used at all???

Thoughts?

Much wisdom here (among the customary nonsense!) -

Need help understanding fib retracement

I’m going through the babypips school. I’m currently reading and trying out fib retracement. While I do have the understanding that using trend lines, S/R, fibs etc is like trying to impose a subjective pattern to random events, I’d like to have some understanding of it in order to improve my understanding of reading price action. What I don’t understand with the teachings given in the babypips school is that it tells that other traders may place orders on certain fib levels, making it more like…

[MartialChartsFX]

I’m not responding because I consider myself a seasoned trader but I am big on using Fibonacci. I never use a Fibonacci Retracement by itself so I always need Fib levels to line up with something else. For me a touch on 61.8 is just the beginning after which I’m waiting for some sort of confirmation.

I also don’t use Fibonacci in the manner that is traditionally taught like in the Babypips course. The Fibonacci rabbit hole goes deep.