Fibonacci and other fossils
As a trader I think that fibonacci tools are probably the most widely known, highly used, and most talked about indicator.
I also think they are the most over-rated.
That being said, I am still aware of these levels. It is the price of entry into the major leagues that you understand and have a firm grasp of the fundamentals and the primary patterns.
The players who succeed in the show, however, go beyond the basics and develop an additional arsenal of weapons.
The average trader is aware of these critical areas and trades accordingly. Stops are placed appropriately behind these levels.
May I ask you a question? If you know where these fibonacci levels are, do you think the Illuminati are also knowledgeable about them? Is it possible they know where your stops are?
Having a little flexibility and allowing for a little more “slop” in the price range, rather than being “precise” with your calculations, will keep you away from the herd that is led to slaughter when the stops are run.
When you know the secret code, you will inuitively understand where these hidden magnets are that continually attract and repel the price action.
Trying to trade without this knowledge is like swinging at a baseball pitch with your eyes closed.