Mark Lonow

Yes, there is truth behind the above statement BUT I believe you are not thinking correctly in reference to using Fibs. Since Fibs are used by many, many people there will be Price reactions at any given Fib level. However, look at the areas on your chart that have consolidations. When they coinside with Fib levels you can have more confidence that there are a number of people trading that Fib and so it is probably a more reliable trading level than others. You should also look at two or three higher charts and check to see how large the consolidations are in the same area on those charts. Check which Fibs are playing on those also. If you then enter on your lower chart in the direction of the larger trend, as shown on the higher charts, you will give yourself a greater probablity of trading success.

I don't come into this site much and just noticed what you wrote in February. It's best to use indicatores, any indicators, to confirm a decision already made. Indicators, because of their construction are ALWAYS delayed and usually too late to use successfully to trade with. That goes no matter who tells you differently. May I suggest that you learn to read price with good (meaning tight) Stop Loss.