JMB

TA is IMHO the only way to objectively take action from and enter into a trade with a real plan that you follow consistently. This is also the only way you can realize if your plan works or not. At leat you can put some numbers to your trades (even proffesional BlackJack players have an objective system with technical rules, they can't take the dealers word for it). Everything that happend in the market (fundamentals included), is happening in the market (fundamentals included) and will happen in the market (fundamentals included) is already considered and taken into account on a price chart. For this reason you can put a plan towards the future with Technical/Objective analysis. How can anyone make a consistently profitable trading plan/system by looking at the news on CNBC?? You cannot just say: Ok of Bernanke says the buzzword "Interest rate" i will short. The experts you see on TV who are giving you their view on the markets are probably working for an institution/bank/fund that looses when you win. Just giving my opinion and i'm definately not an expert here. Is it not funny when the experts say that a certain market is very strong and bullish that always two things happen: Your spread widens for about the double or triple and after that the market drops like a brick in mid air. Well,....my

Hi SIUYA, Thanks for your reply. No pun intended to the fib traders in my last post. I actually realy like what is writen on the bottom of your post "CONTEXT IS KING", you see that is something that does make sense

Are there any traders out there that actually use the fibo ratios in their everyday live OTHER THAN TRADING??? The reason i ask this is the following. All these traders that use Fibonacci in their trading were sold the idea that fibonacci should work because this ancient Italian stumbled upon a so called Golden Ratio that you can find in all other things in life. I still don't see a valid reason why i should plot these ratios on my chart. I mean , if i get into my car to drive from point A to point B , should i make a 180 degree turn once i have driven 61.8% the way??? no, you would never do that, but traders seem to find it a valid reason to get into the market. I have yet to meet the trader that is consistently profitable with using the Fibonacci ratios. Wallstreet is literally laughing its way to the bank because of all retail traders using all these crazy looking indicators. All that is missing is one of these big institutional guy's coming out in public telling us that he found some weird mathmatical sequence hidden in some box in the desert beneath some piramid (which caused his trading succes) and there will be traders standing in line to pay for that sequence, as if they were in line waiting to get the new ipad4 at the apple store.

Hi Robinhd. It means "where are you on the larger timeframe" Are you closer to a higher timeframe Supply or are you closer to Higher timeframe demand?