Okay then, don't make it complicated. First I don't trade using Fibs, except with some minor exceptions.
As far as my original post is concerned, anytime a peak or a dip is broken, draw the Fibs with the 161.8 only. That extension will be hit almost everytime. Nothing subjective. Do it on a few of them, and you will know why in this instance I speak so confidently of them.
I always believe in backing my claims with action, which is why I'm asking you to test what I am saying.
The other time I use Fibs is in conjunction with my S&R's. Subjective? No! Name a market for me to plot my personal S&R's on, and then I'll apply the Fibs to them, and then tell me it is subjective.
BTW, as far as price action is concerned, the market will usually equal the point of the swing low>swing high>extension. The 61.8% figure is just a conservative amount.
You seem to be a good trader, but that information is mainly for people learning to trade price action and wanting a handle on the TP's.
Also according this statement, "everyone is has their own way of doing it." That is exactly what trading is all about. Everyone has their own way of doing it. You have your own way of trading price action, and I do to. My actual methodology is completely diverse from yours. Success comes in the usage of the product to yield consistent gains. Many people use Fibs for their personal success. I use them completely unique from everyone else.
Bottom line? We are all different. This is why we come to your thread. We are hoping you can teach us a new trick or 2 in trading price action.
I m not a fibs guys..and i find the whole fibs usage a bit too complicated. I mean using fibs is completely subjective and error prone. I do not understand how people use it so confidently , and everyone is has their own way of doing it.
But if it works for you, that's great. :thumb: