In other words, the whole idea is a myth. If they can be explained by chance alone, then we have to conclude that using these reversal lines as a trading signal is no better than picking lines at random. What I will do here is quantitatively measure if reversals around these Fibonacci lines occurs with a higher probability than can be explained by chance alone. I will take an objective look at Fibonacci retracement to see if it actually lives up to its reputation as a predictive tool. In this tutorial I want to take a step back from all of the hype. This method is used by many types of market participants, from individual technical traders through to analysts at the world’s largest financial institutions such as Citigroup, as seen for example here. Is Fibonacci retracement real or not? © forexopIf you ask any technical trader which charting tool they rely on the most, Fibonacci retracement would probably come fairly high up on the list.
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