In my early years of trading I was pretty much like everyone else. If I knew a little more, I could find the holy grail of chart set ups and find a technical set up that would make me my fortune. After several years and many £10k’s spent I realised that there was not guaranteed set up. Many of the problem came from using lagging indicators like RSI, MA’s and Stochastics. The problem was that you were generally right on the direction but because of the lagging nature you were generally stopped out before the true movement happened. Something a lot of trader reading this will have experienced. From here I turned my attention the Fibonacci. The idea that previous movement and direction could be used to predict not only future movement but pivots and points of attraction.
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