Fibonacci levels. Trading corrections.I saw a Lance B video saying that fibonacci is garbage that people use with a confirmation bias, and it doesn't work. (He says, anything besides the 50% FIB). His thesis is that fibonacci is a phenomenum from nature and at some point traders decide to test and apply it in markets.
I disagree. Using LOG trend, during corrections, prices respect the fib level ratio . It's math, more or less. I only trade tickers, if the moves are in the correlation with whole market (index). I also think, it's practical only on corrections, bear markets. 🤔
-> When the "key" level breaks, it tests the next level . Which isn't practical due to high variance.
-> which means, you build the shorts during last resistance . Where market forces pull over. (50dma death cross as a force).
(Your hedge is the inertia from 50dma DC).
I think this is a cool, powerful setup to keep it mind. 👏
