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Forex Where is the logic behind applying Fibbonacci to trading?

Discussion in 'Forex Forum' started by Ponzi Jr, Feb 5, 2016.

  1. Ponzi Jr

    Ponzi Jr Guest

    Can someone please explain to me why Fibbonacci levels are used in technical analysis? Where is the logic behind assuming that price will respond to these 'magic' levels? Or do they just form a self fulfilling prophesy due to the vast number of people who watch out for them?

    Source.
     
    Ponzi Jr, Feb 5, 2016
    #1

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