Subjective Trading Indicators

While I do believe that fibonacci retracements, elliott waves, harmonics, and the likes may work, they rarely do. And if they do, they only work after the fact that they have already made their move. They can neither be relied upon as a trade management tool nor a predictive tool. What needs to be done is to study them in a specific stock universe, as the things that worked in other markets, don’t necessarily apply one to one with other markets. Tweaks should be made such that it’s specifically tailored to the market you are trading. Caution is necessary when using these tools, most especially if you havent done the backtesting yourself.