Doyle shares why he no longer trades using Fibonacci and instead opts for institutional style trading with naked charts, price action, and risk-reward.
Why I Don't Trade Fibonacci Anymore: A Personal Account
Introduction
– Overview of the video and its main subject matter
– The speaker's personal experience with Fibonacci trading
The Transition from Retail to Institutional Trading
– Explanation of the speaker's decision to transition to institutional trading
– The removal of indicators and the shift towards a “naked chart” approach
The Role of Fibonacci in Retail Trading
– Acknowledgment of Fibonacci as a tool in retail trading
– The limitations of relying solely on Fibonacci as a trading strategy
The Limitations of Fib Retracement
– The speaker's experience with Fib retracement and the lack of confirmation it provides
– The common occurrence of a one-to-one risk reward ratio in Fib trading
– The importance of risk-reward and the limitations of relying on a one-to-one ratio
The Blindness of Relying on a Specific Trading Strategy
– The speaker's experience with relying too heavily on Fibonacci
– The inability to see other potential setups and opportunities due to focusing solely on Fibonacci retracements
The Benefits of Moving Away from Fibonacci
– The speaker's shift towards a more institutional style of trading
– The benefits of using price action and other indicators in addition to Fibonacci
– The speaker's increased success and improved risk-reward ratio
Conclusion
– The overall message and takeaway from the video
– The speaker's encouragement to consider new trading strategies and expand one's knowledge beyond a specific tool or approach.