One of the theories that I believe regarding trading is the retracement (discount) theory. The Fibonacci retracement tool aims to take those discounts and put them into measured levels.
Although I see significance in retracement, it's not every instrument that follows the fib levels accordingly. I would say that most of them don't exactly follow the fib level accordingly. There is always an exception for the rule.
USDx ans USDJPY are exceptions and interestingly enough EURUSD in some ways follow the fib levels as well.
So far, the bullish correction that we observe on the USDx, has followed the fib level in pretty accurate fashion. 61.80%, 50.0% and 38.2% (latest level for buy orders) have been very accurate.
Not only that, but the 61.8 level for the original downtrend channel, seems to be the first MACD bull divergence target @ the 78.90 level.
Although I don't use fib levels on my trading, it seems to me that there is enough amount of money parked on these levels as to make them have significance at least in a few instruments.
Cheers to all.
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