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How did fibonacci make it in trading?

Having a background in mathematic I am somewhat familiar with fibonacci, his sequence and the ratio's moving to the golden ratio. I was somewhat suprised to see fibonacci as an indicator. The levels of this indicator are related to the fibonacci ratio's. Looking for explaination of why these levels work or why people think they work. I understand the usage of more statistical indicators as they hold information about the past. Not so with the fibonacci indicator.

Just curious if somewhat has some information about this.


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    BryanMacBryanMac Posts: 851 ✭✭✭
    Self fulfilling Prophecy is a big reason.
    Bryan Mcafee
    Hit me up on skype at Brymcafee (McAllen TX)
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    ehenderichsehenderichs Posts: 22
    BryanMac said:

    Self fulfilling Prophecy is a big reason.

    Reading and watching about indicators I get the sneeky suspicion that a lot of indactors are sort of self fulfilling prophecies
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