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Obviously they don't work, but what interests me more is how/why/when they were adopted by retail traders. I think that might be an interesting backstory.
Guys I think what may work is probably not how markets work.
Anyways am not sure on fx. But money rolls into the market by the bigger players and they coordinate amongst all indices. They cannot afford to not coordinate as it will mean positions go against them. I think only thing which was being pointed out by TT is though it may seem lines may confirm it is not the underlying reason.
But again if something suits someone there is no need to change it.....just due to a varying reason.
All views are respected in this community. Also varying opinions it what makes it the greatest market to be in.
How many years have you been a full-time professional trader as the primary source of your income?
I ask because I can't think of a single pro trader that I've interviewed before that would disagree with what @tigertrader said about trending markets.
It seems more likely that you are more of a casual/hobbyist trader, which is fine, but would also explain why you believe fibs are useful.
Since when is childish name calling considered giving an opinion? Saying that someone is naive is not substantially different to saying someone is experienced.
However, calling someone names is simply childish. Resorting to such immature school yard behavior only demonstrates that you can't support your argument.