I was first introduced to Fibonacci amounts when I read a trading platform by Quantum Global. Basically, if there is a wave greater than 40 pips at height, then you're supposed to play with the Fib levels, and filter out your trades based on RSI.
That I backtested the method for a couple of years, and found it won 50 percent of their time.
I could flip a coin and have exactly the same results... 50/50.
I realize many traders swear by Fibs.... And yes you can find Fib patterns in charts a lot. But how valid are Fibs really? My difficulty is that I think too many traders are playing Fibs in different timeframes... consequently a lot of sound in the charts.
Oh and I firmly think the banks are not trading to make profits.... They're buying Forex prospective contracts to hedge their nation's savings based on fundamentals.... They're exercising the contracts and not selling them for profit. That's why price action is my bread and butter for the time being.