Mrjtdude,
I trade a very similar setup that's been profitable for me for the past few months, so that I understand this works. I wouldn't say that you made this up, however. You have discovered this along with many others including myself. The fact that you came to your conclusions by yourself is a step in the right direction.
The only suggestions I have for you should take a look at which higher timeframe to look at against which reduced time frame (read up on harmonic cycles and trading for more information to this), and also daily range trading alongside support and resistance (so many great threads about this so many aspects ) for targets.
I used to use Fibonacci within my trading (not knocking it, it works!) I have since found using various S/R functions.
Good luck
No need to elaborate any further. Trading is a breakthrough