They work more than 50% of the time, but one doesn't need 50% winners to be very successful. Indicators are very reliable in entries and exits. Most traders just don't know how to manage trades.
Pattern trading can be compared to witchcraft, by not believing in it through personal inability doesn't constitute its inexistence.
When somebody shows me a thoroughly-tested and consistently-profitable trading plan that is based on either indicators or patterns or both, then I'll have something to investigate. Until then, it's just theory. And isn't particularly helpful. Belief is not pertinent.
No need to ever change the standard settings on indicators. They are set that way for a reason. Just learn to trade with them that way.
I am going to go out on a limb and say that no matter whether it's an indicator or price or order flow, etc. patterns dictate sentiment, the larger the time frame, the bigger the outcome. Only policy interventions or absence of players (liquidity) will negate patterns reinforce positive or negative sentiment. I think we will agree that nobody in their right mind likes to lose money or turn down opportunity to profit, patterns confirm sentiment in a high liquidity free market. That is my belief based on personal experience.