TA works extremely well for me in Forex. I would think that if a person had ever looked at a chart he would not be able to say that TA fails miserably in Forex. Perhaps it is your lack of understanding of TA. The stock market is where TA fails compared with Forex. In Forex it is totally uncanny how well it works.
Traditional TA (chart lines, s/r, etc) basically gets you leftovers; sure it "works" when support breaks and you get a nice 50 pip downdraft, but that's usually in the midst of a 300-pip move that has faked out alot of TA traders going the other way to begin with.
When a bank begins the cascade, it is a "moving" experience to say the least One night I was online with a trader here in ET and he told me hey...B of A is putting on some size with some longs...wow...I wish I had his red phone...I entered as fast as I could and grabbed some pips out of that cascade... you can find it in the longest thread in the Forex trading Forum of Et...Chinooks mumblings... Neal is an awesome trader....
I guess TA is many things to many people. For me it captures the best movements and stays out of choppy markets. The best movements of a trend are captured and non trending markets are avoided using TA. If you see it as getting leftovers you are doing something entirely different but TA is certainly not limited to one particular thing.
Some of you don't read very well so let's clear this up. I said: Normal TA will fail miserably and I never said you can not make money in the Forex markets. I also said use quadruple the stop you "think" you need. Happy Trades.
Any setting beyond the defaults Fibs are fine but they work best in clusters. Also You MUST multi timeframe. My key point of this thread was to expound upon the need for very loose Stops.
Something that requires loose stops just means it's timing is fairly inaccurate, which was pretty much my point when I say "leftovers". Using wider stops just makes a trader lazier in my opinion, work harder to find the better entries.