As with anything, they "work" some of the time, not all of the time. There is potentially an infinite number of retracements/advancements that can be used for "forecasting".
According to my experience, useless. Anyway, you can mentally see the levels the price could retrace to without having to put the tool on the chart.
I did a thread in the TA section here on "Fibonacci Trading" a while back. It is just a tool, nothing more, nothing less. Works more of the time than not. Just have to find a Stock, or Future that has repeatable behavior. This weeks trades using the Fibs for an exit.
I love such an open-ended question... this one in particular has been asked many times before and will continue to be asked over and over again by people who can't do their own research. To be successful you first have to learn how to ask the right questions. - Define what you mean by work? What do you expect the market to do when it reaches one of the 5 common Fib retracement levels? What would it need to do in order to make it worth entering at that level? - Define when you'd consider using the retracements? Under what conditions would you draw the lines, and under which situations would you enter or exit blindly when price reaches one of the 5 lines? Until you can answer these questions, your original question is meaningless. I myself have a couple setups where I'll enter blindly at a Fib retracement line, but only under special circumstances in which the preceeding price action warrants it. Does the edge come from the line? No... the edge comes from experience. Most of my trades do not involve fading a pullback @ a Fib line BTW. I will also use Fib retracement lines as targets when counter-trend trading, simply because they are objective, and not necesarily because they maximize my P&L.
Im clue less when it comes to Fibonacci where to put the lines, when to buy, when to sell. could you put up a chart so i can look at which point entered the market and when exited. more a visual learner. thanks
Take a look at the opening 10-15 min to get the first cycle. Usually a good starting point. You also need to respect the S/R (pivot points) levels when looking at this. Worked for me today, again... Bought some 260 Puts once it stalled.
Do they work? Not according to serious research and studies. But that does not seem to dissaude those who believe in it.