Fibs are like moving averages. They're only effective because so many clueless traders follow them, not to mention that they are completely ignorant about the underlying PA that dictates those indicators.
You've seen me trade. I don't need no Fib to tell me where the price pivots are. I bet most of you wouldn't even know where price will reverse without relying on the Fib (and Fibs aren't always that accurate either).
Yup, but that's you. We are not you. Leave it at that. edit: when are you going to stop over "there" with newbs - and start a new real traders topic?
I'll leave that to you and others. As for me, I'm a noob at heart. I believe trading should be simple, so I'll stick with the fellow noobs.