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Fibonacci levels, whether they are retracements or extensions, are simply support and resistance that is calculated from the last major move. Consider that when analyzing a pair, the last major move could be different from time frame to time frame. This is exactly why charting analysis should be confined to the time frame that you are setting up the trade on. The best reason that Fibonacci works is not the fact that so many traders use it. In fact, the way a 200 simple moving average can affect trading is based upon the widespread use of this moving average at the 200 period setting. On a given chart there could be multiple moves from which a group of traders could identify a Fibonacci Retracement series so it������s not the commonality that makes them work . Fibonacci, because it is a law of nature, will take a move and calculate what it������s most likely to do after making that move. This subjectivity is very uncomfortable to traders who need to put market behavior in convenient categories������as if human nature were always that simple to decipher. I can tell you that a triangle can occur almost anywhere on a chart but that the triangle that you should trade must occur in a sideways market cycle. The consideration of what the market is doing must dictate how to trade it. I think that traders are not necessarily to blame here; Time, trading time in particular, is another aspect that the Forex in Five trader uses to her advantage. Forex in Five traders know that sitting down to trade or enter trades is not a matter of convenience but actually a matter of effectiveness. Most forex traders find that they are too active in the Asian session or stay up for the Frankfurt and London session without considering pip movement at each hour of the day. Trading at those times is not necessarily wrong, but there are factors like follow-through and those offbeat hours themselves to be aware of!