Reply to Cory & Michael

Michael,
If you really want to learn about how to apply Fib in a more practical way, check out Trader-X's blog. He uses Fib for both entry and exit. Very simple setup, but easier to apply on stocks, coz there're so many stocks with their own trends and patterns. For futures, those that fall under the same category have more or less the same charts. For instance, on a specific day, the 7th candle (on market open) of all the index futures will be an inside bar, or a hammer, and then the 14th will be stopped by the support/ resistance of the 7th candle, etc etc, or all will hit a full fib target (for ES, mostly 138.2 and 211.8 and TF is mostly 161.8 and 261.8 etc, depending on the seed you choose...) at around the same time.

Still, I strongly recommend that you take a look at Trader-X's charts. It's very enlightening to see how simple trading can actually be.

Cory:
Yes, I like Fib. I don't use it for its intended purpose that often - most use the levels to exit their trades. I use it to see how strong price is trending and coz I use both upward and downward fib once I get a swing high and low, I tend to use it to see which direction price is likely to test next. I used to use the Fib retracement levels for entries when I was trading TF. Not anymore. TF is no longer the TF I knew. It retraces whenever ES retraces. It used to have a character. Now it's just an ES follower. But it's good to trade coz of its tick value. LOL!