If you draw fib lines correct you should have old fibs EVERYWHERE not blocking price action everywhere, but on every stock or ETF or whatever you trade. You should be able to find something bouncing off a fib if your right about direction.
Below is the daily $XIV
On 11-1-11 the mf global/Greek PM shake out gap down put $XIV down and in turn the VIX up. A look @ the chart and you see the extreme move. I got shook out the Q's and $TSCO for chasing.. I only chased a bit but it was enough to cost me because who's to say the Q's would stop going down @ 2.5% with the moves we've seen I shook out and hid in $CYB. I thought it could be a shake out when my small cap $ROYL didn't trigger a sell so I added there. Then I started scanning for something bouncing off old fib and came across this beauty. It had hit and was holding above a 23.6% fib line that price has been using lately. my O.G. (www.twitter.com/cfrazierjr) pointed it out a while ago and I've been watching it since.
Most only use the 61.8, 50, and 38.2 fibs discarding the rest. This edge may have gotten dull from too much use.... This doesn't mean price won't bounce of any other fib line as price fluctuates, just when you catch one that has broken the other fibs you know many traders have thrown in the towel.... They are not living the fibonacci life.
Caught $XIV for a better trade than $TSCO and the Q's put together.. i think...