How to Use Fibonacci Retracements to Spot Key Levels

Memo to those who would like to use Fibonacci retracements and fail:

1. The author is using Fibonacci in a horizontal market instead of identifying "higher high" and higher low" to recognize a trend.
2. As the author correctly says, Fibonacci is not useful in any situation and promises to discuss where it is useful, which piqued my attention. Unhappily, he says nothing about that and applies Fibonacci wrongly to horizontal markets. Thus, the Fibonacci levels he identifies are just the famous "may go up, could go down."
3. Fibonacci is useful and highly effective, and the author is not talking about those situations at all, when the market is trending strongly. This what you do then in a rising trend:

a. Identify the higher high and the higher low, which gives us the basis of 0% to 100%.
b. The intermediate Fibonacci levels are important not as a target or support as the author wrongly claims, but they are merely a measure of how low the next retracement goes.
c. Then, when the price breaks a straight line bracketting the prices in the retracement you buy and expect to reach price values exceeding the high price used for this particular retracement.
Note: There is a mathematical relationship between the Fibonacci values between 0% and 100% and the the Fibonacci targets exceeding 0%.