This is basically how I feel about it, and to a significant degree it is the same for most other popular forms of technical analysis for that matter. Just because these methods have no basis in "reality" doesn't mean that they cannot be useful. This ...

Why Fibonacci Retracements are Bullocks

And is MT5 just a newer, improved platform? Or is it a whole different "ball game"? I've used MT4 for my forex and currency pair options trading for years and it and ThinkOrSwim's platform are my favorites. But I have just heard of MT5 today.

MT4 New build 600 is released