You are right, this ground has all been plowed before. The fact is, any method, even your frog entrails and chicken bones, will have some empirical validity if you can find enough traders who are stupid enough and gullible enough to put significant sums of capital behind them. Ever wonder why Fibs work? What is there that is magic about those particular ratios? Is it preordained that they *must* be valid? The fact is, they fail about as often as they hold. The reason they *appear* to work at all is simply because enough people believe in them (and program them into their trading strategies) so that to a degree they become self-fulfilling, so it is a chicken and egg argument.