As with any approach, this provides a sufficient number of entry points. But as with any approach, you must first understand the mechanisms of how it works. And then you have to include it in your active work. So that's the secret...
A Fibonacci would normally be the only target given a loss to the stock but if it is profitable within a certain time fram say a 4 hr chart then this may work, but they are rare and unheard of!
Go till you know you cant, i don't see it any or the negative, just profits