Fibs and especially Fibonacci profit targets are very useful for scalping as they make good areas to use to estimate risk vs reward ratios. NEVER take trades with less than a 1.5x bigger potential profit than what you risk. If likely target is 10 pips and you are risking 10+ pips don't take trade. Only draw fibs on 25-35+ pip moves, under this they are completely WORTHLESS. The bigger the swing the higher % of the time they work and often to within 2-3 pips.

Fibonacci Forex Trading