Quote from cabletrader:
To the OP, from what I read a while back it's a revamp of a very old and actually quite effective strategy. (Cue TraderZones to tell us all in BIG letters that anything remotely connected with Fibonacci doesn't 'work' and that anyone who dares to use it against his advice is basically stoopid!)
If you're interested there was a 126-page .pdf book doing the rounds a while back called (strangely enough) ICWR Forex Trading Strategy which went into it in some depth complete with chart illustrations and examples, if you can't find a copy let me know and I'll upload it somewhere.