Harmonic Trading - page 168
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you know what might be good ? a fibonnaci cluster tool
basically this tool calculates retracements and expansions from recent highs and lows and marks on the screen where they are
perhaps just small dots on the right side next to price. whever lots of dots are together would mean strong areas of support/resistance.
this could be done based on zigzag or based on fxsystemtraders SAR method
actually i have another question
this doesnt seem to work out mathematically for me
in my drawing below, the #s represent the height or distance on the Y axis of the line segments
and not the retracement level. Imagine it is a coordinate axis with X at (0,0)
lets say line segment XA has length of 1.
AB is a .618 retracement of XA, therefore length AB = .618
lets choose .382 as the retracement of AB for BC.
therefore length BC = AB * .382 which is BC = .618 * .382 = .236
BC = .236
Now to calculate CD we have to do something else first.
We know D is a .786 retracement of XA, therefore D has a Y value
on our coordinate plane of 1 - .786 = .214
If we add the line segments up we should get XA - AB + BC - CD = .214
Lets do that
1 - .618 + .236 - CD = .214
CD = .404
However CD is neither 1.27 or 1.618 of BC..huh!?
1.618 * .236 = .381
1.27 * .236 = .299
Butterfly at GBP/USD
Hey everybody, did anyone catch this bearish butterfly at GBP/USD?
Regards
Alfredo
it doesnt have the retracement values for a butterfly
it is however, a wolfe wave.
update on recent setups
EURUSD -> +40 pips
AUDUSD -> +80 pips
EURJPY -> -4 pips
no hindsight or after the fact trades
closing 1/2 position here on EURUSD and AUDUSD,
move stop to BE on other 1/2
ziko,i got a bullish pattern for H4 euro, i am not sure about it,i am using harmonic 06 indicators.
ziko,i got a bullish pattern for H4 euro, i am not sure about it,i am using harmonic 06 indicators.
Yan, I didn't see any buliish patterns on EURUSD
update
1/2 EURUSD position was closed at BE, first 1/2 was closed yesterday for +40 pips
1/2 AUDUSD position was closed yesterday for +80 pips, other 1/2 still open
EURJPY currently +65 pips, closing 1/2 position, moving stop to BE on other 1/2
this might be pointless because of FOMC, but here is a bearish pattern on my indicator
2nd half of EURJPY position closed at BE
2nd half of AUDUSD position still open
we have future bullish pattern on EURJPY H4, we will trade the CD leg down,
entry/stop/targets on chart