Harmonic Trading - page 53
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hi esbee u do definietly right.i agree with u.by respecting the harmonic tarding rules we may miss some trades but as u said with the filter(retracment of B)we can avoid many losses.
updated situation of EURJPY.let see what wil happen
not a perfect one, XB is 0.58 not 0.618
Hello Esbee. I looked at your charts and noticed you had a nice looking fibonacci retracement indicator that displayed the price as well as the retracement level. May I ask what the name of the indicator is and if it is readily available? Thanks!
Hello Esbee. I looked at your charts and noticed you had a nice looking fibonacci retracement indicator that displayed the price as well as the retracement level. May I ask what the name of the indicator is and if it is readily available? Thanks!
It is the default fibo retracement and projection tool from TradeStation...
not a perfect one, XB is 0.58 not 0.618
Probably a data problem (heard many times that Alpari/SBFX data isn't too reliable). On my charts (bid+ask/2) we HAVE retraced 61.8%.
bearish engulfing in process on both EURJPY,1H and CHFJPY,1H
Bearish AB=CD Pattern CHFJPY
This comes from the daily chart. I like the fact that the Murrey Math MM 6/8 line has already rejected price earlier in Feb. Could be a strong setup.
Forex2stay
IDK, I do not say that a leg B in a butterfly cannot retrace 61.8% of XA. But, my problem was to find a filter to try to find a way to know in advance wether we will have a Gartley or a butterfly. It appears that the B retracement rule is reliable and that most of the time it is better to wait for a butterfly on a 78.6% and a gartley on a 61.8%. Of course, I miss many valid trades too, but it increases my winning ratio. Win% is the most important to me (with r/r, of course) as I am primarily a defensive trader.
thanks Esbee...i like the fact that you stick to some strict trading rules...i think if i follow your rules it will make me a more disciplined trader...keep posting your charts...sometimes i miss some patterns...the previous chart that i posted was a great example of why not to trade a butterfly with a 61.8%...here's the updated chart with what i thought was my predicted target...