It might be good to share your tradingview "Trend-Based Fib Extension" setting up please
ngkim_sg
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Thank you!
Wonour
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Thank you for sharing :)
Andre_Cardoso
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Thanks for following ;)
IshaaqAMirza
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Hi
Thanks for the educational setup for the shark. I have just started learning harmonic patterns. I am just slightly confused regarding the B point - the range is 38.2-61.8. Must the candle close in this range even if the wick is outside this range?
I am under the impression AB=CD, if AB doesn't equal CD - is the pattern void??
Andre_Cardoso
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Hi, yes, thre's a difference between the wick of a candle and the close price, im taking the close price of a candle and not the wick, that said, we can have extended "wicks" but we need the close price to stay between specific fib ratios.
For an abcd pattern, point D must hit the 127% extension or higher, if CD is equal to AB that is a perfect one.
Thanks for following ;)
gcplau
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Dear TJ.... in you rules of engagement, Criteria 2, at the bottom....I suppose you are referring to BC move instead of AB move? Also, really liked your explanation on the Harmonic... one day I wish to learn from you as well.
Andre_Cardoso
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Criteria 2 is the formation of point C, Point C is an extension of AB leg, it must reach the 113% extension and must close below the 127% by default, sometimes i consider a close around the 141% extension as a point C formation - its like an extended point C, but only when point B formation bounce from the 38% retracement, if it prints a 50% retracement i will look for the normal ratios. Here's the relation between this points in my point of view: Point B retracement at 38% > 141% extension for Point C // Point B retracement at 50% > 127% extension for Point C. Take in consideration this moves as elliott waves, that said, we also know that lower degree corrections turns into strong impulsive legs, and vice versa, larger degree or deeper correction can turn into smaller impulsive legs, that's why point B formation for me is much relevant, that small correction can dictate the next impulive move.