Tru tru. ill be more patient i promise! lol.
i have a question. sometimes when you plot the external xa fib using the fib retracement tool. then you plot an abc fib extension you will find that the abc internal fib extensions are outside the external xa extensions. the harmonic pattern's diagrams mostly boarderline at the xa 161.8 fib extension. however, sometimes you see price just shoot up the 161.8 xa and end up reversing to the 261.8 abc leg. how do you handle that? or i guess a simpler way to ask it that how do you know w/c level is the likely level that you'll take? your expertise are much appreciated.
btw johncapa i see that you have a different way of using the fib channels than joswald's w/c is also very interesting.
promise to yourself , only this counts
regarding your new question: combine different technics to identify the turning point (price & time), cluster suggestions given by different technics to find your BEST level.
you will never know for sure where the price will revert, but at the end it's not important at all.
btw: my first rule of identifying harmonics is "IT MUST LOOK GOOD TO ME (BEAUTY SHAPE)" .Your blue harmonic on the chart does not look good to me, of course it's nothing to do with if it's going to work well or fail.
121 bull for usdchf. saw his one liked it took it. stop was below 0.9156. filled at 10:00 est Bernanke speech looked like it held for the 1st 10-15 mins tightened stops a bit after 3rd lower high candle. then the hammer came. stopped out around 10:44 est. regrouped for alternative bat entry but missed it by a pip!
your comments are appreciated
your picture is too small to see the values. Maybe you could make your first snapshot rigth after the entry and second snapshot when TP or SL is taken.
1. what gave you confirmation of the entry for this 121? Anything beside 121 pattern itself told you to enter it?
2. what was your RR in this trade?
121 pattern + osma bull divergence R:R about 3:1
i see your entry, but not sure about your SL location. May be that your SL is too far, if you have only 3:1 RR. 121 offers amazing RR as we have clear entry level, defined by math.
It's relatively big 121, i guess i would also trade such, but my entry (or entries) would be from M1 TF, so the SL(s) would be much smaller.
John is running 121 indicator + 121 EA project ( http://tradingarsenal.com/showthread...dea-for-121-EA ), he may come up with some good suggestions regarding 121 patterns and confirmations.
thanks for the insight, i just normally enter at the 121 level thru limit order. but i put my stop below a support/ resistance level or a supply demand level. in this case stops was put under the wicks of those candles resembling demand it was in between the 113 &127 fib extension tool in this case. Kor, do you do the stop and reverse strategy if the 121 is violated? just curious.
No, i do not. For pure harmonic traders it does not make sense.
btw: check what is running correction, in my opinion is the best place to trade 121 pattern. More on this soon in our 121 related section.
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