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kamyar, what do you think of this critique of some of carney's harmonic ratios?
Quote:
Q. So far whatever I have read about harmonic pattern (e.g pasavento, carney etc), the common XAD ratios are 786/886/1.27/1.68, depending on the pattern. I have never came across 854 ratio for XAD. Could you please tell me source of your info, from where you have arrived at this figure.
A. Very Good Question in fact.
The harmonic pattern is based on FIbonacci retracement, and Fibonacci retracement is fundamentally based on a single number,which is Golden Ratio 1.618 or 0.618. <---
(1/1.618 = 0.618 .just from different side of perspective)
This single magic mysterious number does all the trick and covers the entire Fibonacci numbers or Levels.
which means that the middle point of
0.382 and 0.618
0.236 and 0.764
0.146 and 0.854
is 0.5, and obviously it is also the middle point of 0 and 1.
These numbers cover fair range between 0 to 1.0.
It's as simple as that, just +or -. besed on 0,618=Golden Ratio
in some Harmonic Trading book, they mention 0.786 or 0.886 using Root calculation etc.
I think these are rather Artificial manipulation of Golden Ratio, and I have no idea why they insist such numbers instead of employing the simple Fibonacci sequense.
You see 0.786 is close to 0.764 and 0.886 is close to 0.854.
This difference doesn't mean much, so why don't you use simpler ones?
The real simplicity from the Goldenratio apperas on the seqence list I shown first.
So, I totally ignored these artificial numbers according to their book or site, and instead, employ simple Fib numbers.
just to break the non hindsight trades I've been posting for the last 6 weeks,
here is a hind sight trade on GBPUSD H4 that triggered yesterday and reached its 1st profit target
fibonacci is a great tool some fib numbers have a close relation example retraces all the way down to 0,86 level next fib to watch is 1.18 and 1.27 but however to keep things simpel its to find abcd`s and find a potential convergence setup a tip is to find a currency converter and find a base curency then its posible to more precice to se what gbp is really doing against other currencys example is usdeur rate is right now 0,7832. Again if we have found a range i dont care if trading gartlys in any direction but a good example is gbpchf if traded every bullish gartley and limited out on 1.618 fib extension it would have been 1 of the years best strategys happy trading
sailor
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