Hello, everybody. Welcome back to another edition of the forex weekly forecast. See the video here: https://youtu.be/zYETeQRpcdA
Also don't forget to check the previous video. The link is in attached idea description.
The movement started a bit earlier. Now the pattern is invalidated))
i watched your video Alexander..; that was very useful..; maybe you are one of the few traders who use patterns correctly. you seek an impulse, wait for a correction within a pattern and then anticipating another impulse, this is where and how these harmonic patterns work, the reality is they don't work every where and at every situation. i don't know why some people look them for reversal points against overall trend, they work very better and with higher probability in trend continuation strategies...; but i have a question here.., as i note ratios are not that much important for you, are they? is it important for you that a pattern ends at for example 61.8% or 78.6% retracement or do you note how much B wave retraces XA leg ?
Thanks for your feedback. Well, you are right. I do not lay much impact on precise fibonacci ratios. I usually use 78.6 for my entry only because it gives me a better risk to reward. But it doesn't mean that 61,8 ratio is bad. I saw many many time price starting its movements from 61,8. And yes, I don't care about the retracement of B-point. As a general rule it should be at least 1/3 of XA leg and it should not touch my entry (because in this case we will not have any zigzag structure). That's it. Very simple in this part. I don't think it is ok to call this pattern Harmonic. The word "harmonic" presupposes Scott Carney methodoly of trading. He's got a patent for his methodology. It is his intellectual property protected by US Law. It presupposes specific ratios for every pattern to differentiate between them. My methodology is different. I do not differentiate between XABCD patterns because the core of my analysis is correct swing identification but not the pattern itself. XABCD is just a technique for entry, where targets stops and entries are known in advance.
Well, follow me here and on youtube. I will discover the way I identify XABCD formations in my nex editions.