In my new book, Harmonic Trading Volume Three I discuss the importance of the 1.902XA extension in Crab structures that acts as a permissible tolerance when the trend is strong. In this case, the brief pause @ the 1.618 is now over and the index is poised to rally as high as 5275 over the next few days. This situation screams all the signs of a failed - or at least a delayed execution beyond the 1.618 - before a larger opportunity can be considered. I recommend that Harmonic Traders assess price action at the exact completion point to make an intelligent execution. Some individuals who teach the "set-and-forget" execution strategy because they fail to understand that the other steps in the trading process require rules in the same manner as harmonic patterns. Here is a free video w/ some harmonic strategies to handle these situations: youtube.com/watch?v=0geGCbHyz54
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THE TARGET HAS BEEN REACHED IN DAYS! The 1.618>1.902 Acceleration typically is this aggressive in nature. With the psychological 5300 level within reach, the NDX will likely take a breather at these levels next week. NOTE: Beyond this failed Deep Crab,the only HARMONIC LEVELS are much higher than 5300 which I will review later this week.
"Some individuals who teach the "set-and-forget" execution strategy because they fail to understand that the other steps in the trading process require rules in the same manner as harmonic patterns"
I see this everywhere, unfortunately it has become the new norm and in turn makes bad news for harmonics due to to the ignorance of execution which equals average results.
ScottCarney
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@Swerver, thx...these turkeys have degraded HT but your comment shows people do understand...I will add more to show people the simple but critical nuances that make the difference.
Swerver
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@ScottCarney, No problem there's plenty of us still left, looking forward to some updates on TV
I see this everywhere, unfortunately it has become the new norm and in turn makes bad news for harmonics due to to the ignorance of execution which equals average results.