Disliked{quote} GBPAUD [Harmonic move] Did anyone plot out a 1 to 1 harmonic move on this pair ? {image} I meant to post this yesterday but the harmonic is clearly still in action. Harmonic moves offer some form of an expectation of where price is likely to go. Harmonic moves are right more often than they are wrong on any time frame. Then attempt to get chart structure and other confluence on your side to form a technical opinion of where price might be headed. If you think I'm being biased and drawing the harmonic move from below the recent high then...Ignored
Study this GA chart its worth it.
2 harmonic moves shown but I'm focusing on the inner 'red' harmonic marked with ABCD.
Both harmonic moves share a common C point.
In harmonics it is common to expect a pullback to the 61.8 level after completion of the 1 to 1 move to Point D.
However, a trader needs to get this into context with the rest of the chart.
Look at where price is now.
Look how far it must move to hit the 61.8 Fib retracement (colored blue)
Look at the location of the 4/8 MML central pivot.
Look at the other MMLs such as 5/8 and 6/8.
Now draw a Fib on your own chart from Point C to Point D and note where a 31.8 fib level retraces too.
How likely is it that price will hit the 61.8 Fib of the entire red ABCD move just above the 1.70 handle (about 1.70200ish) ?
Note 1: do not get confused by how busy the chart looks ... simply break it down into its component parts and discover how they all fit together to form a story of where price is likely to go.
Note 2: Will price get there ? Maybe not so what we need to do is find "obstacles" in our way and see how PA reacts to these on its push to higher levels.
Note 3: Zoom Out and look at the bigger picture especially the bullish run up the left hand side of the chart ... price pulled back to the 61.8 of this 1700 pip move and then bounced but the next time price drove right through it (also at the 4/8 MML) and then bounced off the 78.6 Fib of this big move ...
Masterrmind............
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