I have not followed the entire thread up to this point so apologise if this has already been addressed in this thread.
I have just been playing around with Fib retracements and projections and while constructing them realised there were a number of ways of doing them which would give very different outcomes. For this reason i thought i would find out how others are drawing theirs.
In some documentation i was reading the other day it stated that before one can use Fib projections you need to make sure your Elliot wave count is correct and conforms to the "rules".
I find Elliot wave subjective at the best of times, so was wondering how everyone else does it ? Do you attempt to do find out which wave you are on before you draw them ?
Also when constructing your projections and retracements do you draw your lines through the close or the extremes i.e. the highs and lows, of price action.
Interested to hear others thoughts on this.
Regards
Jurgen
I have just been playing around with Fib retracements and projections and while constructing them realised there were a number of ways of doing them which would give very different outcomes. For this reason i thought i would find out how others are drawing theirs.
In some documentation i was reading the other day it stated that before one can use Fib projections you need to make sure your Elliot wave count is correct and conforms to the "rules".
I find Elliot wave subjective at the best of times, so was wondering how everyone else does it ? Do you attempt to do find out which wave you are on before you draw them ?
Also when constructing your projections and retracements do you draw your lines through the close or the extremes i.e. the highs and lows, of price action.
Interested to hear others thoughts on this.
Regards
Jurgen
