Hi Pablo
I am not TAH .... just my 2 c on Fibonacci.
There is a lot of confusion about that. Many gurus , many tools many softwares, many terms .
Retracements :
from prior low to high swing
from prior high to low swing
most used ratios 0.382,0.50,0.618,0.786
MT4 tool is Fibonacci Retracement
Extensions:
are similar to retracements , in that they are also run from prior
lows to highs or from prior high to lows , using only two data points as
retracements , but in this case extending beyond 100%.
most used ratios 1.272 , 1.618 (2.618 ,4.236)
MT4 tool is Fibonacci Retracement
Projections or Objectives :
these projections are run from three data points and are comparing swings in the same direction.
most used ratios 1.00 , 1.618 (2.618 ,4.236)
1.0 ratio checks symmetry
MT4 tool is Fibonacci Expansion
If you can find 2-3 price relations that come together within a relative tight range you' ll get a fibo cluster , witch may be a key S/R area .
In TAH chart he used properly the fibo extension 127 . I have added one more relation , fibo projection 100% of a previous swing high creating a fibo clusters that have indicated that price may find R at this level .
You could have used this fibo clustes as a TP area .
There are many great books and gurus in this field .
I recommend you to read this book and you'll be ok using fibo relations .
Fibonacci Trading - How to Master the Time & Price Advantage
by Carolyn Boroden , aka Fibonacci Queen
If you have more question feel free to PM me.
Hope it helps
David
I am not TAH .... just my 2 c on Fibonacci.
There is a lot of confusion about that. Many gurus , many tools many softwares, many terms .
Retracements :
from prior low to high swing
from prior high to low swing
most used ratios 0.382,0.50,0.618,0.786
MT4 tool is Fibonacci Retracement
Extensions:
are similar to retracements , in that they are also run from prior
lows to highs or from prior high to lows , using only two data points as
retracements , but in this case extending beyond 100%.
most used ratios 1.272 , 1.618 (2.618 ,4.236)
MT4 tool is Fibonacci Retracement
Projections or Objectives :
these projections are run from three data points and are comparing swings in the same direction.
most used ratios 1.00 , 1.618 (2.618 ,4.236)
1.0 ratio checks symmetry
MT4 tool is Fibonacci Expansion
If you can find 2-3 price relations that come together within a relative tight range you' ll get a fibo cluster , witch may be a key S/R area .
In TAH chart he used properly the fibo extension 127 . I have added one more relation , fibo projection 100% of a previous swing high creating a fibo clusters that have indicated that price may find R at this level .
You could have used this fibo clustes as a TP area .
There are many great books and gurus in this field .
I recommend you to read this book and you'll be ok using fibo relations .
Fibonacci Trading - How to Master the Time & Price Advantage
by Carolyn Boroden , aka Fibonacci Queen
If you have more question feel free to PM me.
Hope it helps
David
DislikedTAH,
I'm not sure you should draw FR's this way re post 9650.
Can you explain why you do this as it goes against everything I've read or heard?
I stand to be corrected but you've drawn them upside down and on the wrong wave. The way I draw them shows GU to have all the hallmarks of a retrace and continuation "upwards".
Edit: should have said FR's and not FE's
PabloIgnored