Hi,
I’m working my way through the babyfibs school and I’m stuck on the following lesson:
Working in Coinigy, I’m trying to draw each harmonic pattern following the rules given in babyfibs, however I can’t get past the first ABCD pattern. Looking at the rules on how to draw a perfect ABCD pattern, it needs to do the following:
1.) Line BC is .618 retracement of line AB
2.) line CD is 1.272 extension of BC
3.) line AB length = line CD length
4.) A to B time = C to D time
If I fulfill rules 1,3, 4 I cannot get 2 to happen. No matter what I do I cannot get the measurement at letter D to equal 1.272. What am I missing here? Can someone please provide some guidance?
Thanks for any help! Everything has been going smoothly until this point, I’ve been stuck on this problem for 2 days…
There is no guarantee on any particular trading pattern, whatever it is! Try to read all of the info’s of your trading chart!
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I’m definitely aware there’s no guarantee of a particular pattern, however a person should still be able to draw an ideal pattern without a chart, according to fib numbers. Using the information provided by the babypips course I am unable to do this. Either I’m doing something wrong or the babyfibs course has bad information in it. I’m hoping someone will come along and tell me exactly what I’m doing wrong & how to fix my approach.
I’m not using a trading chart, I’m drawing with lines and fib levels. Everything in my chart I drew myself, trying to figure this out.
Here’s a new chart… the best I can find is that the CD retracement of BC ends up at 1.618 level, which contradicts babypips.com, which says this should be 1.272.
Sorry to bump my own thread, I’m wondering if anyone can take a look at this and help me? I still haven’t figured this out and it’s stopping me from making progress in babypips. I’ve searched Google but there’s so much conflicting information out there.
I only learned the approximate guidelines of harmonics and then worked out how I’d trade them with real chart time, so I can not comment on the hard and fast rules that may be applied to them.
I agree the maths of a 61 retrace and 1.27 ext do not work, though. A 61 retrace would be a 161 ext to bring equality to the legs and a 76-86 one would bring 1.27.
It is better to look for generalities in zones rather than specific levels, there can always be some deviation in the formation of harmonics.
Get an idea of what a ABCD pattern looks like, then head to the charts. Back test, forecast and assess. Come to your own conclusions.
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This chart of Gold may be of interest to some folks, we may see a decline in price for a while
Here is a Daily chart of the DAX with the A B C D pattern. I will be looking at this closely as the markets open.
Are we really discussing patterns topic?
I mean, at this point, crypto is the question of faith, and seeking perfect pattern is pointless.
Comparing gold to coins is like comparing soft and warm - unrelated options.
Bssicaly you jump from up to down, trying to predict how coin would behave based on it’s impact on social media.
I used to bet on BTC when there were going some hupe about: news, post or whatever.
It’s ok we use sinusoidal pattern for growth and fall prediction.
For me, coins is like that barrish pattern - there are too much of unpredictable stuff going on.
Coins is volatile, because human behaviour have huge impact on it’s worth.
ABCD is a cool tool for predicting hard-value stock like gold, iron, silver and else.
We have like 2000 years of trading with those.
But rather I prefer using neural networks and else do the math for me.
I still can get some decent profit out of bets on oil and so on.
But coins… I’d use Fumgo or Bitfinex, maybe even Polonex.
Fumgo is my fav crypto trading platform, used to work on Bitfinex but got bored.
Too much time consuming, if you ask me. Tune in to thousands of Tg and discord chats, watch for cryptonews and so on…
Meh, fumgo takes all that out with ease. 20$ montlhy sub is what they seduced me with.
