Fibonacci in relation to harmonic patterns - help needed!

Trader Al

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Hi all,

I have started this thread since I am having trouble using Fib levels relating to harmonic patterns.

Just to be clear here, I have only just began studying the world of harmonics, and I find them fascinating. I have looked and looked, gone from YouTube vid to YouTube vid and I find different ways of using fibs which leaves me confused...

Below you'll see a basic retracement tool, I am fine with the retracement side of it. However, I have seen some traders that use the level below 100.0 as projections in order to find the pattern BC legs. Is this the correct way?

58c64a4931bf362755516b65b37c02ac


Then I saw a few traders using the expansion (I believe expansion is the same as extension here) tool as shown below to locate the BC projections...

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If anyone could help, or point me in the right direction, I would be most appreciative...

Aaron
 
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