Fibonacci in relation to harmonic patterns - help needed!

Trader Al

Newbie
7 1
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?



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...



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

Aaron
 

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