eWavesHarmonics Upgrade - D Projection
It has been another great week on the indices with DOW again at all-time highs. The harmonic pattern traders will have probably done some projections and not been surprised by where price got to. DOW didn't surprise us in the Skype Trading Group - we'd been looking for TZ2 on D1 all week.
TheHarmonicIndi has, for quite some time, had the capability of doing D point projections from partial harmonic patterns. I had included the code into eWavesHarmonics (eWH) a couple of years ago but never got around to finishing it. I'm happy to say that I've made some progress with that recently and it now appears to be functioning well; and better than in THI.
Using the new 'D Pro' feature on DAX D1, back on 14th October (as in the above left picture) two possible patterns were projected: Butterfly and Deep Crab. This week, a month after the projection, price did indeed climb to complete the Butterfly pattern: about 800 points up from the 14th.
Projecting harmonic patterns can be a great way to add confluence to your targets for taking profits. The upgrade is now available as a Beta version from the eWH installation page, if you would like to try it out; I might make some further improvements to this feature in the coming weeks.
On the subject of eWH ... Michael in our Skype Trading Group (a super nice chap and terrific trader) asked me how the wave count could be restricted to bullish or bearish. I didn't think it could be done but he discovered a way that I really should have known about. Press the Bu0 and Be0 buttons then delete the start of the bearish or bullish count (the target symbol). Le voila! ... you have one or the other counts - simple!
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