Harmonic Trading - page 470
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Using parallel lines might be a way to consider trading NEXT pattern. Thanks to Henry.
Some years ago I found on the web a little metastock formula to drawing automatic trendlines on metastock (my first software....)...well... I coded parallel automatic channel...and now I am coding parallel line with the same height.
I think that parallel channel are very powerfull tool..........please see image AUDUSD daily.
EXPLANATION:
green line are my automatic channel starting from point LOW AB and passing thrugh point HIGH C.....and there is the median line of the channel.
Then the distance CX is duplicate at DY...so I can draw red parallel line.
If some of you are interested in my metastock formula ....I am resolved to share with you...so you can code them in metatrader language.
My request is for Prorurick or Grandaevous..or someone else able to code in mt4....in this forum I found very good man who helped me...so it is a good thing I help with my formula....
USDJPY M30. Target is B area. Let the price fill the gap.
RyuShin,
How do you handle if there are another signal in lower timeframe ?
You just ignore it until the TP ?!
However, counter trend is not easy to catch the peak or bottom
Right. Nothing is easy. But we, harmonic traders, are here to catch the peak or bottom point with probability.
RyuShin,
How do you handle if there are another signal in lower timeframe ?
You just ignore it until the TP ?!I know that. This is when to decide what to do. What I would do is I'd do as scalping. In this pair, the price hit the significant previous support and resistance area, there's a gap that is not filled, there's a bearish pattern on larger time frame... I'd keep a short and do scalping. That would be my plan. What about you? How would you handle it?
I know that. This is when to decide what to do. What I would do is I'd do as scalping. In this pair, the price hit the significant previous support and resistance area, there's a gap that is not filled, there's a bearish pattern on larger time frame... I'd keep a short and do scalping. That would be my plan. What about you? How would you handle it?
As I am new to harmonic traders, I will ignore it at this time...
In many examples, the successful rate in trading higher time frame is better the lower....,
This why I will try it first. ^^
Some years ago I found on the web a little metastock formula to drawing automatic trendlines on metastock (my first software....)...well... I coded parallel automatic channel...and now I am coding parallel line with the same height.
I think that parallel channel are very powerfull tool..........please see image AUDUSD daily.
EXPLANATION:
green line are my automatic channel starting from point LOW AB and passing thrugh point HIGH C.....and there is the median line of the channel.
Then the distance CX is duplicate at DY...so I can draw red parallel line.
If some of you are interested in my metastock formula ....I am resolved to share with you...so you can code them in metatrader language.
My request is for Prorurick or Grandaevous..or someone else able to code in mt4....in this forum I found very good man who helped me...so it is a good thing I help with my formula....I think parallel channel could be very helpful for harmonic trading. I think you can learn how to code in MT4 in TSD. Did you go through and ask something here? https://www.mql5.com/en/forum/174385. If not, try that.
As I am new to harmonic traders, I will ignore it at this time...
In many examples, the successful rate in trading higher time frame is better the lower....,
This why I will try it first. ^^That's what I would do too. There's no reason to hesitate to try different things even though some people say it doesn't work. Cuz you'll never know unless you try. It might work for you and it might not. If it doesn't work for you then stop doing it but if it works for you then keep doing that. Listen to people to get some info or advice. It's always you to decide what you do
I know that. This is when to decide what to do. What I would do is I'd do as scalping. In this pair, the price hit the significant previous support and resistance area, there's a gap that is not filled, there's a bearish pattern on larger time frame... I'd keep a short and do scalping. That would be my plan. What about you? How would you handle it?
scalping as you mean you keep shorting the 30m timeframe and you see long opportunity on 5m timeframe so you'll open a long position on that pattern, and that way you won't miss the long opportunity on the lower time frame? is that correct?
scalping as you mean you keep shorting the 30m timeframe and you see long opportunity on 5m timeframe so you'll open a long position on that pattern, and that way you won't miss the long opportunity on the lower time frame? is that correct?
Yes that's what I meant. Keep a short on M30, go long or short on M5 for scalping. It's just a case I might do. To be honest I've never done that simply because I'm not used to it and I'm too afraid LOL. Maybe I will try in the future.
That's what I would do too. There's no reason to hesitate to try different things even though some people say it doesn't work. Cuz you'll never know unless you try. It might work for you and it might not. If it doesn't work for you then stop doing it but if it works for you then keep doing that. Listen to people to get some info or advice. It's always you to decide what you do
In scalping, how do you set the SL?! Any reference point you would use ?!