Harmonic Trading - page 485
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Guys, I just wanted to add, according to the founder of harmonics Scott Carney, when trading the patterns you want all the fib extensions that meet in the PRZ (Potential Reversal Zone) to be hit by the price. Don't just take the trade cos a pattern appears. Still double check the fibs because sometimes the patterns are not accurate or the PRZ indicated by the box, it is not 100% correct. Scott Carney emphasized the importance of accuracy when trading patterns. The latest ZUP by Grandeavus ###zup13wsv05 is very accurate and will find you reliable patterns to trade, but of course still check the fibs manually before taking a trade.
Also find some confluence with RSI divergance, and trendline support and resistance. This will increase the probability of a profitable trade. I do recommend reading Scott Carney's book vol 1 and 2 if you want to trade harmonics seriously.
The harmonic patterns are more profitable on 4hr, daily and weekly timeframes.. also look for patterns on smaller timeframes to find an entry point or use other coonfluence such as support/resistance and RSI divergance.
honestly I dont think its worth it Ryu, i tried it in korharmonic but it is very unreliable, as you can see in your second pic there ...also its fairly obvious to eyeball
I agree with you to some extent but I still see some potential on the pattern. I know it's kinda messy when it appears. Anyways take a look at the pics below. Using equidistant channel to confirm when to enter.
Hold on, I've never posted the Kor opensource v1 before. You must be mistaken :/ TSD member KimBias did post it in here https://www.mql5.com/en/forum/173588. Not me. BTW it's a nice face pattern
lol no worries, i found it, googled...
Poruchik, can you add the extra 121s from this one?
i agree there is too much text in korharmony but i think the solid rectangle quite good tho!
(and add the contracting triangles from regular korharmonic - the problem is they do make it quite messy, i can understand why it got removed)
I have taken the pic from
Harmonic Trading: Volume One
Profiting from the Natural Order of the Financial Markets
Scott M. Carney
P. 99, and below it's mentioned that
"The BC projection should complement the other numbers in the PRZ, as a 1.13, 1.27, 1.41, or 1.618 extension should converge in the same area. It is important to note that the Gartley does not utilize any BC projection that is greater than a 1.618."
Thank you for clearing my doubts and for the pics.
Regards
John
Grandaevus - I am using 135wsv5, but on 1H thee pattern did not get invalidated until way after the leg had finished and reversed almost halfway, is the zigzag working correctly?
Yes, It obeys it's nature. A new opposite leg is confirmed if and only if a reversal occurs. As long as price goes in one direction , there wouldn't be a counter opposite leg.
May be you ask, how indicator understands whether it's a retracement or just a minor correction.
if price retraces at least min depth of found pattern (or more) and then make an other retracement again at least min depth of the found pattern, indicator draws the new opposite leg on the screen.
So the best trading way is to divide your TP points in to two
TP1: Minimum Leg Length * 0.618 pips
TP2: When price reaches TP1, make stop loss break even and watch the price action.
or
When price reaches TP1 close all orders & take profit and look for another pattern.
This is the safest trading strategy.
Yes, It obeys it's nature. A new opposite leg is confirmed if and only if a reversal occurs. As long as price goes in one direction , there wouldn't be a counter opposite leg.
May be you ask, how indicator understands whether it's a retracement or just a minor correction.
if price retraces at least min depth of found pattern (or more) and then make an other retracement again at least min depth of the found pattern, indicator draws the new opposite leg on the screen.
So the best trading way is to divide your TP points in to two
TP1: Minimum Leg Length * 0.618 pips
TP2: When price reaches TP1, make stop loss break even and watch the price action.
or
When price reaches TP1 close all orders & take profit and look for another pattern.
This is the safest trading strategy....providing it gets to .618 at all! Anyway, what I mean is the leg went similar length as the last leg pattern was formed on, AND then stopped for a similar length of time, still pattern stays, then reversed I didn't see pattern go, but Zup 135 had already shown a new pattern on the new leg as soon as it got to the similar length I mentioned (at a new level)
Oh well I will check the settings to see whats what when I get back to terminal, ...wondering if its possible to turn TF Info OFF whilst BigText is ON?
Guys, I just wanted to add, according to the founder of harmonics Scott Carney, when trading the patterns you want all the fib extensions that meet in the PRZ (Potential Reversal Zone) to be hit by the price. Don't just take the trade cos a pattern appears. Still double check the fibs because sometimes the patterns are not accurate or the PRZ indicated by the box, it is not 100% correct. Scott Carney emphasized the importance of accuracy when trading patterns. The latest ZUP by Grandeavus ###zup13wsv05 is very accurate and will find you reliable patterns to trade, but of course still check the fibs manually before taking a trade.
Also find some confluence with RSI divergance, and trendline support and resistance. This will increase the probability of a profitable trade. I do recommend reading Scott Carney's book vol 1 and 2 if you want to trade harmonics seriously.
The harmonic patterns are more profitable on 4hr, daily and weekly timeframes.. also look for patterns on smaller timeframes to find an entry point or use other coonfluence such as support/resistance and RSI divergance.I do know that and as some people know that's what I do. Except I trade shorter time frames more often than longer time frames. The interesting thing is that ZUP sometimes works inspite of fibonacci. e.g. a bearish pattern appears and then the price reverses outside the D box. It doesn't happen often but it happens.
the elementary 121 EurJpy M15
poruchik, what fibonacci ration does A 121 use? Similar to black swan??
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