Harmonic Trading - page 52
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is this a legimate bearish butterfly pattern...
IDK,
If B retraces 61.8% of XA, I look for a Gartley and only Gartley (and consider it as failed, if price breaks the PRZ.
If B retraces 78.6% of XA, I look for a butterfly only.
In your butterfly example, B retraces 61.8% and therefore is NOT a perfect pattern. Personally, I do not trade those (another reason, why I do not trade EUR short is shown below). Maybe some do, I don't know, would be interesting to see their winning rate on those "unperfect" patterns.
Here is the reason, why I would not go short EUR at the moment (might be wrong, of course):
A bullish bat combined with a bullish butterfly on USDCHF
IDK,
If B retraces 61.8% of XA, I look for a Gartley and only Gartley (and consider it as failed, if price breaks the PRZ.
If B retraces 78.6% of XA, I look for a butterfly only.
In your butterfly example, B retraces 61.8% and therefore is NOT a perfect pattern. Personally, I do not trade those (another reason, why I do not trade EUR short is shown below). Maybe some do, I don't know, would be interesting to see their winning rate on those "unperfect" patterns.
Here is the reason, why I would not go short EUR at the moment (might be wrong, of course):
A bullish bat combined with a bullish butterfly on USDCHFHi,
in my opinion both signal confirm one at onother.(USDCHF long,EURUSD short)
Cheers.
Hi,
in my opinion both signal confirm one at onother.(USDCHF long,EURUSD short)
Cheers.We'll see, I think EURUSD goes 30-40 pips higher
IDK,
If B retraces 61.8% of XA, I look for a Gartley and only Gartley (and consider it as failed, if price breaks the PRZ.
If B retraces 78.6% of XA, I look for a butterfly only.
In your butterfly example, B retraces 61.8% and therefore is NOT a perfect pattern. Personally, I do not trade those (another reason, why I do not trade EUR short is shown below). Maybe some do, I don't know, would be interesting to see their winning rate on those "unperfect" patterns.
Here is the reason, why I would not go short EUR at the moment (might be wrong, of course):
A bullish bat combined with a bullish butterfly on USDCHFthanks...one of the reasons why i thought this might be a butterfly was in a table put up by Kamyar...it appears that a butterfly can have B retrace 61.8% even 88.6% as well as 78.6%...i've attached the chart...i agree with ShadowWz...same direction...
My indicator find out the same points, but my calculation are different. see attachment. Are u guys change the calculation if it is close enough to the harmonic number? and if so, how u define "close enough"? I added the indicator itself to answer another question in the forum.
i like your indicator...your calculations are exact...i've been rounding my measurements...no real system to determine how close is close enough...do you only trade when you have exact ratios...
i like your indicator...your calculations are exact...i've been rounding my measurements...no real system to determine how close is close enough...do you only trade when you have exact ratios...
Thanks. I didn't start trade using harmony numbers. I just started to learn it. I read the book by Larry Pesavento and of course reading all post here
. As far as I see, it is good to trade in 4H or more to get good results.
thanks...one of the reasons why i thought this might be a butterfly was in a table put up by Kamyar...it appears that a butterfly can have B retrace 61.8% even 88.6% as well as 78.6%...i've attached the chart...i agree with ShadowWz...same direction...
IDK, I do not say that a leg B in a butterfly cannot retrace 61.8% of XA. But, my problem was to find a filter to try to find a way to know in advance wether we will have a Gartley or a butterfly. It appears that the B retracement rule is reliable and that most of the time it is better to wait for a butterfly on a 78.6% and a gartley on a 61.8%. Of course, I miss many valid trades too, but it increases my winning ratio. Win% is the most important to me (with r/r, of course) as I am primarily a defensive trader.
IDK, I do not say that a leg B in a butterfly cannot retrace 61.8% of XA. But, my problem was to find a filter to try to find a way to know in advance wether we will have a Gartley or a butterfly. It appears that the B retracement rule is reliable and that most of the time it is better to wait for a butterfly on a 78.6% and a gartley on a 61.8%. Of course, I miss many valid trades too, but it increases my winning ratio. Win% is the most important to me (with r/r, of course) as I am primarily a defensive trader.
hi esbee
u do definietly right.i agree with u.by respecting the harmonic tarding rules we may miss some trades but as u said with the filter(retracment of B)we can avoid many losses.