Harmonic Trading - page 599
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but i am not good at it. i think or, my conclusion is that harmonic patterns simply don't work, they are not profitable over long term, they provide no edge.
I like Harmonic Trading.
but i am not good at it. i think or, my conclusion is that harmonic patterns simply don't work, they are not profitable over long term, they provide no edge.
Harmonic Trading need extra filtering for trend. Use it with other confirmations
I have done all kinds of setup using several harmonic formulas and indicators.
On my opinion, and the best they [harmonics] work for, is to know when to stop a trade.
The extreme limits curve tend to be very precise (curve before reversal of the trend, not the trend itself, but imminence of reversal). If you start to look at the harmonics setup with the purpoose to find the best point to close a trade.. you will visually find those points. and you can then automate into something.
Forum on trading, automated trading systems and testing trading strategies
How Zigzag indicator works?
Sergey Golubev, 2018.06.25 07:59
Usually zigzag is used as a filter. But zigzag is not simpe indicator. You may read it here:
Interpretation
The Zig Zag indicator is used primarily to help you see changes by punctuating the most significant reversals. It is very important to understand that the last "leg" displayed in a Zig Zag chart can change based on changes in the underlying plot (e.g., prices). This is the only indicator in this book where a change in the security's price can change a previous value of the indicator. Since the Zig Zag indicator can adjust its values based on subsequent changes in the underlying plot, it has perfect hindsight into what prices have done. Please don't try to create a trading system based on the Zig Zag indicator--its hindsight is much better than its foresight! In addition to identifying significant prices reversals, the Zig Zag indicator is also useful when doing Elliot Wave counts.
For additional information on the Zig Zag indicator, refer to Filtered Waves by Arthur Merrill.
and:
Elliott Wave Theory
The Elliott Wave Theory is named after Ralph Nelson Elliott. Inspired by the Dow Theory and by observations found throughout nature, Elliott concluded that the movement of the stock market could be predicted by observing and identifying a repetitive pattern of waves. In fact, Elliott believed that all of man's activities, not just the stock market, were influenced by these identifiable series of waves. With the help of C. J. Collins, Elliott's ideas received the attention of Wall Street in a series of articles published in Financial World magazine in 1939. During the 1950s and 1960s (after Elliott's passing), his work was advanced by Hamilton Bolton. In 1960, Bolton wrote Elliott Wave Principle--A Critical Appraisal. This was the first significant work since Elliott's passing. In 1978, Robert Prechter and A. J. Frost collaborated to write the book Elliott Wave Principle.
Interpretation
The underlying forces behind the Elliott Wave Theory are of building up and tearing down. The basic concepts of the Elliott Wave Theory are listed below. Action is followed by reaction. There are five waves in the direction of the main trend followed by three corrective waves (a "5-3" move). A 5-3 move completes a cycle. This 5-3 move then becomes two subdivisions of the next higher 5-3 wave. The underlying 5-3 pattern remains constant, though the time span of each may vary. The basic pattern is made up of eight waves (five up and three down) which are labeled 1, 2, 3, 4, 5, a, b, and c on the following chart. Waves 1, 3, and 5 are called impulse waves. Waves 2 and 4 are called corrective waves. Waves a, b, and c correct the main trend made by waves 1 through 5. The main trend is established by waves 1 through 5 and can be either up or down. Waves a, b, and c always move in the opposite direction of waves 1 through 5. Elliott Wave Theory holds that each wave within a wave count contains a complete 5-3 wave count of a smaller cycle. The longest wave count is called the Grand Supercycle. Grand Supercycle waves are comprised of Supercycles, and Supercycles are comprised of Cycles. This process continues into Primary, Intermediate, Minute, Minuette, and Sub-minuette waves.
As to me so I used zigzag in more simple way in Channel trading system: when I am losing money in manual trading so I start to trade channel trading system to recover deposit size https://www.mql5.com/en/forum/173261
🚀 However, noticed the last comment from October 2021 🗓️ ..left unanswered.
Is the strategy reaching its limits (creates losses), or quietly undergoing transformation? 🤔
how i find or identify XA leg in any harmony pattern drawing.? please let me know. Thanks
When using a ZigZag indicator it is more easy to connect the dots...
X always is a high or low in the market, next high or low is point A. Point B is the retracement of point A and retracing back to point X... Forms a triangle pattern.. Thats it.
For example..
There is now formed, on the weekly timeframe, a bullish A Gartley pattern..
Where point:
X = 1.04500, the low of 10-2023
A = 1.11360, the high of 12-2023
B = 1.06000, the low of 04-2024
C = 1.12000, the high of 09-2024
D = 1.02180, the low (?) of 01-2025
IF this pattern will reverse EURUSD, than point D WILL be the low of this month and IF EURUSD still is going down, point D will be at a lower price... (Thats the risk in harmonic pattern trading..)
But IF this weekly pattern is correct the following targets can be used:
1.07100 (.5 retracement of CD)
1.08200 (.618 retracement of CD)
1.10900 (.886 retracement of CD)
When bulls are getting VERY strong, and i dont think that only will happen after we traded lower on EURUSD, price target above the 1.1200 area will be as follow:
1.13300 (113 ext of CD)
1.14700 (127 ext of CD)
1.18000 161 ext of CD)
All eyes on the Dollar Index and lets see whats going to happen in the USA.. Maybe a WAR will started to let the USD crash...
I think we can make a lot of money in the upcoming months/years...
Trade safe. Take risks or stay poor.. :)
Hi can someone explain the settings for Korharmonics, I am not getting a pattern except as in the pic.
though I have put the default txt in the folder for swings but still no patterns
Please ask the author for support on that specific indicator. The forum can only be used for general purpose discussion about 3rd party products.
Forum on trading, automated trading systems and testing trading strategies
Zigzag indicators
Sergey Golubev, 2025.04.09 16:16
Price Action Analysis Toolkit Development (Part 19): ZigZag Analyzer