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let me tell a few words about harmonic patterns. i wish that every newbie trading harmonic patterns understand one important issue.
harmonic patterns helps you to visualize where we found a zone in our charts where we espect a VERY STRONG resistence. this resitance is in often cases so strong that the price reverses fast and with a huge momentum. BUT HARMONIC PATTERNS ARE NOT A TRADING SYSTEM!!!!!!!! Harmonic Patterns are a useful tool. But you have to do your homeworks.
the most important are thinks as money management, risk management and a iron discipline. ibn fernas gave you a very helpful hint: look at the candles on the way to the prz.
i am trading these patterns for a few months with my trading partner, and we are trading these patterns with a win/loss ratio of 70%. but we do not trade every pattern just because theire is some sort of fibo ratio.
if you dont see within a few secons a pattern without drawing your fibo lines, there is probably nothing to trade.
you have to take time to study this patterns. then go to the next step. build a trading system around these patterns. do it your own, and the results will be great.
regards
let me tell a few words about harmonic patterns. i wish that every newbie trading harmonic patterns understand one important issue.
harmonic patterns helps you to visualize where we found a zone in our charts where we espect a VERY STRONG resistence. this resitance is in often cases so strong that the price reverses fast and with a huge momentum. BUT HARMONIC PATTERNS ARE NOT A TRADING SYSTEM!!!!!!!! Harmonic Patterns are a useful tool. But you have to do your homeworks.
the most important are thinks as money management, risk management and a iron discipline. ibn fernas gave you a very helpful hint: look at the candles on the way to the prz.
i am trading these patterns for a few months with my trading partner, and we are trading these patterns with a win/loss ratio of 70%. but we do not trade every pattern just because theire is some sort of fibo ratio.
if you dont see within a few secons a pattern without drawing your fibo lines, there is probably nothing to trade.
you have to take time to study this patterns. then go to the next step. build a trading system around these patterns. do it your own, and the results will be great.
regardsThanks for your words
Trying to say that for the past months through my charts !
you can see that i always write "Positive Divergence" or add square tool to point the strong S\R or draw trend lines
because i'am not a harmonic trader !!!
I'am a technical analyser who use harmonic as a strong reversal signal.
I hope that every newbie read yor words
Regards
Gbp\Aud 17 march
Dailly Butterfly
:D
yes matrixtrader you right, for successfull trading system you must use money managemnt ,position sizing psychology of trader...etc
but iam sure you were not read any Carney book or l.Pesavento about Harm.Patterns
from your point of view you can use it like indicator. but its more than indicator and yes, you can use it like swish knife in your System.
or if you just follow ne pattern you can be in profit too
read that books
:D
yes matrixtrader you right, for successfull trading system you must use money managemnt ,position sizing psychology of trader...etc
but iam sure you were not read any Carney book or l.Pesavento about Harm.Patterns
from your point of view you can use it like indicator. but its more than indicator and yes, you can use it like swish knife in your System.
or if you just follow ne pattern you can be in profit too
read that booksadriann i dont know why you think i didnt read both carney books???? i read this two books almost 5 times. and last year i was in some cases in direct contact with scott carney via email. i asked him some things about the patterns and he explained me some interesting things.
maybe you didnt understand what is was meaning with my previous posting. the books gives you no exact entry point, and no exact rule for placing the stop loss. this is what i mean when i say the harmonic patterns are not a trading system. you have to build your own rules where you want to enter and where you want to palce you stop loss.
if we see a valid harmonic pattern, will all trader enter at the same level? would we all have placed our stop loss at the same level? of course not. so the result is obvious. the same pattern leads trader 1 to profit +150 pips and for trader 2 to +400 pips and for trader 3 to -50 pips. so where is the differernce? the difference is that trader 1, trader 2, and trader 3 use different entry rules and different exit strategies (and risk manegement). this
is what i meant when i said you have to build your own system around the harmonic patterns, or call it rules if you prefer so.
@ibn
you are doing a very nice work here in this thread. thanks. you are right about the positive/negative divergences. i use this too, to determinate how strong the reversal could be.
so why is ibn fernas using divergences?? because he is smart enough to know nobody will try to stop a train when in drives with 250 km/h against you. so if the trend is strong the candles and the divegences will tell you if you should give the trade a try or if you should stay away.
regards and have a nice weekend
Hi everyone, Im a newbie. I still learn patterns and appriciate your work buddies. I've found a possible bulish butterfly on 1h chart for GPBAUD. It could be a confirmation for Ibn Feras hindsight.
Correct me please if Im wrong.
Hi everyone, Im a newbie. I still learn patterns and appriciate your work buddies. I've found a possible bulish butterfly on 1h chart for GPBAUD. It could be a confirmation for Ibn Feras hindsight.
Nice
we are still looking for a reversal signal on eur\aud and gbp\aud
eur\cad reversed from 1.618 cd for about 50 pip
regards
:D also waiting for reversal in USD/JPY H4 near some possible zones.
nzd/jpy 20 march
gartley
nzd/jpy 20 march gartley
ibn this is one of my actual favorites patterns. take a look at the eur-jpy. you will find the same pattern as you found on the nzd/jpy
regards