Harmonic Analysis - page 7
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I talked about TP in another thread but I'd like to talk about it again. This method is used by many pro pattern traders. It's simple. All you need to do is draw fibonacci (or fibonacci expansion) between CD. Retracement levels 38.2 for BE, 61.8 for TP (target, take profit). For myself, I use 78.6 for second target. Take a look at pics below. NZDUSD H1, in the first pic, a cypher pattern completed and the price reached 78.6. In the second pic, after the cypher pattern the price rallied and reached 61.8 (at this point, we could go short for aggressive C) and went down again and ABCD pattern completed. The price went up and reached 78.6 retracement of CD of the ABCD pattern BUT before we'd close long, we'd need to consider if there's a possibility for another pattern. If we were good enough, we'd detect the second cypher pattern. So what we would do is we'd wait and see if the price would reach the entry point of the second cypher. As you can see the price reached the entry point and went down. Anyhow, this is the method I use and many pattern traders use. If you have different methods for TP, feel free to share
I talked about TP in another thread but I'd like to talk about it again. This method is used by many pro pattern traders. It's simple. All you need to do is draw fibonacci (or fibonacci expansion) between CD. Retracement levels 38.2 for BE, 61.8 for TP (target, take profit). For myself, I use 78.6 for second target. Take a look at pics below. NZDUSD H1, in the first pic, a cypher pattern completed and the price reached 78.6. In the second pic, after the cypher pattern the price rallied and reached 61.8 (at this point, we could go short for aggressive C) and went down again and ABCD pattern completed. The price went up and reached 78.6 retracement of CD of the ABCD pattern BUT before we'd close long, we'd need to consider if there's a possibility for another pattern. If we were good enough, we'd detect the second cypher pattern. So what we would do is we'd wait and see if the price would reach the entry point of the second cypher. As you can see the price reached the entry point and went down. Anyhow, this is the method I use and many pattern traders use. If you have different methods for TP, feel free to share
Hi RyuShin,
great thread, i'll join soon
just wonder about b/e @38.2
do you just b/e your trade or take some profit off the trade?
because I usually see bounce back to D pivot when 38.2 is touched
Good luck this week.
Hi RyuShin, great thread, i'll join soon just wonder about b/e @38.2 do you just b/e your trade or take some profit off the trade? because I usually see bounce back to D pivot when 38.2 is touched Good luck this week.
Welcome irad. Let's say when it reaches 38.2 and and stays and hang around between 38.2 and 50, that time I may set BE at 38.2 or close position for profit. You know what? BE should be between D and 38.2. 38.2 should be for first target. When you see it touches 38.2, it bounces back and go different direction or just bounces to D and bounces back again?
I talked about TP in another thread but I'd like to talk about it again. This method is used by many pro pattern traders. It's simple. All you need to do is draw fibonacci (or fibonacci expansion) between CD. Retracement levels 38.2 for BE, 61.8 for TP (target, take profit). For myself, I use 78.6 for second target. Take a look at pics below. NZDUSD H1, in the first pic, a cypher pattern completed and the price reached 78.6. In the second pic, after the cypher pattern the price rallied and reached 61.8 (at this point, we could go short for aggressive C) and went down again and ABCD pattern completed. The price went up and reached 78.6 retracement of CD of the ABCD pattern BUT before we'd close long, we'd need to consider if there's a possibility for another pattern. If we were good enough, we'd detect the second cypher pattern. So what we would do is we'd wait and see if the price would reach the entry point of the second cypher. As you can see the price reached the entry point and went down. Anyhow, this is the method I use and many pattern traders use. If you have different methods for TP, feel free to share
Update. I came up with a new SL/TP plan. 38.2 retracement for first target. Stop loss is at -23.6
AUDUSD H4. Possible ABCD?
NZDUSD M5. Cypher+ABCD. I've just become a fan of cypher pattern.
ABCD and AB=CD patterns might be the most profitable patterns if we know how to deal with them. Harmonics and ratios are powerful.
EURJPY M5. Possible butterfly?
You're very welcome remikes and thank you for the post. I think I will not tweak or adjust ZUP indicators anymore. Maybe I will post one last temp but I'm not sure. The reason is I'd like to use my harmonics knowledge as my main harmonic indicator. ZUP is amazing and fantastic for sure. I just want to move to next level. Tweaking and adjusting ZUP parameters is totally fine. I have nothing against it. The thing is now I know how to draw harmonic patterns and stuff better than before and I can predict (not all the time) what pattern will appear before ZUP. What I'm trying to say is I'm kinda trying to graduate from ZUP and all harmonic indicators
Thanks RyuShin, That's pretty good ... near graduation! Identifying the pattern with precision is difficult. I was trying to see if I could readjust ZUP_v102 22.mq4 with China toy settings
ZUP 102 22 it is the same of jsambung ZUP 102 "China toy" it is template for ZUP, find many patterns
so I would not have to use so many Zups to get all those patterns, found adding too many indicators slows down the transition time on lower time frames. Oddly, a few TMA bands slow it down more than all the other indicators, including several Zups like 102, 110, 116, and 135. ZUP_v102 22 China toy with Custom pattern settings showed the most patterns of those few Zups experimented with. ZUP_v102 22 was also modified by poruchik to ZUP_v102 22 CYPHER.mq4 and ZUP_v102 22 CYPHER mirror.mq4 which you might have seen. Also using BPS Harmonic for emerging pattern, learning to project, it's the least accurate of all, so it keeps us wondering a bit what pattern is really up next.
Thanks RyuShin, That's pretty good ... near graduation! Identifying the pattern with precision is difficult. I was trying to see if I could readjust ZUP_v102 22.mq4 with China toy settings so I would not have to use so many Zups to get all those patterns, found adding too many indicators slows down the transition time on lower time frames. Oddly, a few TMA bands slow it down more than all the other indicators, including several Zups like 102, 110, 116, and 135. ZUP_v102 22 China toy with Custom pattern settings showed the most patterns of those few Zups experimented with. ZUP_v102 22 was also modified by poruchik to ZUP_v102 22 CYPHER.mq4 and ZUP_v102 22 CYPHER mirror.mq4 which you might have seen. Also using BPS Harmonic for emerging pattern, learning to project, it's the least accurate of all, so it keeps us wondering a bit what pattern is really up next.
I totally agree. Using many ZUPs slows everything. Also it's mind-boggling sometimes. ZUP has very unique patterns but in the end I find the classic patterns are the mother of harmonic trading. Sometimes ZUP acts like it "repaints". Like you said "it keeps us wondering a bit what pattern is really up next". Well I shouldn't say "repaint". ExtHidden actually shows fibonacci ratios so you can actually guess what pattern is coming up next but it's ZigZag based so it depends on which swing it uses to calculate.
If you'd like to trade with/without ZUPs at the same time, here's my idea. You can operate two MT4 at one time. Go to XEMarkets.com, sign up for free and donwload their MT4 (btw they have MT4 for Apple computer too), download regular MT4 from MT4 site, install them, open up XEMarkets MT4, log in, now go to computer-->Program files-->XeMarkets MT4-->config and copy "XeMarkets-Demo.svr" and paste it in the cofig folder of the other MT4. Now open regular MT4 and use XeMarkets account to log in. That's it. XEMarkets demo account WILL NOT expire so you can practice as long as you want. Try if interested.