Harmonic Analysis - page 338
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Hi Ryu Shin,
After couple of days I must admit your method looks promissing... I'v got one importany question: your SL looks very high to me, what is average value of your SL in pips and how exactly do you place it?...
Thanks.My SL ranges from 50 pips to around 400pip. My number of Lot alters as SL increases so it does not matter to my strategy. It's like I trade on 15 mins, 30 mins and 1 hour chart "slowly" if you know what I mean.
Swiss Franc Spike Pt.1
I'm sure you guys already know that the Swiss central bank ended an effort to limit the rise of the Swiss franc. This event for sure let some traders lose a lot of money and also let some traders win a lot of money.
I lost some money due to the event but I also won some money.
Some of you may have remembered that I posted a potential bullish ABCD on GBPJPY (pic below) that completed at the previous structure level.
EURJPY and CHFJPY had a similar opportunity. My position on EURJPY is still on. I did not have a position on CHFJPY. Take a look at the CHFJPY pic below. It shows me and tells me why I don't need to care but news. Price came down to the previous structure level A, which by the way between 61.8 and 78.6 fibo retracement (almost), and then spiked up. The hardest thing would be when and where to open an position and set SL and TP.
I would buy at the previous structure level A. SL would be below the level. Then I'd buy at the support level B. Either way I would not win with the spike but if the event didn't happen, I might win but who knows.
(to be continued)
NZDCAD - Potential bearish bat.
Swiss Franc Spike Pt.2
I had had pretty amazing trades on NZDCHF before the event as you can see the picture below. Price came up and completed the bearish ABCD and took it. I thought it would take time to close but today it hit my target.
There was an bullish bat on AUDCHF and I took it and hit my target, which I posted it in the thread. After I closed my buy on it, I started looking for a selling opportunity. The price was within the previous structure level I spotted and I decided to sell with 1:1.5 RR. Then the event occured.
I found that I had a pay-attention-to level on CADCHF weekly and looks like it worked out. I really don't remember why I put a rectangle on that level.
(to be continued)
Swiss Franc Spike Pt.3
Swiss Franc affected different pairs as well today.
I posed some bullish patterns on EURNZD. I opened a buy position and it seemed to start rallying back up but NZDCHF spiked down and also EURCHF spiked down which caused EURNZD went down. I lost the trade. About 130pips.
GBPNZD on the other hand, I had great swing trades. There was a 3-wave movement forming. I know some people may say it's a three drives pattern but 3-wave movement is different. It's similar though. The 3-wave movement doesn't concern fibo although I look for fibo level for higher probability to win.
Anyway the 3-wave movement + ABCD completed at support level and bounced back up to the previous level (pic below) which is bottom of the second wave. I closed my buy and open a sell with 1:1 RR. Over 600pips in profit.
(to be continued)
Swiss Franc Spike Pt.4
Conclusion & Lesson Learned
I suppose a lot of beginner traders and/or aggressive traders have had a long position. Because they think "this spike is ridiculous. I don't think it's gonna go down further. I'm gonna buy now."
It seems to me that they decided to buy based on psychology. Old me would do the same but I've learned what I should not do by making mistakes.
I re-realized that market structure and harmonics are nonchalant. i.e. they don't give a damn about news or fundamentals. I proved it to myself. I didn't even know the Swiss central bank would have a statement today and I had made some moves before the event and got some profit. I'll try to refine my skills to fool the market and make some money.
Take a look at the pic below. Last week the pair reached the previous structure level again and the chart left a hammer candle that tells that the price was struggling to go higher. Now I regret that I didn't sell early in this week.
Harmonics and structure trading works BUT we need to practice. I mean every strategy works if we know how to use.
We just have to not throw a towel.
GBPUSD. bat bearish
New MT4 Harmonic indicator on the market.
The Beta test version can be downloaded from here, and currently still free:
DavincisKiss - harmonic trading indicator for MT4
In the first day- day and a half I am impressed. As one or 2 examples of the patterns I identified with it, look at this one:
GBPUSD M15 Bat, and Butterfly+3drive combo:
Gyazo - b30bd1e3a5b124a032d4b8c6a67ccc8d.png
Better than automatic and quicker than manual HP drawing, with a lot of extra fib confirmation.
Definitely good, not only for trading, but for learning harmonic patterns as well.
Definite advantage compared to fully automatic indi is, that one can pick the most obvious XA impulse leg, which is one of the basic keys to have success with HP trading, also draws out PRZ based on fib extensions and retracements, draws the same for each leg too, so confluences can be visualized.
Try it and see it yourself.
Of course still a beta, needs more development, but it is a good indi.
Earned a lot of pips and helped me a lot.
I am just learning to use it to its full extent too.
CADJPY - A bullish bat completion.
Gold - A bearish cypher completion & A potential bearish bat. I don't trade gold but I look at gold chart to train and refine my eyes.