Harmonic Analysis - page 53

[irad]

RyuShin:
Believe or not the pattern was successful. The pair bounced at 78.6 and reached the first target which was 38.2 as always. Then it went south. If you had two long positions, one is a winner and the other is BE.

Hi,

that's a very conservative way taking 38.2 of the last leg(CD),

I know there is no right way to take pattern, and that's why many people get different result on harmonic,

but usually if you take the short leg on gartley and bat(CD) and if the price move abit against you, then your 38.2 will be almost on the buy/sell zone which will make it almost imposible to keep the trade running after hitting the 1st target and making SL as B/E for the 2nd target

but that might be very profitable anyway.

if I had take this pattern, it would count as a loss.

[johnwattcorp]

Hi,

RyShin, how can you find and draw potential zones? Draw manually or draw indicators with some settings?

[Aki Miu]

irad:
Hi,that's a very conservative way taking 38.2 of the last leg(CD),I know there is no right way to take pattern, and that's why many people get different result on harmonic,but usually if you take the short leg on gartley and bat(CD) and if the price move abit against you, then your 38.2 will be almost on the buy/sell zone which will make it almost imposible to keep the trade running after hitting the 1st target and making SL as B/E for the 2nd targetbut that might be very profitable anyway.if I had take this pattern, it would count as a loss.

I do know what you mean irad. I took the pattern because RR was 1:1 (well actually 1.2:1 to be specific) and I had decided to close at 38.2 where the B is at before entering. If I see short CD leg that make RR like 1:2, I would never trade.

[irad]

look at the hourly bearish crab(yesterday gartley invalidation) forming on NZDUSD, then on the bigger picture 4h chart, bearish butterfly, then on the daily chart look at the last bearish swing 38.2 fibonacci sitting on the butterfly PRZ, worth watching.

[Aki Miu]

johnwattcorp:
Hi,RyShin, how can you find and draw potential zones? Draw manually or draw indicators with some settings?

Hello John, I draw PRZ manually based on previous support and resistance confluence. If I see no confluence, I would just draw PRZ based on ratios of harmonic pattern.

[Aki Miu]

irad:
look at the hourly bearish crab(yesterday gartley invalidation) forming on NZDUSD, then on the bigger picture 4h chart, bearish butterfly, then on the daily chart look at the last bearish swing 38.2 fibonacci sitting on the butterfly PRZ, worth watching.

I had a gartley on NZDUSD H1 which stopped me out. Now I'm waiting for the crab to reenter. I have trouble with distinguish gartley and crab :/ How do you distinguish between gartley and crab?

[irad]

RyuShin:
I had a gartley on NZDUSD H1 which stopped me out. Now I'm waiting for the crab to reenter. I have trouble with distinguish gartley and crab :/

you simply can't point while the market is running "now it's gartley and not crab" or "now it's crab and not gartley"

what you can do is use smart MM to know that you'll lose let say 2% percent of your equity on that gartley, but when it'll complete crab you'll earn those 2% back, and maybe more because the crab leg is sooo long and the targets aswell

[Aki Miu]

RyuShin:
AUDUSD H1. Potential bearish and bullish gartley. B of the pattern bounced at 61.8 fibo and C too (so far).

The bearish gartley worked out. It hit 38.2 first target let's see if it's gonna hit 61.8 second target.

[Aki Miu]

RyuShin:
N200 invalidation. Now we have a potential bullish 886 butterfly.

Worked out. Hit first target, now we have a potential bearish anti bat on 15 minute chart.

[Aki Miu]

RyuShin:
The bat pattern invalidation. Now we have a potential bearish cypher.

The bullish bat worked out. Hit both targets.