MonsterDash Harmonic Indicator

It works and I become a fan of Harmonic Patterns 😍 Very good indicator. Thank you, Paul 🙂

So far, in my trading experiences with this scanner, it has not been the reliable scanner everyone says in the reviews. I have been going back and forth asking questions to Paul, but I am getting general answers. It may be because I am not communicating the issue properly? I recently complained about the scanner showing 1 price for the Daily GBPJPY with a "C" for complete, and when the price went past the D point, it changed to a different value. I entered the trade when it hit the D point @142.26, but I was stopped out. I looked at the scanner to make sure of the price, and the scanner now showed the D point at 142.85. Before I posted this review, I looked to see if anyone else had this problem and sure enough, I read above that @Doaa Elwy said almost the same thing I am complaining about. ((Please note this was back in Mar 2016 and still the same problem)) He wrote ""I just rented it, it does something very strange, it was showing bearish patterns in GBPJPY.. and it showed it completed .. then the market move up, The completion price changed .. then after 5 minutes, the GBPJPY disappeared from the dash board. for me this is exactly like an indicator that repaints.."I can't rely on it."" What's odd is that it was the same pair as he spoke of. I have hope for this indicator scanner, but not at this time. The price was not terrible, but the functionality is a concern and cannot be trusted at the moment. At least, with his Monster Indicator, he provides a stop and a target once the pattern is identified. Maybe he could do this on the scanner as well? But I am not hopeful because I see where someone had make recommendations in 8-19-2018 for changes to his harmonic indicator but there have been no additions/changes made since 7-24-2018. This is my 3rd indicator I have purchased. I forgot to mention also that the print is very small and I like to highlight the symbol to make sure I hit the right chart to open up, but if the chart you want to open is highlighted, it does nothing when you click on the pair. I have to highlight the one above or the one below to get my bearings and then I can click on the right chart. Once it opens, I then have to zoom in for the chart to display the prospective pattern. It can work, but inconvenient. UPDATE 1-28-21 The scanner has now (again) replaced the completed price on the same pattern, GBPJPY AB=CD daily, and is now142.92. At 10:17 hrs it is now 143.21 showing "Complete." The point I am making is the scanner identifies what is "C" and what is "P". You cannot trade when the scanner is discarding "complete" prices for new "complete" prices. Update-1-28-21 @1202 hrs, "completed" price is now at 143.24. Again, my point is this should show a P and not a C. It is either completed or projected. Update. 1-28-21 1520 hrs= Daily Ab=CD GBPJPY now @ 143.26....Update 2-1-21--so far not a word about the problem I encountered. (The GBPJPY finally fell off the scanner line-up) I would like to see this resolved for the money I paid, but there has not been a word of communication regarding the problem. I would like to provide a good review in the future. Update; As of 2-7-21 no communication from the vendor. No attempt to solve the problem. UPDATE; as of 6-27-21, no communication from the Vendor. As of 1/29/22 the Vendor has not reached out. Please note the indicator does identify patterns. That is not the problem. The problem is the indicator does not identify patterns as Scott Carney's instructions would. There is more to harmonics then just drawing Fibonacci's.

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I have rented this indicator. I had already bought the monster harmonic indicator a long time back. I missed a dashboard where multiple patterns are detected on a time frame. this does the job well. I am giving it 5 stars for the way it performs.

don't expect that if a pattern forms you just open a trade. you have to take other factors into account.

Paul,

What a fantastic time saver you have here. Honestly - one could trade using only your indicator and key levels and make all the money they want. Thank you for sharing this with us. Two requests if you would consider them for the next version: the ability to remove a signal from the list to keep it as clutter free as possible (for instance if you wake up to patterns where the optimal trade entry level has already come and gone - no sense in seeing it anymore) and a free-form notes column to the right of the "chart" button. Since I trade mainly with weekly pivots, noting point "d"'s proximity to the closest weekly fib pivot would be nice too.

Thanks again for what you do for the MT community!

very good thank you

Great work

very good indicator, few trades till now all was accurate

Hi Paul, can you please explain what is C/P and what is the read the Age(where is the start point?)

Very nice piece of work. I only look at completed patterns with young age. Together with other confluences for confirmation it becomes unbeatable. There are a few bugs, but nothing that I cannot live with. I am sure Paul will fix them soon.

January 30, 2017.

Just bought the monthly trial. I love the indicator so far, kinda confusing since very slow and so much writing. Just made a trade, hopefully, it goes well. Accuracy is 100%, so let's see. If this goes well, I really want to get in touch with the builder/ author. I want this indicator to grow, and help people all over and try to reach them!

January 30, 2017 (UPDATE)

Have been using indicator, and it's amazing how such a software works. I only have one problem... The dashboard for the patterns always refreshes randomly and loses some signals throughout the process. The other thing is, Instead of showing 0 bars, can we show the bars starting at 1?

I like the dashboard but I think the software will be better and not lag as much if the indicator used for each pair separately giving each screen (pair) a signal then having all these signals on a dashboard. I think this will stop the lagging and the reset/ refreshed.

work as it is, but you need strategy to confirm the pattern, not all completed pattern bring you profit.

the first step to winning trades is understanding which harmonic patterns have the highest the probability for success. there are 2 types of harmonic patterns. the first type is a reversal harmonic pattern that I stay away from because trying to call tops and bottoms is DEFINITELY not for me TRYING TO MAKE THOSE TYPE OF CALLS, UNLESS YOU ARE GOD. the second type of harmonic pattern is a continuation harmonic pattern and for me that's money in the bank; especially on a 5 minute chart playing a harmonic continuation pattern using one of my favorite weapons , binary options that expire in 10 to 25 minutes. I bought monster dash last month, but just really started using it 2 weeks ago and turned my 500 deposit in my binary account into over $3,000.00 in the past 2 weeks. that means I'm up 2500 the past 2 weeks trading just 100 per trade. it would have been nice if i was trading 500 per trade and would be up 10,000 instead, but i choose to start small and work my way up the ladder to 500 per trade.

HERE ARE MY STATS

I placed a total of 109 trades in the last 2 weeks... I won 66 trades and lost 43 trades hitting over 60%.

however I would have done much better if I was not mixing in the 1 minute chart harmonic continuation patterns and the winning ration on those only appears to be in the 50% range.

so the last 2 days I cut out the 1 minute chart and only used the 5 minute chart harmonic continuation patterns going 13-3 with a winning rate of over 80%!!! I also went back to all my 5 minute chart plays I made over the last 2 weeks pulling out the actual harmonic continuation plays and saw they were also all hitting close to 80 % if it had a binary option expiration date of 10 to 25 minutes.

if you are trading with a regular Forex broker i would not recommend using a 5 minute chart unless you are scalping; I would go with a 15 minute chart or higher using only harmonic continuation patterns and staying away from harmonic reversal patterns. as a general rule of thumb, if you are going long, than the MA(200) line should be moving up and the 5 day average should be moving up, otherwise its not a continuation pattern and would be considered a harmonic reversal pattern ; it does not matter if the price is above or below the MA(200) or the 5 day moving average as long as both lines are moving up.

and vice versa if you are going short, than than the MA(200) line should be moving down and the 5 day average should be moving down, otherwise its not a harmonic continuation pattern but considered a harmonic reversal pattern instead.

BASED ON WHAT I HAVE SEEN SO FAR, THE DIFFERENCE IN WINNING PERCENT BETWEEN A HARMONIC CONTINUATION PATTERN AND A HARMONIC REVERSAL PATTERN IS HUGE BY AT LEAST 10 TO 20 % OR BETTER. SO INSTEAD OF STRUGGLING TO HIT 50 TO 60% WITH A HARMONIC REVERSAL PATTERN TRYING TO CALL TOPS AND BOTTOMS THERE IS A MUCH BETTER WAY... INSTEAD YOU CAN REALLY KICK SOME ASS WITH A HARMONIC CONTINUATION PATTERN HITTING MORE LIKE 60% TO 70% OR BETTER WITH YOU TRADES; OR IF YOU ARE AS GOOD AS I AM THAT NOW MASTERS THE 5 MINUTE HARMONIC CONTINUATION PATTERN HIT 80% OR BETTER. I know its only been 2 weeks but it looks very promising by me just focusing all my efforts on the 5 minute chart harmonic continuation patterns that expires in the next 10 to 25 minutes. it also helps if you are using a binary broker that will pay you at least an 80% return for binary options that expire in 10 to 25 minutes and pay you back 5% on your losses, that way even if you only hit 55% you still will do slightly better than break even. than again if you are only hitting 55% with harmonic continuation patterns, than those are really not harmonic continuation patterns you thought you were trading.

just bought the indicator, absolutely amazing, thank you

Insanely great (as Steve Jobs would have put it). Tops some of the paid saas offerings out there that I am also signed up for - and at a much lower price.

I just rented it,

it does something very strange, it was showing bearish patterns in GBPJPY.. and it showed it completed .. then the market move up, The completion price changed .. then after 5 minutes, the GBPJPY disappeared from the dash board.

for me this is exactly like an indicator that repaints..

I can't rely on it.

great indicator - used with other confirmations for entry, very useful. from lots of charts open, this makes life so much easier

Great indicator! Saves me a lot of time. Thanks Paul.

fantastic indicator, better than all these expert advisors scams, buy eyes closed

The indicator does what it is supposed to do, and it does it well. However, be forewarned: just because you follow a harmonic pattern it doesn't mean you are going to win. Trading such patterns could be risky when you don't know what you are doing. If you place trades just because a harmonic pattern suggests you move in a certain direction, then you will likely lose a lot of money over time.

Furthermore, I have learned that it is best to trade in the direction of the trend. That means I ignore patterns that are moving counter to the trend. Of course, moving with the trend doesn't guarantee a winning trade either. You could still end up losing if you don't time your entry right or if the trend reverses. There are other things that need to be considered than simply following harmonic patterns alone.

In short, do not use this indicator alone when making a decision to place a trade, but learn how price action works. This indicator should only be regarded as a tool to be used along with other tools for trading. It will help you, but only when you know what you are doing. And knowing what you are doing involves studying how the market works.