Hello Traders

We have PRZ backtesting manual updated with real world trading example.

Please check it out for your profitable trading.

Kind regards.

Some Note on Starter and Junior Trader

After observing different customers, I have noticed that quite good amount of customers are new to Forex Trading and some of them are even new to investment.

Before start to trading in Forex, please note these few tips I used to teach junior traders in the past.

1. Trading is one kind of entrepreneurship and therefore there is naturally risk involving with trading and investment.

2. Before trading, you must understand how to use basic indicators in correct form and their success rate as well as their pros and cons.

(The basic indicators I will recommend here is simple moving average, exponential moving average, RSI, Stoch, ATR, ADX, MACD, Bollinger bands, support and resistance lines.)

3. Must understand position sizing and its power.

4. Understand what drives market (Fundamental, economic news, etc). Forex mostly tied with interest rate and inflation, employment rate (Purchasing power and monetary flow).You don't have to be expert at these in a first week after your starting of trading. But always get habit of reading news and articles with more care than before.

6. Understand your own ability of interpreting market patterns, geometry, and market cycle

7. Understand that market behaviour is based on crowd behaviour or crowd psychology.

8. Know some useful correlation between markets.

9. Just like we have physical law of energy = MC^2, similarly some rules can’t be bent in financial trading too. High rewards = high risk. Lucky trading will not continue forever.

To become professional traders, you need to master set of disciplines and these tips are only basic and might be your starting point.

Plus these note are only applicable to starter and junior traders. Slightly different tips might be required for auto traders who only using EAs.

Kind regards.

Update News for Harmonic Pattern Plus and Harmonic Pattern Scenario Planner on 22 Oct 2015:

As we mentioned, we have added new pwerful analytical feature to our Harmonic Pattern Plus and Harmonic Pattern Scenario Planner.

The updating is in process with MQL5.com and will be avaiable to you in next few days.

50% discounts on Fundamental Trade Manager

Improve your trading with automated order execution and avoid losing trade by monitoring economic news and data release.
Here is a special promotion for serious traders to perfect your trading strategy.

Fundamental Trade Manager
https://www.mql5.com/en/market/product/4039
https://www.mql5.com/en/market/product/11176


Harmonic pattern Plus
https://www.mql5.com/en/market/product/4475
https://www.mql5.com/en/market/product/4488

Harmonic Pattern Scenario Planner
https://www.mql5.com/en/market/product/6240
https://www.mql5.com/en/market/product/6101

Price Breakout Pattern Scanner
https://www.mql5.com/en/market/product/4859
https://www.mql5.com/en/market/product/4858

Sideways Market Statistical analyser
https://www.mql5.com/en/market/product/5314
https://www.mql5.com/en/market/product/5234

Harmonic Pattern Plus was evolved from many different angle incorporating requests from many different traders and our customers.

As a result, Harmonic Pattern Plus contains many different features and functionality.

Sometime, you don't have to use all of them.

Of course you can switch off the functionality you don't use. For example you can switch off custom take profit or PRZ or candle stick pattern scanner, Regression channel, etc.

I had one customers keep asking success rate due to the presence of custom take profit and stop loss in Harmonic Pattern Plus.

I guess he is new to harmonic pattern trading.

Use of custom take profit and stop loss is only one style of trading in Harmonic pattern trading system.

Many of Harmonic Pattern traders are followers of fibo traders who uses fibo retracements to gauge entry and exit. Some of them views as a extension of Elliott wave trading too.

It is good that you are eager to trade but please do not make a quick conclusion that you have to use only one style of trading strategy with Harmonic pattern plus.

As I mentioned, it can serve you from many different angles. When you understand individual element inside Harmonic Pattern Plus, you can trade better.

For example if you understand what PRZ does, what regression channel does, What custom take profit does or Pattern completion interval, etc. you can trade a lot better with high confidence and high success rate.

Kind regards.

Update News 19 May 2016:

As we have mentioned, we have finally completed our new update. It has been submitted for processing. So you can download our new update quite soon.

This update is all about detecting patterns in Renko Brick. So Harmonic Pattern Plus and Scenario Planner will detect Harmonic Pattern over Renko brick. Price Breakout Pattern Scanner will detect pattern on renko brick too.



For 3 products, the description is more or less the same. Read below if you want to learn what is this powerful update about. :)


===================================================================================


In version 7.7, Harmonic Pattern Scenario Planner can detect pattern using Renko Brick calulation. This is equivalent to detect pattern over the dedicated Renko Chart (Imagine that you have opened Renko Chart and then put this indicator over the Renko Chart). So it is very powerful due to less noise in the Renko Chart. The good news is that you don't need a dedicated Renko Chart as this indicators does renko brick calculation at the background using Smart Renko Indicator. So you are hassle free but this indicators will does a lot of work for you.

At the same time, user can choose to detect pattern over normal candle stick too as before. To choose the detection mode, user can use the following variable.

Use Renko Filter for Pattern detection : true or false only

We have currently set the default as Renko Filter Mode.

(Important note, Renko can be calculated using sub time frame. For example, Renko brick can be calculated using M5 or M15 time frame when you actually use this indicator for H1 chart. If the data is loaded, then there is not a problem. But sometime, data loading may be issue. But this is the issue present inside Meta Trader terminal. It might be fixed in the future when new Meta Trader version is released or maybe not. To avoid this issue, your default calculation time for Renko brick calculation is set to current time frame. But you can always change it with your own experiment. In our experience, there can be small difference when you change the calculation time frame. Smaller time frame is generally more accurate. But still higher time frame will do the job too.)

hi

i've done the update, but its still not showing potential patterns?

any ideas please?

i keep getting this allert on my chart....."Too many Bricks in chart, please increase BrickHeight" what is this? what optimal value should i set it to?

regards

Haron 

Hi.

The alert is coming when you are using it with Renko Filter.

I assume that you are using it for some currency pairs or commodity where the normal 20 pips (default setting) does not make any sense because it  is too small.

For example for Gold, 20 pips really tiny small. So you will get "Too many Bricks in chart " error

Best way is to find some sensible brick height which traders uses quite often.

If you have no idea what is the sensible brick size for that currency pairs. then you can use Standard deviation mode. Standard deviation mode will set the brick height automatically.

Otherwise, you can increase brick height double up and see what happen.

When you ask me the best brick height, the answer is it differ for all currency pairs and stock market.

In that case, you standard deviation mode, then get some idea. Then convert it back to the factor of 100, 1000, 10000 for universal brick height.

Hope this makes some sense.

You have asked the same question here.

So read the same answer.

https://www.mql5.com/en/market/product/4488#!tab=comments&page=12

Read the comment

thanks very much

#Young Ho Seo

does the figure affect the the effectiveness of the indicator, that is when i put a very large number