Sorry Harmonic Pattern Plus? or Harmonic Pattern Scenario Planner?

All update is free of charge if you buy from them through Market place.

You can download supplementary technical indictors template for Price Action and Pattern Trading here. Of course, it is free of charge. Enjoy.  

 http://harmonicpattern.ucoz.co.uk/index/customer_supports/0-29

I have received several notice from some of my clients about entering trading competition using our Price Action and Pattern Trading Tools. We are more than welcome to hear your challenge for trading competition using our Price Action and Pattern Trading.

So feel free to discuss with us if you enter trading competition using our Price Action and Pattern Trading Tools. :) :)

Harmonic Pattern Scenario Planner will become faster in version 3.1. (Updating in process)

Now Harmonic Pattern Scenario Planner can run in Harmonic Pattern Plus Mode (light and faster).

Then you can only simulate future scenario when you think you need those information.

Please look at the three screen shot below.

You can decided whether to run in Harmonic Pattern Plus mode or Scenario Planner in Indicator setting.

You can also simulate future scenario when you believe you need to do them. Just click the scenario button.

After calculation is done, you will get future scenarios in your simulation box.

knock on effect after our updating to version 3.1 will be more accurate pattern search for Harmonic Pattern Scenario Planner as now it can search patterns in faster mode (Harmonic Pattern Plus Mode.). We set Zig Zag Incremental step to 1 now.

Video Tutorials for Harmonic Pattern Plus and Harmonic Pattern Scenario Planner Guide

A Video Tutorial to presents new update for Harmonic Pattern Plus (version 2.8) and Harmonic Pattern Scenario Planner (version 3.2)

Watch in high definition and full screen so you can read the texts and patterns.

Scenario Planner uses Monte Carlos like Simulation and therefore, the computation can be quite heavy. A lot of professional traders and investors rely on Monte Carlos simulation nowadays. Therefore, we can't really blame this technological advancement. Here I give you quick way to deal with heavy computation issue. One way of making the simulation faster for Harmonic Pattern Scenario Planner is to reduce simulation trial. This is literally how many iterations of simulation the Scenario Planner will go through to provide you valuable information about future patterns and future trend reversal points. So try to use the setting below to reduce some computation under your scenario parameter section.

Simulation trial = 50 (Default is 100)
Forecast projects = 15 or 20 (Default is 30).

This can make your simulation twice faster than its default setting. Remember that fine simulation resolution (more simulation trials) will give you richer information about future patterns but they will be slow in computation. You can use rough simulation resolution (less trials) but make sure, it is not too rough so you don't miss some important price level which pattern might be formed.

Although the explanation looks very technical, in fact the traders do not need to know all these technical terms. Just use the Scenario Planner to identify future trend reversal points and eliminate many redundant scenarios with large MAPE and make your scenario simpler. Once this is done, apply this information in your trading.

There was some interesting question asked from one customer. Here is answer to his questions.

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

Hi.

just let you know that Harmonic Pattern Plus and Harmonic Pattern Scenario Planner is really working tools. Many of our customers are staying in the winning side. This is the results when you created automated trading system based on our Harmonic Pattern plus. 

http://harmonicpattern.ucoz.co.uk/index/performance/0-38

 "Overcome repainting issue with an already formed harmonic pattern"... could you elaborate any further how the indicator shall help traders overcome repainting issues normally found on harmonic patterns? An example or two would be just great.

In regards to repainting, say for example, you have a bullish butterfly pattern formed at your latest bar. Now you want to know if further price down movement (like 10 or 20 pips down move) can provide you another bullish butterfly patterns or any other bullish patterns. (This is commonly known as repainting.)

Here what you need is to run scenario planner and ask what possible other patterns out there if price move down further (or even further up). Scenario Planner will collect all the possible future patterns adjacent to your current bullish butterfly patterns for your decision making.

This means that even if current price move down 10 or 20 pips forming another bullish butterfly pattern (or other pattern.), this will not give you hard time any more for your trading decision because scenario planner already told you that future price can be formed with 10 or 20 pips price down.

Note that Repainting is only issue because the general harmonic pattern indicators does not have ability to detect future patterns. Harmonic Pattern Scenario Planner overcome such a issue by anticipating possible future pattern in the potential price movement range.

The quality of pattern is measured by MAPE metrics in our Harmonic Pattern Plus and Scenario Planner. So by watching out this MAPE metrics you can decide your entry with the latest pattern or wait little bit more.

Let's look at live example, butterfly pattern formed now. (With this pattern, trader could take profit up to 38.2% retracement with this bullish butterfly pattern. But let's ignore this fact for now.). Trader can decide to take entry with this current butterfly pattern or not. However, trader want to check if further price move down, another pattern can be formed and if he should wait until then.

Running simulation with Scenario Planner to check up if it is possible to form another bullish butterfly pattern at different price. The answer is yes. In picture below, the future butterfly pattern is shown with light green colour (Aqua). You can see that another pattern could possibly form if the current price go down further. Knowing that further price move down can form another butterfly patterns, your trading decision will be have less hard time to enter immature patterns or less accurate patterns. In this case, you know that there are quite large gaps between two patterns, so you might split your trades into two trades.

"Worst case scenario before entering a trade"... will this be affected if we set "Filter Bad Scenarios" to "True"?

The difference between Filter Bad Scenarios = true and Filter Bad Scenarios  = false is you will get to see all the future pattern in the potential price range with Filter Bad Scenarios = false.

Whereas, you will see less ideal pattern of the same pattern kind removed with Filter Bad Scenarios = true.

Worst case scenario is indeed your worst loss from trading at that pattern. To know worst case scenario from one pattern kind in details, it is better to set Filter Bad Scenarios = false.

To know worst case scenario from all the possible pattern kind (butterfly, Gartly, etc), it is still ok to set Filter Bad Scenarios = true. Also note that Filter Bad Scenarios = true, you will get to see the pattern closest to ideal pattern (Lowest MAPE).

Therefore up to some extension, these patterns can be labelled as more accurate pattern than the other patterns with less ideal patterns (higher MAPE).

 "More accurate prediction of entry and exit timing"... does this refer to current entry for present harmonic pattern or for future ones? 

It is talking about your overall trading decision. In trading community, high probability strategy is considered what most traders should follow.

With scenario planner, you could get advantage over the advanced information. For example, 1.3000 you got bullish butterfly patterns formed, but scenario planner tell you that bearish Gartly pattern can be formed if price goes up to 1.3009. Then you will take this information to change your buy order to sell or at least you will wait to do so or you will be prepared, right? But what about other traders? They won't know until this pattern is actually formed on their charts. They may not in presence of their computer when this happens. This is why a lot of experienced (senior) harmonic pattern trader anticipate future patterns and draw the patterns even well before they are formed on their charts. Harmonic Pattern Scenario Planner is the tool automatically does it for you. No more painful manual drawing. Aren't you excited to know future information one step ahead of other traders? Indeed, this is advantage of Harmonic pattern Scenario Planner.

Note that in general , to learn Harmonic Pattern Scenario Planner, you will need sometime to practice. So the general recommendation is to use Harmonic Pattern Scenario Planner in Harmonic Pattern Plus mode until you get comfortable with Harmonic Pattern Trading and then move on to Scenario Planner mode in the future and make much more sophisticated trading decision.

Kind regards.

F.E.

more information visit here: http://harmonicpattern.ucoz.co.uk/

Soon we will add a new function to lock the latest patterns from your chart.

This means that now you can lock the latest pattern (or any other chosen pattern) in your chart before you trade using that pattern.


Now you don't have to worry about if the chosen pattern will disappear after your trading due to new pattern arrivals.

Of course, you will have a function to unlock and delete the locked pattern from your chart too. You can use this unlocking feature if you believe that the pattern is no longer needed for your trading.

This locking and unlocking features can be simply done by pressing "Pattern" button on your chart.

You can use this locking and unlocking feature to enhance your real live trading.

We feel that this would provide a lot of benefits to users and we are already excited so much. :)


This update will be applicable to:

Harmonic Pattern Plus v3.5,
Price Breakout Pattern Scanner v3.6,
Harmonic Pattern Scenario Planner v3.8.


All the best for your trading. :)

Kind regards.

We have updated our Harmonic Pattern Plus (version 3.8) and Harmonic Pattern Scenario Planner (version 3.9). They migh be available in next 2 days.

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Here are what we have updated. Sorry it is rather long description. View the attached screen shot for faster understanding.


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In version 3.8 New feature 1:


We added Fibonacci projection of followings:

1. Internal Price Retracement (XA)
2. External Price Retracement (BC)
3. Correction Price Projection (ABCD)
4. Future Price projection (CD, this is existing Fibo retracement from earlier version.)


Trader can control depth of these Fibonacci Projection using following variable:

Potential Reversal Zone Projection Depth (0 to 8, 0=no drawing).

value 1: fewer Fibonacci lines (for less sophisticated trading setup)
value 8: more Fibonacci lines (for more sophisticated trading setup.)



Also individual Fibonacci projection can be switch on/off by setting these values to zero or other values:

Potential Reversal Zone Line Length for XA (0=no projection)
Potential Reversal Zone Line Length for BC (0=no projection)
Potential Reversal Zone Line Length for ABCD (0=no projection)


For Future Price projection (CD, this is existing Fibonacci retracement from earlier version.), is identical to and this can be controlled by previous Fibo Display option.




In version 3.8 New feature 2:

Now by just simply clicking over "Symbol" button on your chart, trader can detect new patterns at any tick arrival without waiting for new bar arrival. This is useful if you want to detect patterns before new bar arrivals. (Fast discovery of the patterns.)

Here is the manual about how to backtest Potential Reversal Zone using Harmonic Pattern Plus and Harmonic Pattern Scenario Planner. This manual is for educational purpose only. Hope this is helpful for your profitable trading.

Kind regards.

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.

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