Complete Price Action Kit
Are you a harmonic trader? Are you a Candlestick Trader? Are you a Breakout Trader?
Complete Price Action Kit is the single most complete tool kit that encompasses virtually all harmonic and candlestick patterns. Also contained in the kit is a necessary tool for trading breakout systems.
- Over 10 harmonic patterns recognized.
- Over 16 candlestick patterns recognized.
- A breakout detector to confirm all breakout systems.
- Harmonic Price Projections and Potential Reversal Zones (PRZ) plotting.
- Notification system.
What is it and why use it?
A Harmonic Pattern is a collection of Fibonacci ratios that measure repetitive human emotions in the market and using those repetitive emotions to gain an edge. Harmonic patterns, their numbers and ratios are all based off the Fibonacci sequence which some people call the “Fingerprint of God”. The ability of the ratios to prove themselves in nature is what gives you an edge as trader. With harmonic patterns, you are no longer going to try and predict price, but instead forecast the probability of it.
The harmonic patterns detected by the indicator include:
- 5-0 Pattern
- AB=CD Pattern
- Butterfly Pattern
- Bat Pattern
- Alternate Bat Pattern
- Crab Pattern
- Deep Crab Pattern
- Cypher Pattern
- Gartley Pattern
- Shark Pattern
- Three Drivers Pattern
Extra Information on Harmonics
- The D leg of the patterns may repaint as the pattern expands.
- You can trade harmonic patterns on breakouts (use breakout detector to confirm the breakout). You can trade channel breakouts (Keltner Channel, Donchian Channel, Turtle Channel, etc.) or Price Projections (PRZ) breakouts.
- You can also trade harmonic pattern when a candlestick pattern of the same signal direction converges with the harmonic pattern on the same bar. I call this the “Harmonic-Candlestick convergence”.
What is it and why use it?
The candlestick techniques we use today originated in the style of technical charting used by the Japanese in the 1700s before the West developed the bar and point-and-figure analysis system. Candlestick is a direct indication of supply and demand in the market. If you are trading candlesticks, you are trading the market sentiment and thus trading in the market direction.
The candlestick patterns detected by the indicator include:
- Abandoned Baby
- Engulfing Bar
- Evening Star
- Morning Star
- Belt Hold
- Inverted Hammer
- Hanging Man
- Shooting Star
- Dark Cloud
- Piercing Line
- Tasuki Gap
- Three White Soldiers
- Three Black Crows
- Bullish/Bearish Kicking
Extra Information on Candlestick
- You can trade candlestick patterns on breakouts (use Breakout detector to confirm the breakout).
- A candlestick breakout signal that is not confirmed by the breakout detector is mostly false and likely to reverse.
The breakout detector is an indicator that can be used to confirm the breakout of any breakout system. The indicator detects the breakout from a prior price range by measuring the current price move against the price move over ‘X’ number of days (‘X’ is the Breakout Detector period and can be adjusted from the input menu).
- Show Harmonic Patterns: Option to enable or disable harmonic pattern display on chart.
- Show Harmonic Labels: Option to enable or disable harmonic labels display on chart.
- Enable Price Projections (PRZ): Enable or disable harmonic potential reversal zones
- Harmonic Pattern Amplitude: The patterns are plotted with swing points. The amplitude is the minimum period between successive swing points. Increase the amplitude to see larger patterns.
- Minimum Harmonic Pattern Accuracy (%): The minimum accuracy for formed harmonic patterns
- show candlestick patterns: Enable or disable candlestick patterns
- Show candlestick Labels: Enable or disable candlestick labels
- Enable Breakout Detector: Enable or disable breakout indicator
- Breakout Detector Period: The Period ‘X’ days which the current price move is measured against.
- Alert Me on Breakout: Enable or disable notification on breakout
- Alert Me on Harmonic Pattern: Enable or disable notification on harmonic pattern.
- Alert Me on Candlestick pattern: Enable or disable notification on candlestick pattern.