- Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,486 Posts | Online Now
MT4/MT5 EAs/Indicators/Alerts coder
- Joined Jan 2011 | Status: Senior Trader | 1,475 Posts
Bulls are stupid Animals!especially when Im short!
Why didn't my broker close my take profit order? 26 replies
Why didn't my TP trigger? 7 replies
why didn't the Loonie strengthen? 3 replies
Why didn't Mouteki Ea Work? 13 replies
why didn't my TP get executed? 7 replies
While i agree that harmonic pattern are fine to trade with, you have to use extreme caution when dealing with PRZ as without a correct use of them, harmonic trading will burn your account.
And i might also add that given the values shown on your stoch indic, i wouldn't be looking at a short on this pair. The kind of value displayed right now are quite similar to the values exhibited during the long move prior to your X point.
DislikedI have a bearish butterfly on the daily of this pair and also the stoch that shows overbought. It is now monday and it didn't gap down during the week end in fact it's still going up now? Does this mean the butterfly pattern and the stoch doesn't work? {image}Ignored
DislikedDoes this mean the butterfly pattern and the stoch doesn't work? {image}Ignored
Disliked{quote} No - it means only that they didn't work on that occasion. What matters, when making trading decisions on the basis of indicators, is the overall proportion of the time that they're indicative of something useful to you. That's never going to be close to 100%. But their proponents argue that if it's more than 50% of the time, then they're worthwhile. Bear in mind that most of the examples of charts you'll ever see, in books, on videos, in courses and in forums, "demonstrating" how indicators have any predictive value, have been hand-picked...Ignored
Disliked{quote}They write it as if you're guaranteed for price to move like that if you see that pattern. They cover their ass but putting in some disclaimer like FX is high risk etc etc so you cannot blame them.Ignored
DislikedForex_fairy, 1. Why should a butterfly drawn over price data be indicative of future price direction? 2. If some traders profit off such drawings while other traders fail, don't you think there is an underlying reason that goes beyond the drawing itself?Ignored
Disliked{quote} yeah i guess so but the question is what would that be?Ignored
Another thing is : The % of respected pattern is greater when the pattern happened on a previous resistance/support. So avoid trading patterns that happen "in the blue"
These are just ideas for harmonic trading
Have fun with harmonic patterns. There are lots of them, and even though i find some better than others, choice is yours to make