Butterfly is very good choice, especially if you just starting. Of course it requires some patience and time, but it gives to you up to 70%-80% probability to predict future movements. You may try also other methods as this is not the magic pill, but just a matter of your personal preferences.
Personally I’ve never tried this, but I’ve heard that this can be a really good method due it’s accuracy. The good thing that this is a combination of a few patterns and you can measure the real potential based on Harmonic pattern. So also wanted to hear the feedback of those who really tried this.
I noticed you are a harmonic trader, can I bother you with some questions:
1. How do you choose a valid 'X' point on your chart for the harmonic patterns?
2. When there are many patterns on the same chart, what is your thought process of choosing which one to trade, and how do you take a trade in the PRZ?
3. In post 335 above, is that Wolfe wave? If you trade Wolfe wave as well, can we talk about Wolfe wave trading, too?
thank you for your time!
Hi,Amir_Forex: I noticed you are a harmonic trader, can I bother you with some questions: 1. How do you choose a valid 'X' point on your chart for the harmonic patterns? 2. When there are many patterns on the same chart, what is your thought process of choosing which one to trade, and how do you take a trade in the PRZ? 3. In post 335 above, is that Wolfe wave? If you trade Wolfe wave as well, can we talk about Wolfe wave trading, too? thank you for your time!
Ignored
Even if not asked me, I will give you a few insights.
Hi, in my experience, I choose a swing to trade its harmonics. Price oscillates in thousands of frequencies and wavelengths; I just choose one higher high and one lower low of my choice. Any is good.
It will have a related retracement or extension within the same frequency.
Therefore think in terms of price ranges, channels, swings and fractal price action. At every timeframe the same patterns are generated; what you see as a bar on a specific timeframe, you will see as 100 bars at another timeframe and vice-versa.
You should choose your trading pattern according to the current trend, price position (is it cheap now? is it expensive now?), the probability of winning, the expected profit and risk sizes, and a bunch of other issues you will face.
I hope this gives to you a few tips to conduct your research.
Harmonic trading-harmonic patterns
