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(binned per thread starter’s request) Combining the Power of Harm

  • #1
  • First Post: Edited 3:20am Jan 15, 2020 1:31am | Edited 3:20am
I have opened this thread to reveal my trading "strategy" in the hope that it will be of use to some people on this platform.

Harmonic patterns are reversal patterns, but as most people say they "repaint" and that makes them difficult to trade.

The way I trade them is to look for patterns at clear supply and demand levels where price has already shown its desire to reverse. I look for QM, Diamond, Engulfs, Compression and FTR.

I like how advanced supply and demand complements Harmonics and vice versa. I will be sharing some pictures to illustrate this.
  • #2
  • Jan 15, 2020 1:52am Jan 15, 2020 1:52am
This is a trade I took early this morning (based on my time zone of course). It's a beautiful harmonic pattern below clear supply level. There is a QM level within the supply and the source of the up-move was already engulfed meaning that price wanted to go south.

Let's see if it will reach the target. Already took some profits and SL is set at BE.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd15min.jpg Size: 121 KB
  • #3
  • Jan 15, 2020 2:04am Jan 15, 2020 2:04am
This is another trade I took. Source of upmove already engulfed south. Price at FTR Supply, Beatutiful Harmonic Pattern. Let's see how it works.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpaud.jpg Size: 106 KB
  • #4
  • Jan 15, 2020 2:23am Jan 15, 2020 2:23am
Quoting Olwatosin1
This is a trade I took early this morning (based on my time zone of course). It's a beautiful harmonic pattern below clear supply level. There is a QM level within the supply and the source of the up-move was already engulfed meaning that price wanted to go south. Let's see if it will reach the target. Already took some profits and SL is set at BE. {image}
Target Hit.
  • #5
  • Jan 15, 2020 5:04am Jan 15, 2020 5:04am
Olwatosin1, please state where to get the Harmonic Indicator and information and/or your Indicator, Cliff
  • #6
  • Jan 15, 2020 11:22am Jan 15, 2020 11:22am
Quoting Olwatosin1
This is another trade I took. Source of upmove already engulfed south. Price at FTR Supply, Beatutiful Harmonic Pattern. Let's see how it works. {image}
your stop loss looks like it’s about the same amount as your profit target so your on a risk reward of 1 to 1. You are also selling eurusd in an upwards trend. I guarantee that your method will make you broke very soon .
  • #7
  • Jan 15, 2020 11:51am Jan 15, 2020 11:51am
Quoting Olwatosin1
{quote} Target Hit.
Explain how your target was hit when it was around 1.1200. according to your chart and plan, you were stopped out with a loss.
  • #8
  • Jan 16, 2020 1:43am Jan 16, 2020 1:43am
Quoting dn1977
{quote} Explain how your target was hit when it was around 1.1200. according to your chart and plan, you were stopped out with a loss.
Target was hit. Price dropped as low as 1.11185. Target was set at 1.11200.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd15min.png Size: 50 KB
  • #9
  • Jan 16, 2020 1:50am Jan 16, 2020 1:50am
Quoting dn1977
{quote} your stop loss looks like it’s about the same amount as your profit target so your on a risk reward of 1 to 1. You are also selling eurusd in an upwards trend. I guarantee that your method will make you broke very soon .
You are right that the risk:reward for this trade was not great. In my chart, I drew a QM level which would have given a better risk:reward but I saw a good reaction at the lower supply level which confirmed to me that price may not reach the QM level before dropping.
Hopefully, I get to share more trades with better risk: reward. Also note that win rate is also a factor. If your win rate is high enough you'll make money with a risk:reward of 1;1.
  • #10
  • Jan 16, 2020 1:56am Jan 16, 2020 1:56am
Quoting gringo2019
Olwatosin1, please state where to get the Harmonic Indicator and information and/or your Indicator, Cliff
Any harmonic pattern indicator would do. There are lots of free good ones around.
  • #11
  • Last Post: Jan 16, 2020 2:06am Jan 16, 2020 2:06am
[quote=Olwatosin1;12705499]{quote} You are right that the risk:reward for this trade was not great. In my chart, I drew a QM level which would have given a better risk:reward but I saw a good reaction at the lower supply level which confirmed to me that price may not reach the QM level before dropping. Hopefully, I get to share more trades with better risk: reward. Also note that win rate is also a factor. If your win rate is high enough you'll make money with a risk:reward of 1;1.[/

I guarantee you that your method is not getting you a profit and you will be broke if you carry on.
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