-Fill your head with knowledge - Arief -
-Fill your head with knowledge - Arief -
Making Bank: The Harmonic rhythm of the market
- #4,982
- Edited 11:00am Oct 3, 2022 9:24am | Edited 11:00am
- Joined Apr 2011 | Status: survivor | 4,131 Posts
Silver H4 I missed {image}
but if the pattern continues to slide against you then what. where do you open a position.
I'm just trying to highlight the difficulties.
good luck.
Finally I'm in this UJ trade that waited for month short {image}
UJ H1 TF
UJ Monthly
- #4,990
- Oct 3, 2022 7:15pm Oct 3, 2022 7:15pm
- | Joined May 2022 | Status: Arief is my best teacher | 347 Posts
{quote} OK. but if the pattern continues to slide against you then what. where do you open a position.
-Fill your head with knowledge - Arief -
{quote} Are these any good? They are mostly blank charts as I don't have any thing identified for pound or euro vs USD. {image} {image} {image}
"a rally above would void the trade"
Agreed! these patterns do sometimes void themselves. I mostly use them to give me some idea of where price is heading once the final leg starts.
I notice you mention PRZ often. I haven't read anything about calculating the price zone after the final leg is identified.
I will re-read some of my Harmonic trading books to see what I have missed :-)
edit: unless of course you are referring to the yellow box I have drawn on the GBPJPY chart showing the c-d target area. If so I use them all the time except of course on one of the gartley x-a moves where just a single price is calculated.
- #4,995
- Oct 4, 2022 10:03am Oct 4, 2022 10:03am
- Joined Apr 2011 | Status: survivor | 4,131 Posts
Some patterns on GJ, GU, EU, are indicating sell on the H4 time frame. It could be a great opportunity since those in the UK and entire Europe are in a bit of a situation critical. With Nord stream 1 and 2 off the table. For now Europe will have gas and oil from somewhere else but it will definitely not come cheap. I think the UK PM is a bit confused right now hence her erratic economic policy. Whatever happens, I will for now only find opportunity to sell the GBP and the EUR until the situation in Europe returns to normal or something close to...
trading the gartley pattern is not about the fundamentals.
{quote} They are thank you. From your chart I think price should still be in the PRZ but a rally above would void the trade. I'm not seeing much weakness in the candles
edit: unless of course you are referring to the yellow box I have drawn on the GBPJPY chart showing the c-d target area. If so I use them all the time except of course on one of the gartley x-a moves where just a single price is calculated.[/quote]Maybe! Well I don't know how you came up with the box you drew but what I learned from CNTrader and Scott Carney about "THE POTENTIAL REVERSAL ZONE" (PRZ) is that it start with where the pattern completes and end where you're expected to exit the trade if price rally against you.
This is I how I identify MY PRZ, please refer to the Bat pattern chart below: The fib is drawn from point X-A, The pattern completes at 88.6@ fib ext. level and you can see the rejection candle at point Y that indicates weakness in price action. So, PRZ is measure from 88.6%- 100% Fib ext level.
Where should stop loss be placed? Stop should be placed a few pips slight above 100% fib ext. leve(the red horizontal line above D)l. A bullish close above means that the trade may likely fail but not always as price may reverse sometimes after breaking the previously set resistance at X and form a new resistance at point D before heading south. So, this how I draw the bat I trade.
{quote} if a pattern is formed, I do not take into account the bases or their changes. trading the gartley pattern is not about the fundamentals.
I have been in this game long enough to know that fundamental does matter. During COVID LOCK-DOWN all over the world I saw how price was just blowing through all the patterns I identified. First the news started coming in from China then Europe and later from the USA and there were several heavy price movements that was just blowing through harmonic patterns. I am not exaggerating some time movement on weekly and monthly TF where like that on M30 TF.
You can check my post around that time to confirm my claim even CNTrader was only trading higher time frame too as prices were just triggering stop losses.
Recently my trade was up by more that 1000 pips before a better than expected data (PMI) came in from the US and wipe off my gain on AUDUSD trade, this was my post about it a day before the news was out:
{quote} {quote} Tp1 was hit today. {image}
{quote} "a rally above would void the trade" Agreed! these patterns do sometimes void themselves. I mostly use them to give me some idea of where price is heading once the final leg starts. I notice you mention PRZ often. I haven't read anything about calculating the price zone after the final leg is identified. I will re-read some of my Harmonic trading books to see what I have missed :-)
Thanks for the explanation I will re check Carney's vol 1 and 2 on PRZ. It was quite some years ago when I first read them.
{quote} "a rally above would void the trade" Agreed! these patterns do sometimes void themselves. I mostly use them to give me some idea of where price is heading once the final leg starts. I notice you mention PRZ often. I haven't read anything about calculating the price zone after the final leg is identified. I will re-read some of my Harmonic trading books to see what I have missed :-)
Great explanation my friend. Well said.
