Simple Price Action/Harmonic Pattern Trading

Simple Price Action/Harmonic Pattern Trading

To succeed as a forex trader, you need need the right combination of strategy and tool to accurately determine market direction and trade accordingly. Armed with the right trading strategy and tools, the next thing you need to develop is confidence to always take a trade when an opportunity surface. What often demoralize most budding trade is the inability to precisely know where market is heading, this is the root cause of lose of confidence. When a trader has lost confidence in his trading system, he no longer follow his trading rules and this inevitably lead to margin call on his trading account.

One of the keys to winning as a trader is to develop a trading system and remain consistent in following your trading rules day after day. Doing
this would build confidence in your ability to take the next trade knowing fully well that your action is based on experience.

Based on my years of trading the forex market, I have come to discover that PRICE is the best indicator and developing your system around PRICE ACTION would help you achieve consistent winning.
Today so many trader exploit Price to know before hand where to place their trades and also their exit. Once you join the band wagon of traders using price action to analyses the market, you would be happy expecially if done correctly.
In this thread, I would be sharing my price action trading system and the tools I use to determine market trend, retracement and turning points. One of the strategies I also use to trade the forex market is using the harmonic pattern. A combination of harmonic patterns and price action give high probaility of success. I would be demonstrating all these during the course of this thread. I will take my time to explain my trade set ups, explain where I would be placing my trades.
If you follow this thread consistently, you will learn a lot about price action and harmonic patterns. I do my trade analyses easily and accurate using a set of trading tools based around price action and harmonic pattern. These tool were developed based on pure price action and correct harmonic patterns.
With these tools, you would be able to trade the market with ease. These tools would enable you to scan more pairs and pick only pair with high probability set up.

Before I proceed to discuss more on this article, let me take my time to describe the forex trading indicator I am offering here:

Multi-Candle Stick Pattern indicator: This scans all time frame and generate alerts based on candle stick price action set up.
For exampe, if you are trading on a 1 hour chart and there is a candle stick formation on Daily time frame, you would get an instant alert on 1 hour time frame.

Multi-Support And Resistance Line: This indicator automatically draws only valid support and resistance lines across all time frames.

Multi Trendlines: This indicator draws Trendlines across all time frames just like the multi support/resistance indicator.

Forex Rescue Harmonics: This help to draw valid harmonic patterns with high win potential.

I would be offering my trade set up Free here and perhaps results as a result of the set ups posted. The purpose of doing this is to educate you on how to apply price action and harmonic patterns effectively to trade the forex market. If you desire to get our live trade set ups delivered to you by email, you may
CLICK HERE to subscribe.

For a limited time, I would be giving out a FREE 14-day license to all my powerful trading tools, after then if you are interested in the life time version as well as gaining access to my live trading forum, you may proceed to place an order. If you use them for this limited period, you will be highly convinced that this is all you need to excel as a forex trader. Trading price action and harmonic patterns would be so simple. My goal is to make it simpler so that developing confidence would lead to progress.

Please take note, ONLY SERIOUS TRADERS ARE NEEDED to contribute and take advantage of this free license.
You may download the indicator right away. After downloading, follow the installation instruction in the video. Link to the video is contained in the zipped file.

Thank you very much Ochuko, will try it .... one question: is it based on ZUP or mr pip's rule or you have your own rule ?

This is a completely different harmonic indicator based on the correct rules of harmonic trading and so it offers high potentials of winning.

Nice thread! ochuko is a good trader

Thanks friend

Thank you very much Ochuko. That looks very interesting, indeed.
I downloaded indicators and will send you my PC code by email. I am looking forward to try how they works.
Thank you.

If you have sent me your PC code, then I have activated it.

Thank you very much Ochuko. I got an email, and everything works well.
However, I am not sure about the setup I see on the pair I just attached. I am not sure where the stop loss is. Is it on place marked with number "1" or number "2" (please see attached image).
I guess, Entry point is at green dashed line - where white arrow pointing on my chart. Is that correct?

Why there is Take profit 1 if there is no Take profit 1 in fact? I mean, we have Take profit 1 on the panel at top left corner, but with no any number (level). There is just Take profit 2. I guess that means that we will have in some case two TP levels, but in this one we have just one. Is that right?

And, the last question - should we have to open all pairs and all time frames we wish to trade? I guess, yes (but also I saw there are one parameter that scans all Time frames for support line, not sure if we have something like that for other indicators). In that case there would be many charts opened. For instance, if we trade 4 pairs, and 3 TF, there will be 12 charts opened the same time. Am I right?

Thank you very much.

Kindest regards.

Hi Simbad,allthe questions you raised were addressed in the video accompanying the indicators.

Yes, at times, you will get just one take profit and some times 2, it all depends on market conditions

Bullish Ideal Cypher bouncing off from a daily trendline on H1 time frame
Also take note, the Stop Loss is also a H4 Support area.

Hello Ochuko,
Thanks a lot for feedback. I watched setup instructions videos once again, and some things are more clear now.
Although I don't have the same S/R lines on my chart, I understand the basics.
Today I will add additional charts (more pairs and TFs) and will test behavior.
Have a great day!

Hi Ochuko,

I just place indicators on some other pairs, and noticed there are pattern notification on popup window, but no patterns on charts.
One of such situation I am attaching to this post.

Not sure if I am doing something wrong, or this is normal (or there is some bug).

Thank you very much in advanced.

See this pix

Uh... I see. My fault. I appologize.
I wasn't careful about reading pattern names (I expect automatically, when there is pattern alert that I will see some chart pattern as - "bats", "butterflies" and other chart patterns. Didn't noticed there is alert also about candlestick pattern.
Thank you very much for fast response and clarification.
Kindest regards

However, I think this one has some bug. Stop loss and TP is on the "same side" of the trade.
Please, look at where the entry is, and where is stop loss and TP.

This is a rare occurrence and usually happens when there is a large momentum on a candle. However, that will be corrected in the next update.

Hi Ochuko,

Thank you for feedback.
I have opened 8 pairs on H1 TF and there were two chart pattern setups. I miss one of them (wasn't at my computer during pattern forming and when price cross entry level/point), and I trade one of them - and can say it's unusual precise (regarding entry and exit). The one I miss is still developing in positive way - it will be wining for sure, because even if price drops to entry level, it would be breakeven, because I would move stop loss to breakeven (+ 1 or 2 pips, just to take positive trade) because there is a gain of 20 pips.
Have a great day!

Nice one there Simbad. The more you keep using these tool, the easier forex trading would be

Price Action Set Up On AUDCAD 4H time frame. Notice how price bounced off from a a Weekly support turned resistance line.

Bearish Trade Set Up On EURUSD