Harmonic Pattern Journal

I have decided to create a new journal to record down my trades from today onwards.

This thread will be used for pure harmonic patterns on Gold, Silver, EURUSD and USDJPY only.

My trading timeframe is 4H and above. Daily seems to work best here however although trades may take a while to hit TP.

I will reveal my trading strategy once I have made it back to break even and I will also set up a trade explorer to test myself.

I feel that it is time to change the description here.

I have proved to myself that I can do it over the past month of trading. My change in occupation has also given me slightly more flexibility and motivation to make money.
I realize what they mean by pick a time frame. Some people are comfortable with extremely long term trades, holding something for days and weeks until it hits their TP, no matter any rise or fall. I don't trade like that. I take my profit the moment I am satisfied with the amount I received regardless of any resistance or support levels. Of course it would be a lot better if I were to train my patience level, but I don't see the need to stay exposed in the market and risk losing money when you can just claim something and run. A 1 pip gain is better than a 1 pip loss.

Trading Strategy:

I only rely on these few things:
- Support and Resistance
- Harmonic Patterns (which would also mean Fibonacci levels)
- RSI (14) - which I use for checking long term overbought or oversold conditions <- Note: I said check, not rely on.

My newer posts from February 2015 onwards are all the way I currently trade which has given me a successful February. I hope that everyone can benefit from this thread as much as I did from learning from my mistakes.

I have also removed my Trade Explorer because I think people are following it because of good numbers, but do not do their due diligence and they stop following me when I'm in huge unrealized losses. I would prefer not to have people looking blindly for signals to follow, but rather people who wish to learn.

People who aim to beg for signals, please leave. Unlike the Gold thread in Interactive Trading, I am not a thread starter who begs or encourages begging for good calls or trade signals. In fact, I rather no one else posts here at all. It gives me a clear mind to trade and prevents people from posting all sorts of ideas and ruining everything. And that is what spoilt that trade in the first place.

Some people may feel, oh what's the big deal about your trade? No one is posting here anyway. Honestly, I would much prefer it that way. After all it is my personal journal for myself to read and reflect and for others to learn if they wish to.

Feel free to PM me asking for any tips or advice if you feel that I am up to the task. I will try and help the best I can. Cheers.

Also decided to begin uploading monthly performance for self-review:

2015 -
January: 19%
February: 113.72%
March: -

For today,

Gold is bouncing from 61.8 of the move up from 123x to 134x.

If it goes higher, we can look for various harmonic patterns. I just drew out 3 possible scenarios.

The fibonacci lines are all confluencing and it looks really good for a harmonic pattern set up.

I realised that a messy chart is difficult to read. So here's a clean one for Silver.

Gold must not break 1279.

I have decided to add EURUSD into the Harmonic Pattern spotting list to test out a new method of trading. Waiting for this pattern to play out. A variety of them exist because of the perfect stops at the Fib levels.

Closed a small amount of longs at 1304. Will update more tomorrow when I am home.

My update now that I am home. Silver did indeed bounce against 61.8 of the up move.

And on the Daily, there is a possible Bearish Butterfly.

Found a few patterns for Gold. On the short term, there is a Bearish Deep Crab and Bullish AB=CD.

On the longer term, there is a possible Bearish Gartley pattern.

I noticed a Bullish Shark forming on USDCHF. Targets around 0.87408, which is a long way down. Long way up for EURUSD. If it does happen, that's 300 pips.

Updated with Bullish Cypher chart.

Silver should be heading to the green box. Daily still has more up, so it could go higher than the green box.

Bullish Gartley and Crab point C reached. Any rejection here and we should head down. If we go lower than 1239, it would most likely be a Bullish Crab set up.

Looking for a EURUSD bounce here. Daily and Weekly feel exhausted. I will probably set up a Sell Limit at 61.8 and target a 1.27 extension.

Daily shows possible upside up to 1330.92.

Strong rejection off 1322. Closing in a pinbar or doji would bring us down again.

Failure to break 1322 will fulfill this set up. Buying at either 1262.33 or 1174.894 depending on indicator.

TP1 achieved. Closed all EURUSD positions for the weekend and to focus on Gold and Silver now that they are moving.

Posted a while back, this is the update for the weekend and the one to watch. Any further support breaks and we should get to 1262.

I have a similar one on Silver but it seems like Silver wants to go up while Gold wants to go down. Gold/Silver should be moving lower.

Again, a break of 18.5 would most likely be a Crab pattern instead.

Update on EURUSD for Bearish Cypher. Still looking for it to head higher. Weekly supports this with some pin bars.

I am also testing about 3-4 other pairs with Harmonics. I will not be taking the trades on those pairs but I have plotted out the Harmonics for these pairs. Will post them if they do happen and take the trade as well.

Got my first buy limit on Gold hit at 38.2.