Birth of New Trend Tipple Entry Harmonic Pattern Trading

thanks mate, looking forward to it

You are always welcome. Just familiarize your self with the pattern detection theory presented here.

http://harmonicpattern.ucoz.co.uk/index/theory/0-44

Update for Harmonic pattern PLus and Harmonic Pattern Scenario Planner is approved.
It will not show on your terminal yet. But next 2 to 3 days, you will see new update for Harmonic Pattern Plus and Harmonic Pattern Scenario Planner on your Meta Trader platform. Enjoy they are even more accurate now.


Give a quick read on this page before you starts. http://harmonicpattern.ucoz.co.uk/index/theory/0-44

Video Tutorials for Harmonic Pattern Plus and Harmonic Pattern Scenario Planner Guide
A Video Tutorial to presents new update for Harmonic Pattern Plus (version 2.8) and Harmonic Pattern Scenario Planner (version 3.2). Watch in High Definition Mode (1080p) and Full screen to see texts and charts in details.

hi,
how to use MAPE for exit timing?

Hi


There are strong belief among harmonic traders that ideal pattern have much higher success rate than non ideal patterns. I also agree with this up to certain points.

So MAPE is the natural expression on how ideal or perfect the pattern is.


If the MAPE is big, this means that the pattern is far away from ideal pattern with ideal ratio in the text book.


For such a pattern, you might decide not to trade or you might wait little bit so the pattern will form more close to ideal pattern (scenario planner can help for this.).


MAPE compariosn is quite relaive among patterns.

If you are using Scenario Planner, you can use MAPE to elinimate all the bad scenarios from your list.

Then your head will be much simpler to work with few scenarios ahead of other traders.

Hi, thanks for the explanation.

I have updated to the new version.
Now is faster when I change from one time frame to another, and from one currency to another.
When I click for "scenario" it takes longer time than previous version, if this one could be made faster would be great.

Yes, you can feel that scenario planner is faster now. However calculating scenario mode itsself is very heavy in computation.

It is because scenario planner needs to think about all the possible future price movement to be useful.

You can practice trading on M5 or M15. You will see how useful it is knowing the pattern before other traders.


Plus note that you can trade like Harmonic Pattern Plus mode which might be more suitable for beginner.

I am sure that you know we offer free technical indicators here: http://harmonicpattern.ucoz.co.uk/in...l_support/0-30
and free risk management tool here: http://harmonicpattern.ucoz.co.uk/in...ment_tool/0-25

Regards.

Scenario Planner uses Monte Carlos like Simulation and therefore, the computation can be quite heavy. A lot of professional traders and investors rely on Monte Carlos simulation nowadays. Therefore, we can't really blame this technological advancement. Here I give you quick way to deal with heavy computation issue. One way of making the simulation faster for Harmonic Pattern Scenario Planner is to reduce simulation trial. This is literally how many iterations of simulation the Scenario Planner will go through to provide you valuable information about future patterns and future trend reversal points. So try to use the setting below to reduce some computation under your scenario parameter section.

Simulation trial = 50 (Default is 100)
Forecast projects = 15 or 20 (Default is 30).

This can make your simulation twice faster than its default setting. Remember that fine simulation resolution (more simulation trials) will give you richer information about future patterns but they will be slow in computation. You can use rough simulation resolution (less trials) but make sure, it is not too rough so you don't miss some important price level which pattern might be formed.

Although the explanation looks very technical, in fact the traders do not need to know all these technical terms. Just use the Scenario Planner to identify future trend reversal points and eliminate many redundant scenarios with large MAPE and make your scenario simpler. Once this is done, apply this information in your trading.

I know this is good pattern. But it seems that price gone too far.

Price Action candle detector will be updated soon in next couple of days.
Small but very accurate trading signal based on price action only.

https://www.mql5.com/en/market/product/5728
https://www.mql5.com/en/market/product/5721

Wait for another update (version 1.3) of Price Action Candle Detector.

When you download version 1.3, Just Set FontSize = 0 to hide pattern label for your Price Action Candle Detector. To show pattern label, just set FontSize = 8 or 10 (anything you want but not zero).

Stay tuned. We are updating candle stick pattern inside our Harmonic Pattern Plus and Price Breakout Pattern Scanner.
You will get more accurate candle stick pattern detector with your Harmonic Pattern Plus and Price Breakout Pattern Scanner.

Very good news, traders !!! As I have mentioned in my previous post, we have made a huge improvement in our candle stick pattern detector inside Price Breakout Pattern Scanner and Harmonic Pattern Plus. We don't use any sort of technical indicators to detect or filter out candlestick patterns. We rather use our unique statistical pattern matching algorithm to improve the success rate of each candle stick patterns. You can only get this advanced candle stick pattern detector from us only. Please don't forget to update to newer version of Price Breakout Pattern Scanner and Harmonic Pattern Plus. The new update will be available in next couple of days.

Harmonic Pattern Plus and Price Breakout Patttern Scanner is updated with improved Candlestick pattern detector. Please check it out.

Then Good luck with pip hunting.

https://www.mql5.com/en/market/product/4488
https://www.mql5.com/en/market/product/4859
https://www.mql5.com/en/market/product/4475
https://www.mql5.com/en/market/product/4858

We are working on to add new functionality on our Harmonic Pattern Scenario Planner.
Once again we will bring our Harmonic Pattern Scenario Planner to new level for much more sophisticated trading decision.
Please stay tuned for the update for Harmonic Pattern Scenario Planner. Won't be long.
Kind regards.

https://www.mql5.com/en/market/product/6240
https://www.mql5.com/en/market/product/6101

In version 3.5 of Harmonic Pattern Scenario Planner, you can choose to filter out bad scenarios and you can see only best senario (the pattern closest to ideal pattern) of its Pattern type. (Set Use Best Scenario Only = true). You can still choose to see all the scenario patterns found by Scenario Planner too (Use Best Scenario Only = false).

So this way you don't get to see a lot of confusing future patterns but few patterns with high accuracy. This future pattern detecion techniques of harmonic Pattern Scenario planner is the same things as the experience traders drawing future patterns before the pattern is completed. Literarly, you can anticipate future and you can take fast and more accurate entry than other traders.

Please check it out with your own eyes. It is fully automatic and the advanced tool for sophisticated trading decision.

Best luck with your trading in March.

Regards.

There was some interesting question asked from one customer about Harmonic Pattern Scenario Planner. Here is the answer to his questions.


===================================================================================================================================================================
Hi.

just let you know that Harmonic Pattern Plus and Harmonic Pattern Scenario Planner is really working tools. Many of our customers are staying in the winning side. This is the results when you created automated trading system based on our Harmonic Pattern plus.

http://www.myfxbook.com/members/Finn...gineer/1057374


"Overcome repainting issue with an already formed harmonic pattern"... could you elaborate any further how the indicator shall help traders overcome repainting issues normally found on harmonic patterns? An example or two would be just great.

In regards to repainting, say for example, you have a bullish butterfly pattern formed at your latest bar. Now you want to know if further price down movement (like 10 or 20 pips down move) can provide you another bullish butterfly patterns or any other bullish patterns. (This is commonly known as repainting.)
Here what you need is to run scenario planner and ask what possible other patterns out there if price move down further (or even further up). Scenario Planner will collect all the possible future patterns adjacent to your current bullish butterfly patterns for your decision making.
This means that even if current price move down 10 or 20 pips forming another bullish butterfly pattern (or other pattern.), this will not give you hard time any more for your trading decision because scenario planner already told you that future price can be formed with 10 or 20 pips price down.

Note that Repainting is only issue because the general harmonic pattern indicators does not have ability to detect future patterns. Harmonic Pattern Scenario Planner overcome such a issue by anticipating possible future pattern in the potential price movement range.
The quality of pattern is measured by MAPE metrics in our Harmonic Pattern Plus and Scenario Planner. So by watching out this MAPE metrics you can decide your entry with the latest pattern or wait little bit more.



Let's look at live example, butterfly pattern formed now. (With this pattern, trader could take profit up to 38.2% retracement with this bullish butterfly pattern. But let's ignore this fact for now.). Trader can decide to take entry with this current butterfly pattern or not. However, trader want to check if further price move down, another pattern can be formed and if he should wait until then.


https://c.mql5.com/31/53/EURGBPM5_beofre__1.png



Running simulation with Scenario Planner to check up if it is possible to form another bullish butterfly pattern at different price. The answer is yes. In picture below, the future butterfly pattern is shown with light green colour (Aqua). You can see that another pattern could possibly form if the current price go down further. Knowing that further price move down can form another butterfly patterns, your trading decision will be have less hard time to enter immature patterns or less accurate patterns. In this case, you know that there are quite large gaps between two patterns, so you might split your trades into two trades.



https://c.mql5.com/31/53/EURGBPM5_after__1.png




"Worst case scenario before entering a trade"... will this be affected if we set "Filter Bad Scenarios" to "True"?
The difference between Filter Bad Scenarios = true and Filter Bad Scenarios = false is you will get to see all the future pattern in the potential price range with Filter Bad Scenarios = false.
Whereas, you will see less ideal pattern of the same pattern kind removed with Filter Bad Scenarios = true.
Worst case scenario is indeed your worst loss from trading at that pattern. To know worst case scenario from one pattern kind in details, it is better to set Filter Bad Scenarios = false.
To know worst case scenario from all the possible pattern kind (butterfly, Gartly, etc), it is still ok to set Filter Bad Scenarios = true. Also note that Filter Bad Scenarios = true, you will get to see the pattern closest to ideal pattern (Lowest MAPE).
Therefore up to some extent, these patterns (lower MAPE) can be labelled as more accurate pattern than the other patterns with less ideal patterns (higher MAPE).



"More accurate prediction of entry and exit timing"... does this refer to current entry for present harmonic pattern or for future ones?
It is talking about your overall trading decision. In trading community, high probability strategy is considered what most traders should follow.
With scenario planner, you could get advantage over the advanced information. For example, 1.3000 you got bullish butterfly patterns formed, but scenario planner tell you that bearish Gartly pattern can be formed if price goes up to 1.3009. Then you will take this information to change your buy order to sell or at least you will wait to do so or you will be prepared, right? But what about other traders? They won't know until this pattern is actually formed on their charts. They may not in presence of their computer when this happens. This is why a lot of experienced (senior) harmonic pattern trader anticipate future patterns and draw the patterns even well before they are formed on their charts. Harmonic Pattern Scenario Planner is the tool automatically does it for you. No more painful manual drawing. Aren't you excited to know future information one step ahead of other traders? Indeed, this is advantage of Harmonic pattern Scenario Planner.



Note that in general , to learn Harmonic Pattern Scenario Planner, you will need sometime to practice. So the general recommendation is to use Harmonic Pattern Scenario Planner in Harmonic Pattern Plus mode until you get comfortable with Harmonic Pattern Trading and then move on to Scenario Planner mode in the future and make much more sophisticated trading decision.


Kind regards.

F.E.

A lot of customers don't realize that Harmonic Pattern Plus has the powerful candle stick pattern built inside to assist your harmonic pattern trading because it is switched off when it is shipped to you.
The built in candlestick is as good or even better than any other stand alone candlestick pattern detector in the market. It can detect 52 candle stick patterns purely using price action. We don't use any moving average filters in our candle stick pattern detector.
So please don't forget to set on UseCandleStick pattern = true on the bottom of your indicator settings to use your candle stick pattern scanner in your Harmonic Pattern Plus.
Kind regards.
https://www.mql5.com/en/market/product/4488
https://www.mql5.com/en/market/product/4475

Harmonic Pattern Plus is ranked in 34th among 3000 products in the popular Meta Trader 4 software league (https://www.mql5.com/en/market/mt4).
We are proud and thankful to receive such a high interest and supports from our customers.
We will have many surprise news in next 2 month in terms of our products and in terms of our growing business. So please stay with us tuned.

Also our Harmonic Pattern Plus, Price Breakout Pattern Scanner, Sideways market analyser will have some update news soon.
Best luck with your pip hunting.

If you have made a good progress with our software in your trading, please contact us. We have several ways of promoting your business to help your trading and investment business on [email protected]

Kind regards.