Harmonic Trading - page 416
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Hi RyuShin, How many pairs are you following? How do you do Backtest? Automathic? Manual? How?... Sorry for my poor english and thanks in advance
Hello, I follow 10 pairs. EURUSD, GBPJPY, USDJPY, USDCAD, USDCHF, AUDUSD, NZDUSD, GBPJPY, EURJPY and EURGBP. I backtest manually. Just put them on a different chart and see how they work differently. Don't be sorry for your English cuz nobody cares
@ irad. Damn I wrote a lot but it disappeared! Ill write again sorry.
@ irad. I mostly trade on M5, M15, M30 and H1 (sometimes H4). I don't trade on larger time frames because it takes time. Of course it might bring more pips but I don't like keeping positions for days or weeks cuz it makes me nervous and I'm not patient lol.. I've proved myself that I can get pips on smaller time frames. I like to end my trading in a day. A.1. I don't change any zigzag setting. To be honest, I don't pay a lot of attention to zigzag. My focus is mostly on patterns and fibonacci levels. If you'd like to know about zigzag settings, ask grandaevus or porchik. They are the bests. A.2. That's a candle time indicator. It just shows how long left for next candle. A.3. When a pattern is formed, I check different time frames on the same pair to see if there's the same pattern and check RSI. And then I draw fibonacci. I don't say I trade every pattern whenever they are formed. I trade when they make sense to me. A.4. There was a pattern on GBPUSD M30 day before yesterday. It penetrated 161.8 fibo so I thought it would go higher and higher but the pattern was still there and the price reversed. So I wanted to find a new key fibonacci level and I just discovered 192.9 (between 161.8 and 224). I don't know if it works very well but I'm testing it. As of 138.8, I don't use but 138.2. If I said 138.8 before, that must be a typo.
Hi Ryu Shin, If we trade multi-time frame for a market, for example, EUR, the lower time frame (5 min) may have a conflict with higher time frame (60 min), how do you make a decision to trade ?!
Hmm maybe. I haven't had fatal conflict yet. If I see a bullish pattern on M5 but a bearish pattern on H1 at the same time, I might not trade. Take a look at the pics. EURUSD M5 and H1. There are two bearish patterns. I would think this is a great opportunity to go short.
@irad. I'm sorry if it's hard to read. I wanted to put some spaces but it didn't work
Hmm maybe. I haven't had fatal conflict yet. If I see a bullish pattern on M5 but a bearish pattern on H1 at the same time, I might not trade. Take a look at the pics. EURUSD M5 and H1. There are two bearish patterns. I would think this is a great opportunity to go short.
Hi RyuShin,
That means you would focus on 5 mins chart for the patterns first, then go for higher time frame to confirm the signal ?!
allright, that thread and particularly you made me realize the timeframes i am really comfortable with,
i have no issue trading any timeframe except the daily and higher.., just on the larger time frames i feel like i check too much and once discover counter pattern on a shorter timeframe(bullish against bearish) making me liquidate the position too early
i am sure if i'll google the candle close indicator i'll find tons of that, but will you post that indicator here?
one more question,
hows your trading day look like? do you limit your trading day with the harmonic pattern or you have some kind of alert once you have a pattern appear you come to the charts, and do your analysis?
P.S just took a nice Bearish Cypher winner on the AUDJPY 5m nice 28 pips winner,
now GBPUSD Bullish crab pattern on the 15m chart, let's see how that one played
Hi RyuShin, That means you would focus on 5 mins chart for the patterns first, then go for higher time frame to confirm the signal ?!
It's not necessarily M5. I check M5, M15, M30 and H1 mostly. If I see a pattern on H1 at first, I go check different time frames. It doesn't matter what time frame to check first. I have to be careful on smaller time frames especially when the market it choppy. Patterns my be formed wrongly. AB=CD patterns on a choppy market may work good. I gotta keep practicing
EURGBP H4. Fibo 161.8 and 138.2 meet the previous resistance. The price may get close to the levels and reverse but who knows.
EURUSD H1 bearish AB=CD.