Harmonic Price patterns and the fibonacci

[elephant]

Great question. Perhaps I'm not the best to answer this because I suck at trading and I have never seen a harmonic pattern in real life. For me, it seems too complicated and time consuming. However maybe a tentative target could be the same distance as the first wave, and trail your stop a bit once price starts going your way.

I kind of played it safe with harmonics because it seems so unpredictable. Expecting profit to hit a certain level is psychological warfare. I ended up playing it safe with all my harmonies by taking profit levels at the 38.25 retrace REGARDLESS of whether it might be higher. I hate losing and I am going to pick pocket this market as much as I can now. However, trend lines and MACD seems to cover my losses or even more. Thanks for the reply and good luck trading RainMan!

[serioustrader52]

if you hate losing i wouldn't be trading. having a stop at breakeven would not be a losing trade since that money which you gained before it hit the target was never actually your's. the approach is critical mentally as you can't just depend on a strategy but also the money management

[elephant]

if you hate losing i wouldn't be trading. having a stop at breakeven would not be a losing trade since that money which you gained before it hit the target was never actually your's. the approach is critical mentally as you can't just depend on a strategy but also the money management

Some traders will have a losing day, week, month, and etc. Just because I said, "I hate losing," does not mean I will give up on trading. I trade SOLELY on whether the pattern completes. I am in my demo stages and collect vast amounts of knowledge that will help reassure my predictions. Im pretty sure that at the breakeven you still would be losing.