Favorite Timeframe for Harmonic Patterns'

Johnkay96 · January 20, 2016, 10:56am

Hi Traders,

First of, I am practising and demoing Harmonic Patterns. But my question is that
do You have any favorite timeframe for recognizing these patterns? I understand that this can be
very individual but, anyway it could be interesting to know.

Happy trading!

Hogarste · January 20, 2016, 3:16pm

I tested eight pairs over a two year period on 1H charts and found they were basically profitable. I am not a Harmonic trader, and think they miss the point of why price moves, but they are good to know. I tested bats gartleys and cyphers.

rosolite · January 21, 2016, 6:39am

One general rule in forex market is that higher time frames are more reliable than lower ones. A setup on H1 can fail if its not supported on H4. So trade the higher time frames for better results.

Johnkay96 · January 21, 2016, 10:59am

Hey Hogarste!
thanks for sharing As you understand I’m pretty knew to this. Do you want to define what basically profitable means? ( To few pips, but still profit? )

But what are you for kind of trader?

Johnkay96 · January 21, 2016, 10:59am

Thanks Rosolite

Hogarste · January 21, 2016, 12:09pm

I set up rules for what an X leg should be, TP, SL, etc, and tested an 8 pair portfolio on 1 hour charts. I found that over the course of a calendar year, one could expect to make 3500+ pips with slower months in the summer, as one would expect.

I like harmonics, because when markets consolidate, one sees a lot of patterns occur, and I do believe that Fibs are used by the market makers. The problem is that it becomes tempting to turn ones mind off to what is really happening with price, and start thinking that its all about the triangles. My trading is based off of my perception of Institutional Order Flow. I won’t mention mentors because it always starts an argument, and I like this thread. But even harmonic traders try to understand supply and demand, which is similar to how I trade.

Johnkay96 · January 21, 2016, 12:20pm

Hogarste:

I set up rules for what an X leg should be, TP, SL, etc, and tested an 8 pair portfolio on 1 hour charts. I found that over the course of a calendar year, one could expect to make 3500+ pips with slower months in the summer, as one would expect.

I like harmonics, because when markets consolidate, one sees a lot of patterns occur, and I do believe that Fibs are used by the market makers. The problem is that it becomes tempting to turn ones mind off to what is really happening with price, and start thinking that its all about the triangles. My trading is based off of my perception of Institutional Order Flow. I won’t mention mentors because it always starts an argument, and I like this thread. But even harmonic traders try to understand supply and demand, which is similar to how I trade.

I understand, thanks!

hmm, interesting! I understand your point, as you may not allways count on the patterns? I like your way of seeing the price in another way than just patterns (If i understood you right). Well you dont have to mention a mentor, but would you please give me an advice for Institutional Order Flow? Or maybe it can be found in the BPschool

May I ask if you do this for living or hobby?

Huge thanks btw! extremely appreciated

( Sorry for bad grammar sometimes, im swedish… hehe )