Elephant, have you got any recommendations for learning more about harmonic price patterns? Books etc
Hey Bitterseatrader,
I have a list of books to read but…
The books I would NOT advise to buy/read is Scott Carney’s harmonic pattern trading book. The low down on the book is that he provides many, many, many pairs of different types of patterns that supposedly respect fib levels. This, however, works to some extent. Harmonic trading is tricky. Many of examples can be found online. You are basically buying a book that details many pages of chart patterns that obey certain levels. It is best if you read about price action (any book because price action has the same concept), Pretcher’s book on Elliot wave, any fundamental analysis book, and so many more. Many technical analysis books cover most of the material listed above. Maybe take a look at one (for example: John Murphy’s Technical Analysis book). His book is very simple and easy to go through.
If you have anymore questions just ask!
Be persistent and and record your failures so you can learn from them.
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Haven’t Slept. DID NOT REGRET IT :))))))))))))))))
EUR/USD: CORRECTION
Price Projection: Bullish OVERALL
I have set projections for it to reach. Wave C NOT COMPLETE. If Wave C were to complete fully (with possible extension), we can see strong up side objectives. I am going longs as opposed to those who are shorting.
Thanks mate, I’ve been watching your trading for a while now and have found it quite interesting.
I got stopped out by the EUR/USD today. I had a stop loss of 30 pips. However, my intention was for a long term trade. I was risking at a $1/pip. I realized, for long term trades like this (possible 300 pips), I should be going in at $.25 or $.1/per pip.
I will long the AUD/USD later tonight as the rate comes out.
So… [I][B]Slippage [/B][/I]happened to me. And it was on a drastic trade. I never thought this would happen. Place a trade at 153.70 and somehow the trade was placed at 154.170 which price never reached. However, the broker gave an explanation as to why that happened. I had a hard time keeping composure. This is tough right now because I am sitting here in a hulking loss. They will reimburse me for the high of the difference which is only a percentage to what I am currently losing. I want to test my kahunas. Let it ride, or let my account die.
Sorry to hear this happen to a fellow trader. Sometimes it just hurt.
Lemme say… 153.70… are you working on gbp/jpy?
If it is so, I see an ab=cd on 4h start at (a) 152.700 with d somewhere between 154.600 and 154.990. After price should short in your direction.
I wish you good luck
Hey Cowboypip,
I didn’t consider the Ab=CD triangle because there was no clear fractal bottom signal I can justify it from. However, we are still on the upside. We will be reaching over 500+ pips within this and next week~possibly.
Thank for for the comment. I was in a moment of "riding till I die."
Through my analysis, I was so sure that price would go up regarding the release of the news. Everything flowed and the puzzles fit. However, I held onto this morning. I had class before 10 (pacific central time) and closed just 2 pips below my long. Afterwards, it shot up. I am not sad, I am glad because my approach is more than its weight in gold.
EDIT: I kept thinking, If i held onto my trade, I would have made over 30% of my balance.
Happy that everything went for the best. Look forward to learn more.
Take care
GBP/JPY is has been consolidating. This presents great opportunity for you scalpers. I have successfully scalped this pair and I think it is a great opportunity for other traders to learn price action and candlestick formation on this pair. Next week, it is going hectic. I have posted a picture of my scalping method for GBP/JPY. It agreed on every aspect of candle stick and price action. Please be careful when trading in the range.
As for now, USD/CAD will be coming out soon.
Price Projection: Bearish
What makes me believe it is bearish is because the pair has not reached price objectives. IF counting is correct, as the rate is released, it will help complete the 5th wave of wave 4 of the corrective wave. Although, it can be contradicting because it will be approaching Wave 1 which does affect one of the cardinal rules. I will not be trading a heavy lot on this pair. I will go the general route of risking 2% of what I have. Please learn to read from the economic release calendars to avoid slippage when trading event news.
EDIT: Confusion on the fourth wave. Unclear about pattern due to vagueness of bars displayed.
So, it turns out it was the end of Wave 5 of Wave 4.
Price Correction: Bullish
Reason Wave 5
EUR/USD
Price Projection:Bearish
I went short after price action states price movement down. Price pair had broken through support and we will be looking for the next level of support. I have several lines of minor resistant that will serve as a take profit and re-entry. When I stated that price will be bullish as I posted below, I never knew how clear the price predicted. IT hit the first level of price (yellow circle) and retraced sharply (hence, the statement about EUR/USD being relatively weak).
GBP/USD
Price Projection: Unclear
Unclear because it is testing support at the moment. However, my projection of it being bullish was correct. But I have to mention about the head and shoulders problem. This is a unique problem I have believe i have finally solved. (NtS refer to notes)
Price pair did not respect the half price projection and reacted strongly! Continue to watch pair on daily to see confirmation.
EUR/USD
Price projection: Down to support level. Up to wave 4 afterwards
I have anticipated price of 1.2978 which will be the completion of wave 4. Of course, this would only happen if on the daily chart, a bad pin bar would be conveyed. I have a range of 1.281-1.276 as areas of retracement levels for the current downside which would be a completion of subwave 5.
GBP/USD
Price projection: Bullish (wave 4), Bearish afterwards (wave 5)
So here is my daily.
My weekly shows nothing more than a break of a strong support level. MY perspective is that the corrective move will want to test the resistance level before heading south. That level would be 1.53960. There are many ways to count this pair, and i found that from wave 5 down, I counted the terminal end of wave 3 and now wave 4 is in motion.
I think its movement to the upside (weak) will remain until early June. Afterwards, testing the resistance level, it will fall precipitously (Next Level Wave count would be B). I have targets of 1.40967 ~1.36XX on a longer time frame (only if a daily candle will close below the beginning of wave 5).
USD/JPY- This pair is my focus for this week.
Market gap order: Long at support. Keep an eye on price volatility.
Ikkie crash closed several thousand points at closing. So, I read that traders are now moving their stocks to safe haven bonds sending the Yen higher. This enables many traders to take profit or close lower at a better price. Could it mean that by the opening of the NYSE that price would correct upon the news crash of japan? We will see when market opens.
I have lost more than my fair share in this pair. I will be cautious.
USD/JPY
Look at this picture. This is literally a textbook trade. It is amazing how much I see it these days. Trade with caution.
looks like poor structure to me