Pls I want to know if Harmonic scanner or patterns are always accurate in price prediction and how accurate can it be
Harmonic Scanner is a powerful and affordable technical analysis pattern recognition software for retail traders. Harmonic Scanner is The most powerful pattern scanner on the market its system scans through thousands of securities every second to find the best trading opportunities for you. its algorithm is able to detect chart patterns, harmonic patterns, candlestick patterns and support/resistance for price action trading.
Harmonic price patterns are those that take geometric price patterns to the next level by utilizing Fibonacci numbers to define precise turning points. Unlike other more common trading methods, harmonic trading attempts to predict future movements.
I have never met nor heard of a consistently profitable harmonic pattern trader. So be careful before you spend real money on harmonic patterns.
They work better when you draw pitchforks on them but you have to know when the pattern has finished drawing
I bought a harmonic scanner and these are my thoughts.
The one I bought was based on ZigZag I think, and so are repainting indicators. This means that any previous historical signals will ALWAYS show success. But new signals - in real time - may or may not be false signals. Put a zigzag indicator on a M1 chart and watch it for a few minutes and you’ll see what I mean.
I guess you could say a Harmonic might be a confirming indication of a pattern…so thats the key, managing the sl and tp…