thanks
I want to say that the 4h timeframe works better than other smaller timeframes with harmonic patterns. You have more time to analyze, to prepare the trade and also have larger potential profit.
Ive got a noob’s question guys :
Very frequent. On 4 hours i found 2 patterns daily. On 15 minutes there are a lot more. This is almost everyday and on every pair.
medisoft:
I found a site that shows statistics about the BCD levels touched by almost every combination of retracement of XAB and ABC.
I added to the Harmonic Charter that information. I found that the information is very useful to decide the entry point of a trade.
Lets see this chart. This is a Bat that I have not traded because I was sleeping. The light blue dash-dotted line is the “Best Match Line”, calculated from the stats I said before. The level of 88.6XAD is the theorical PRZ for a Bat. At that point is also a weekly pivot resistance, daily support, 127AB=CD(price) 138.2AB=CD(time) confluent with fibonacci time series and also an 161.8ABC extension.
Look and see what happened
And a bigger picture of the scene
You can see that the X point was a not-to-extreme point, but the pattern was valid. The best match line was touched, but the price didn’t close below it, only touching the 88.6XAD.
Hi medisoft. Do you mind sharing the website where you found the stats on? I am very interested in finding out more about that. Thanks in advance.
medisoft:
No problem, it is Harmonic Patterns | Gartley, Bat, Crab & more Patterns + Fibonacci Ratios for Forex Traders
Ah cool. Thank you so much.
