I’m long on this pair also my NZD JPY CD leg buy was a hit! 116 pips now I’m short on that pattern.
Hi Guys,
Don’t you use any kind of indicator to get an alert when a pattern is about to form?
Like Kohr or ZUP, they can be configured to show just some patterns and even if they give fake signals, most of them are ok.
I’m following the thread, and I use Scott Carney’s parameters, but I’d like a little help in where to put my SL or TP in differents patterns.
Thanks in advance
This is slightly irritating, I can`t seem to find any patterns on the pairs that I watch, which are: EUR/USD, EUR/JPY, GBP/JPY, USD/JPY, GBP/USD, NZD/USD, CAD/USD, AUD/USD.
Also, Wookie1985, could you please send to me too, those reading materials you were talking about in a previous post?
Psyren, check out my earlier post, 2 excellent pattern completions on EURUSD and USDCHF earlier this week! I watch only the majors and have executed on some really nice patterns so far in 2014. I will try to post as they form. Just practice watching the swings and contractions/expansions after that. I originally spent 3 months physically printing out charts and drawing in the swings. Then I spent time everyday to simply identify patterns across many forex pairs and commodity futures markets. It takes time, but now I can see the patterns I look for within seconds of looking at a chart. A gartley even formed in Bitcoin on the daily after the China exchange wouldn’t accept bitcoin late last year!
It seems everyone is pretty in to Carney on this forum, but take a look at this youtube video series. It is presented by the person that originally took H.M. Gartley’s pattern and put fibonacci ratios to it.
Oh, thank you very much for the youtube video series, I will watch it right away. Also, hearing about how much effort you have to put in to develop the skill to see the patterns just makes it more enticing.
Hey man, you were headlined on Facebook for the best new trading system. Grats bro, you earned it!
Good Job Wookie! and more power to this thread.
Just spotted this USDCHF Gartley pattern. Not only the .786 retracement of X-C almost the 1.13 projection of B-C leg, but it also followed the RSI BBAM setup confirmation of reversal (also by Carney). I think it’s a high probability trade and already posted my bid at the aforementioned level. We’ll see how price action will play out if ever it reaches this area.
Hi,
I want to suggest 3 patterns which complete in coming week. Here they are:
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AUDUSD 4H: bearish BAT which is about to retest its D point:
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AUDJPY 1H: bearish Gartley that is complete in top of 4H down-trend:
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NZDUSD 1H: bearish Crab in rising channel, also it might be complete sooner in Butterfly D point right on the upper line of the channel:
I am eager to hear about your ideas?
Best wishes,
SRHN
Hi guys im really sorry ive been so slack at posting new material the last couple of weeks. My internet was down for 5 days and what with the lovely british weather being its usual wonderful self its been a bit of a struggle all round. I promise next week I will be back to normal and driving the thread on. Hope everyone is well
Sam
Hello Sam
I am really interested in your thread. I hope you don’t mind me posting a chart which I believe I have identified as a bearish cypher pattern. I would appreciate your or anybody eles feedback. It is GBP/JPY on the 4hour chart. Cheers
Deer Snoopip
It is a wrong pattern, because in all harmonic patterns C point couldn’t pass A point. If you label X as A point of the AB=CD pattern then it is a complete pattern which price nicely reversed from its D point (C point in your picture).
SRHN
Hello everyone! First I’d like to say thank you to Wookie for making this thread. I discovered harmonic patterns a few months ago, and have been having some decent success trading them on a demo account. In the future I will try to post any patterns I see developing, and I hope other people continue to do the same. The more eyes the better!
In the Cypher pattern the C point is supposed to pass the A point. As far as I can tell, the pattern he has posted is valid. I’ve never traded the Cypher before, as it doesn’t seem to have the same statistical history of the other patterns, but I’m thinking of experimenting with it after reading this thread.
Hello! So, I have watched the Larry Pesavento youtube video series you posted, and I thought it was an eye opener when it comes to patterns, it also got me interested in the AB=CD pattern. What do you think about this one?
Also, I took your advice and started practicing to recognize the patterns. I thought it would be a good idea to take every pair that I watch, and go through them from 2010 (that’s the earliest I can go to, on the 1 hour chart) to present. So far, the results aren’t as good as I hoped they would be since I have more loses than wins. Anyway, this was expected and I will continue practicing.
I took the 618 on the EURUSD at 1.3733, and I favor the ratios over the AB=CD pattern in this type of scenario but it’s definitely a nice AB=CD. Also, it retraced to the exact 786 at midnight Central Standard Time if you were looking to get in safely on this AB=CD.
As far as your historical study, if you think about it, it may be hard to find “failed” patterns because how would you identify a 618 or 786 gartley that blows through the number? The key that Larry stresses, and it’s now how I look at the markets, are just to identify the important swings on whatever timeframe you are looking at, and then chart the retracements/contractions and expansions of the swings. That is the true essence of “harmonics” if you think about it.
So one thing you can do, is everyday or few days, just take a look at a 30 min chart and plot out the swings and retracements and expansions. This helps you guage which pair is active and really hitting the numbers.
I just look at the majors, and this year I have seen 15 or so patterns so far, and the action off of the numbers has been awesome! When they hit they are so accurate you can really put a tight stop on it. I’ve heard a bigger trader (>50 standard lots) using stops as tight as 16 pips even! Now you may get stopped out with that strategy but imagine your risk:reward. I’ve been using 20-25pip stops lately and haven’t been stopped out this year on a pattern that has reversed and gone my way. Here are a few completions this week:
My order was at .8856 and missed my entry by 1 pip!!!
