Trading the harmonic pattern

Hi all!
reading trough babypips school I’ve been fascinated from the harmonic patterns, what I like the most is the risk rewards ratio, as I don’t like to expose my account too much.
first of all because it’s only a £250 account (less 6.25 deposit fee).
second because I’ve been trading live only since May.
and also the high success rate!..
the bad thing is that are a bit hard to spot as they have different requirements and can take long time if you want to apply this strategy to ALL the pairs.
anyway I gave a go which wasn’t the best ever, than, on MT4 I’ve find out that there is an indicator that scan and signal the pairs and tell if there is a pattern, if is completed or is about to…(with a projection)
I still placing my trades and doing my analysis, but from one month on I’ve been trading mainly harmonic patterns, and the result it’s unbelievable…basically before the indicator I was more than 10% down of my balance…now as we can see went up to 1.74%…
this month of testing was very successful, I will back on trading on september (after the holidays ), I will keep posting the results.
Sorry for the over excitement, I’m just very happy that after many efforts on studying, making mistakes, listen who is more experienced than me, finally something is coming back and I started to see some results.
thank you guys
…and happy trades :wink:

You are very, very lucky I came across this post of yours. Harmonic patterns may be good for other markets but less for Forex. The reason being that it required certain market conditions. When you don’t have these conditions it turns into a complete disaster. I tested harmonic patterns for 6 months. Not if but when the strategy stops working stop using it immediately.

thank you for the advice.
it is true that they not always work…
so far, in comparison, the successful ones are more! I noticed that most of the time they reach till 50% of fibo…rarely they run till 100% so I always set my targets around there…
I got other ways to trade…but so far I’m very happy about the harmonic patterns

Among those methods that are extremely difficult in forex trading are harmonics. I’ve only tried once to understand them but they are way way difficult for me. But there are many traders that are using them quite effectively.

yes…it is not the most straight foward way to trade forex…but compared to Others give an excellent risk\reward ratio…
still I won’t call myself “expert” on harmonic patterns, but I like them and I will certanly study them buying some nice book! :slight_smile:

Keep testing them in a live account for a few months and see what happens.