Different people use different approach here. You must find what fits best your psycho. This is what i keep on repeating to others.
I know couple of pro harmonic traders that split the trade into three 1/3 position entries. And i know some that do just 1 full position entry.
Try what fits you best.
Regarding the last post on the GBPUSD trade. What is the blue line at the D point? What happened to the TMA bands? where would you have placed you pending order as this was emerging and wher would your stop loss have been?
I just want to better understand your view on the trade
Also please send me the question you sent me befor i went away so that i can get back to you
1.The blue line comes from modified TMA band indicator, measuring volatility at point D.
2.As several times mentioned on the Forum we analize multi timeframe swing fractals and cycles. In this case the fractal indicated very precisily point D, and since my entries are always from M1 timeframe and M1 timeframe already invalidates the trade, my StopLoss would be very small here, ... and the potential TakeProfit level far, far away.
So just a hint, analize the internal structures/sub-structures of the harmonic patterns swings so to get the better entries!
Pity, I observed this opportunity too late and jumping to the running train (with my trading style) is not smart at all.
Last edited by kor4x; 09-27-2012 at 07:31 AM.
THank you for your reply Very much appreciate your advise on all matters harmonic
Could i just confirm ... even if you get a pattern on 1H or 4H you go down to 1M for entries? If so, what do you look for on 1M in order to enter?
Regards and all the best for the week ahead