09-07-2012, 04:05 PM #781
Hello everyone. I just started few days ago learning the harmonic trading. I am still trying to understand how to spot patterns without any indicator. I also worked on large time frames only because I belive they are better to recognize patterns and because they have little noise.
Below is the first chart and patterns I am working. I am posting it here hoping that someone will guide me when I need help.
Assuming that the triangles on the left side are correct, how should I project point D?
I know that we draw the fibs from point B to point D. I also know that the most important levels to watch as targets for D are 100%, 161%, 261% ...etc. Please correct me if I am wrong.
What confuses me is that whither the triangles on the left will play a role in determining the projections of point D.
09-07-2012, 04:21 PM #782
RHello and welcome. I use the most recent prior swing high for the impulse wave X TO A, So the one in yellow is the only one of interest to me on your chart pic. as for D on your charts I would consider a reversal at the 2.618 fib extension right into that supply zone.
And you could also trade the C to D out of the current demand zone.
This is a monthly chart, I guess we"ll find out in a year or so. Talk to ya then.
Last edited by trademonster; 09-07-2012 at 04:32 PM.
09-07-2012, 04:55 PM #783
Originally Posted by trademonster
Thank you for your post. This chart is only for learning. still early for trading
More comments will be appreciated
09-07-2012, 10:09 PM #784
what is the biggest problem with trading harmonics?
[2012-09-06 15:06:16] ◄◄◄Rajiv Mittal►►►: [6 września 2012 15:03] Kor4x:
1) Not near with PA like as TL.
2) Need to chek 4-5 fib ratios for each patteren
3) And indicators like zup,kor disapper if patteren fails
4) if 10,000 traders trade with TL system markets effects from that if harmonics that on that ,but harmonis traders i think not more then 1%
[2012-09-06 15:06:31] ◄◄◄Rajiv Mittal►►►: my 4 cents
[2012-09-06 15:16:04] Kor4x: so PA + TL is better for you, right?
[2012-09-06 15:16:21] ◄◄◄Rajiv Mittal►►►: (y)
09-09-2012, 06:24 PM #785
09-09-2012, 07:54 PM #786
Once again Mario Italiano Mago has led to believe in impossible.
I still don’t understand, how it’s possible to save a bankrupt by buying his debts with guarantee almost ‘garbage’. It remains a mystery, what ECB has promised for this. The history teaches, that debt is a slavery, the conclusions suggest themselves.
The ECB will be full of debentures worth only promises, soon, and it put itself in a sticky situation. Mario has bought a little bit of time. How much?... we don’t know it now, but this boat has so many holes, that any amount of printed papers isn’t able to stick them.
As long as Europe is ‘red’ , it will sink; each socialism leads to a precipice. I suspect, that the ECB perfectly aware of its situation and know all the consequences. However, there will be more time to prepare the lifeboats, to run into the new project, probably already created in a backstreet of ‘politics’.
Now, it’s time for FED’s movement, probably in agreement with the ECB, because I can’t believe, that so important decisions aren’t consulted nowadays. I won’t be surprised, if China and Russia have their votes, of course unofficially, outside light of spotlights and cameras. The game will goes on under the Ben’s Szalom and his dollars pouring helicopter. The Thursday decision.
We should also remember about expecting the decision of the German Court of Justice, regarding the fiscal Pact and ESM; the decision should be known on Wednesday.
Ok, it’s time for lines.. let’s look at EURUSD.
With the stroke 2692-2747 the situation has changed; because of this fact, the counter should be changed.
The decreasing trend line has been defeated immediately, what shows bulls’ determination.
The first serious resistance appear about 1.30, where the lower line of previous consolidation is running.
The first important support 1.2637, 1.2501.
It should be remembered, that the long-term trend has the south course. Because of this fact it should be assumed, that structure being created now is a correction, and the present movement, cut into sub-waves, can be its ‘A’ wave in ‘ABC’ or the second ‘X’ in ‘WXYXZ’. The basic targets aren’t getting change 1.1875 , 1.1638 , 1.0762 , I also don’t exclude the pursuit of parity.
Assuming formation the second ‘X’wave (weekly chart), it’s target level may be appointed. The equality to the fist ‘X’ is near 1.3140, where we can see abolition 38.2 all decreasing movement 1.4939-1.2042, One2One formation would arise in here.
The weekly chart shows possibility of building the bear’s harmonic formation of dragon, with target level 1.2903 , where we also have AB=CD (One2One) and abolition 61.8 ‘XA’.
Of course, there should be an alternative solution; so the previous main counter becomes alternative. According to this assumption, going far from the medium-term decreasing channel would be a trap, and returning the rate into its range, confirmation of the false going far.
Let’s look at RSI channel, which is being built in the H4 interval, the value moves within its borders.
Best wishes for everybody,
Blog of author’s text:
09-10-2012, 07:44 AM #787
09-10-2012, 08:52 AM #788
09-10-2012, 05:19 PM #789
Candle open: bullish outside and above 21ema and t05 open but below mr1 and still above the recently broken 138.2 fib.
ADX: below 30 and rising suggest bullish gaining w/in range reading
Stochastics: Bullish and over 80
UTF Stochs: bullish and wider KD lines gap compared to last week
Chart pattern: macro is down trend line, medium is triangle range micro uptrend line
Moving averages: Bullish COMA Correct Order Moving Average with 21, 50, 200 w/1-2 o'clock angle
Bias is Bullish w/in a larger triangulating macro pattern. *
Weekly Action plan/ chunk.
if 138.3 holds as support then the chunk to trade up to 161 and trend line remains active,
if 161 tl breaks and tests as new support then move to bonus round 200 fib prior high is open with mr2 in between.
if 138.2 breaks and tests as new resistance then trade down to 118 fib monthly 21 cluster
if 118 fib breaks and tests as new resistance then move down to 0.0 fib and 21ema is open
if the micro pattern up trendline is broken along with the mpp and this level tests as resistance then a longer term move down may be at play to midterm pattern lower trendline of the macro triangle formation.
138.2 - 1.5970
m21ema 118.0 1.5893 - 1.5867
0.0, w21ema - 1.5775
tl, mpp - 1.5754
161.8 tl - 1.6090
mr2 - 1.6020
200.0 previous pivot high - 1.6285
Candle open: outside bullish open above the 138.2 fib, tl break, t05 and 21ema, below mr1. bullish overall
ADX: - 30 rising = bullish ranging
Stochastics: bullish above 80 might cross down - Caution
UTF Stokes: slightly bullish constant kd gap.
Chart pattern: bullish
Moving averages: ICOMA incorrect order moving averages 21 200 50. 21 2 o'clock price above, 200 3 po'clock price above, 50 2-3 o'clock price above, overall slightly bullish picture
Bias is bullish.
Daily Action plan/ chunk.
if 138.2 / wpp holds as resistance chunk is open to trade to mr1, if mr1 breaks and tests as new support then the trade to 161 tl on weekly could be completed.
if 161 tl breaks above and retests as new support then chunk to mr2 is open, if mr2 is broken and tested then complete the weekly move to 200 fib prior pivot high, wr3 cluster.
if 138 wpp cluster breaks and tests as resistance then trade down to m21 118 cluster but being aware that 127 fib is on the way.
if 118 and d21ema clusters and price breaks and retests this cluster as new resistance then trade down to 0.0 fib and weekly 21 ema cluster is wide open.
if 0.0 fib and w21ema breaks and tests then shoot for move down to the weekly or daily tl and ws3 cluster and prepare for potential ct trades at this level
if 138.2 - wpp holds as support and mr1 wm3 holds as resistance then prepare to trade a range.
138.2, wpp - 1.5870 - 1.5956
127.2, *wm2 - 1.5917 - 1.5914
m21ema, 118.0 - 1.5893 - 1.5867
0.0, w21ema - 1.5776
daily lower tl, ws3, 23.6 - 1.5671 - 1.5656
mr1 - 1.6020
161.8 tl, wr1 - 1.6087 - 1,6090
mr2 - wr2 - 1.6164 - 1.6177
wr3 - 200 pivot high - 1.6285 -1.6294
09-10-2012, 09:11 PM #790
impressive nopi, do you prepare such plan/description for each trade, every day?