Here in this thread, I would like to collect your ideas and methods of documenting harmonic trades and maintaining trading journals.
We will agree that for many of us it's painful task requiring motivation and discipline and an understanding of the benefits. Guidelines of how best to perform this duty would be a benefit but I am not aware that any exist?
I believe that sooner or later every trader concludes that documenting trades is beneficial to consistent profitability and with that in mind over this weekend I had a chat with my friend, a professional trader who has used harmonic patterns for almost twenty-five years, to understand his methods.
This is what i learnt:
1. He is amused by the names authors have assigned to the harmonic patterns.
2. Instead on funny names (bat, butterfly, crab) he prefers to use the Fibonacci ratios that define the pattern. It allows him to catalogue any 5 points pattern, also unnamed patterns.
3. His screenshot files are stored in 1 directory and allow for quick scan of similar patterns to the one just emerging on the chart.
4. An example of the screenshot file he saves would be 50 141.4 161.8 88.6 <additional comment>.pdf (or gif)
5. His collection taken over last 20+ years of trading helps significantly
6. What he regrets is not snapshotting the location of the pattern on the higher timeframe
Such pattern from EURUSD H1 (took place last week) could be catalogued in file named: 50_78.6_223.6_113_<file_counter>.gif or maybe even 50_78.6_223.6_113_EURUSD_H1_<file_counter>.gif
Personally, I try to keep several screenshots per pattern, zoomed in and out, and also presenting different confirmations. I am taking several screenshots per trade and place them in 1 common directory (for this trade) called 50_78.6_223.6_113_EURUSD_H1_<counter>, and file names I am calling like 50_78.6_223.6_113_EURUSD_H1_<confirmation_name>.gi f
Please share your experience/examples and tools that you use to document harmonic trades and maintain your harmonic journals.
Kor, this is a very good thread!! I'm curious about the developement that this could take... Personally i ve never thinked about taking screenshot of the patterns that i trade, but i think i will do it from now on, i have to organize a little.. Until now i've only tracking my results on myfxbook... But, how saving a pics of a pattern could help? I mean, doesent every pattern have a selfstory? Or it's a method to train the eyes? How you make use of the pics that you have taken? Do you confront them with emerging patterns?