The answer is you can trade either or both.
Originally Posted by Trienscorp1
Just remember that the 1 hour pattern will only take a few hours to complete whereas a monthly pattern can take days/weeks to complete. There are always multiple patterns in multiple time frames that can be opposing each other but you need to decide how long your willing to take for the trade to work out. Ideally you always want to trade in the direction of the higher timeframe, but Harmonic trading doesn't give you too many opportunites to go with the trend and its not always necessary.
I would personally rather the 1 hour only because it will complete quicker and you know if it was a profit or loss.
Last edited by digital_soul18; 03-19-2013 at 06:12 AM.
Perfectly agree with your answers. We should choose the TF that fits our psyche and discipline model.
Originally Posted by digital_soul18
I would also choose H1 over bigger TF. Pattern from H1 and fine tuned entry from lower TF is my way forward.
also ... Harmonic patterns combined with some confirmation techniques give very precise entry point, and the pattern tells exactly which direction we should trade. I think it's not possible to have in the very same moment 2 signals 1 bullish and 1 bearish, and if so the lower more precise TF would be my choice.
This is a good topic, thanks!
I am struggling with it since the beginnings, but I think your approach is right.
In my experience it is good to take lower TF harmonics in the direction of the higher TF harmonics, ones the HTF looks like fired up, but till then the lower TF will produce the results more likely - I have seen it many times.
I do have a lot of examples, but never analyzed and made statistics.
What I am hoping to find, is to use the LTF harmonics pinpointing the "exact" entry point for the HTF harmonics, but as I said, I have no statistics (yet).
I suggest to try a LTF harmonic in the direction of the PRZ of the HTF pattern, on the CD leg of the HTF forming one, when retesting the HTF B level (S/R in the HTF pattern). I am amused with the BAMM theory of Carney.
Sometimes I think, it might produce more profit than the pattern itself, or at least, one can afford losing on the pattern, and still being ahead of the game.