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With harmonic patters, at what point do you prefer to enter the trade?
1. Immediately when hitting Point D.
2. At candle close after hitting point D (assuming high/low is still in the zone).
3. Waiting X number of ticks or % in the reverse direction in order to confirm.
I have mostly been doing option 3, but I am starting to think that 1 or 2 might be a better choice.
Can you help answer these questions from other members on NexusFi?
I dont know if it will help, but just this past week I started a free trial with the TradingView version of Carney's indicator.
I only mention that because I had a similar question. Why does it extend past the D point in many of my Forex circumstances? A trading buddy gave me a link to some article written years ago. It was not written by Carney, but a harmonic trader who studies his method.
Do you have anything that helps identify the M and W patterns that can be used with harmonics? I am trying a 123 from Trades Trending, but it is hit or miss.
Thank you
I just use the m/w patterns with price action. that was my thing (price action) which is what got me into patterns. I had read "Fibonacci ratios with pattern recognition" by Pesavento when it first came out in '97 which got me into patterns. Solid stuff at the time and even now occasionally listen to his radio show. He has some great stories but he's obviously been around the longest out of all the traders i know. I've looked at a lot of indicators and software, tested out many, but last few years just use pattern software by xabcdtrading which has an awesome use of time in the patterns. That aspect alone is very useful as a price action trader. Otherwise pretty raw with patterns and price, not much on my charts.
Nice to meet another pattern trader. Seems everyone is trading with volume these days lol which honestly I don't get it with all the market manipulation out there. i'm getting older, so maybe my brain is too simple. patterns, i understand those.
