TerryHarmonicTrading

AUDUSD - What is a Harmonic Breakout?

FX:AUDUSD   Australian Dollar/U.S. Dollar
4 months ago
Hey guys, just sharing some stuff I learnt from Scott.

This is an example of a bearish shark setup on AUDUSD             .

It has perfect confluence at 0.7645 with a 113 and 1618             fib confluence.

I missed the 1st opportunity to sell last Friday and I have been patiently waiting for a retracement for a type 2 entry.

I would have hit SL on this trade if i executed this trade using a pending order.

When I started trading Harmonics many years back, I used to just execute my trades by using a pending order which I learnt from Jason Stapleton.

It led to a less than 50% winning rate for me for many years but I was still able to squeak out some profits as I enjoyed a couple of excellent risk to reward trades in most years.

After meeting Scott Carney this year, I managed to fine-tune my trade execution to avoid losing trades like this.

This is what I do now.

1. 90% of my trades are now market orders, only 10% of my trades are executed with pending orders.
2. Always draw my big ED channel on the daily/h4 timeframe, I only execute trades which are near the extremes of the Ed channel.
3. Your setup should be aligned the the ED channel. Sloping down? Look to sell. Sloping up? Look to buy.
4. I like to wait for RSI divergence confirmation at the PRZ before executing my trades.
5. This enabled me to improve my winning % to more than 60% over the past 3 months.

What is a Harmonic breakout?

This was mentioned in Vol             2 of Scott's book.
Harmonic breakout is when the PRZ of a harmonic setup is being broken out strongly within one or a few candlesticks .
This signifies that the market is no longer respecting this PRZ zone and it wants to go further.

I expect AUDUSD             to challenge $0.77 in the upcoming days/weeks after this breakout is completed.

That is where the daily ED channel extremes are and I will be looking to take some sell trades if there are patterns completing at that area.
4 months ago
Comment: Hey guys, for those of you who are interested how I trade, I prepared a report on how I will trade in Week 42.

Download report by clicking link below, no signups/login required.

https://www.harmonicforex.com/terrys-weekly-forex-market-report/download-now-terrys-week-42-forex-market-outlook-report
3 months ago
Comment: Check out my gameplan for week 44 here

http://bit.ly/2fdrCyu
Harmonic trader based in Singapore. Learned directly under the great Scott Carney. For FREE live trading webinars, trading resources and market analysis, please do visit my website at Harmonicforex.com
GoldHunter
4 months ago
when you decide to execute pending orders ? who is scott ?
Reply
TerryHarmonicTrading GoldHunter
4 months ago
Hey man, Scott is Scott Carney, creator of Harmonic trading.

Pending orders are usually only used when I need to go to sleep but the setups are aligned with the trend with the ED channel supporting my entry.
Reply
GoldHunter TerryHarmonicTrading
4 months ago
yes I noticed that you combine trend lines with harmonics , this what makes your success rate high . thank you terry
Reply
TerryHarmonicTrading GoldHunter
4 months ago
Don't mention, thanks for following. Can't guarantee all my trades are profitable though, always practice good risk management and never risk more than 1% on a single trade.

BTW, where are you from?
+1 Reply
GoldHunter TerryHarmonicTrading
4 months ago
Ireland, I am part time trader , took some courses in harmonics still struggling to have better win ratio .
Reply
TerryHarmonicTrading GoldHunter
4 months ago
Oh yea, I have asked you this before.

Stay strong my friend, everything will work out perfectly if you endure this learning process.

I can only try my best to share my knowledge, make sure you read most of the stuff I share.

Wish you a great trading week ahead!
+1 Reply
GoldHunter TerryHarmonicTrading
4 months ago
wish you the same too , keep it up mate
Reply
RuhailKhan
4 months ago
Little Master Terry wonderful.
Reply
TerryHarmonicTrading RuhailKhan
4 months ago
Why do you call me little master? :P
Reply
RuhailKhan TerryHarmonicTrading
4 months ago
Sir Scott is biggy Master and your Little Master.
Reply
trungle83 PRO
4 months ago
Thanks for sharing Terry.
I've just dled Scott's books so looking forward to reading them.

What is ED short for when you mentioned ED Channel?
Reply
TerryHarmonicTrading trungle83
4 months ago
it stands for equal-distance channel, on tradingview it is called parallel channel.
Reply
UNLIMITED
4 months ago

AUDUSD short wenn has reached 0.7709 ... and at the same moment GBPAUD long

AUDUSD sl 10 p,
1. TP 0.7609. 2. TP 0.7568

GBPAUD would be nice to long @ 1.5881 & 1.5859,
sl 1.5839,
1. TP 1.6145, 2. TP 1.6725

be patient... there are more than 840 p in play
Reply
TerryHarmonicTrading UNLIMITED
4 months ago
Great, we are looking at the same level. Thanks for the heads up on GBPAUD.
Reply
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