FX:AUDUSD   Australian Dollar/U.S. Dollar
Hey mates. This is a harmonic setup. My rules say to wait until price goes to the reversal zone and hits at leas two of the levels marked on the chart. If this criteria is met I wait until price goes back and closes at least above one of those levels that were hit.For example, price hit 1.618ab and 0.886xa and then went higher and close above 0.886xa. If this criteria is met I enter long at market. Stoploss is placed at X and the targert is 0.382AD. If price goes lower and hits 1.272 also then I will wait until it goes back and close above it and only then I enter. If price goes through the zone and closes beyond the last line of 1.272 then the pattern is invalidated because the reversal zone is violated. These rules are more conservative as compared to the rules of trading with limit orders that are used in advanced formations. There is also a bit more conservative way to look at the divergence of rsi when all above criteria are ment. In this case the pattern becomes even more accurate. So guys, you should not mix advanced formations and harmonic patterns because they are traded different ways.
Order cancelled: The pattern was invalidated 'cause the trigger bar passed through the zone and hit x
Hey man, wheres tp ???
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You should ask your trading plan for take profit, not me:)). Or you should read the description before asking questions)
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Sam0101 Alexander_Nikitin
cool. I don't know how this thing works. Can u teach me ???
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Yup. I run a small educating program. You can participate. Send PM to know the details. Cheers)
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Sam0101 Alexander_Nikitin
okie nikitin
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Nice setup! Whats the difference between advanced formations and harmonic patterns?
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In general tirms. Harmonic pattern ratios are a bit different from advanced fomation ratios. Advanced formations are traded with limit orders and harmonic patterns are used to define a potential reversal zone and then look for priceaction within this zone to make a decision for entry)
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I like it... I like your style!
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I didn't enter this one))
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Forsureex Alexander_Nikitin
Nor i, but i definitely like the insight into the trade setup!
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Forsureex Forsureex
MAy i ask what the 1.27 is an extension of? thats the only thing im a little confused on?
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it is an extention of ab copied and pasted to cd)). Basicly it mens ab=1.272cd measured move)
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