The divergence on the stoch is shown using fat purple lines. Possible price targets are outlines in bright green. Possible Stop loss is the red line. Price is right at its most important point, at this point price action is either going to indicate a reversal in which case that is the signal to go short, or price action will move past the 1.618 retacement or the upper most bound of the PRZ ( blue rectangle) which for me indicates that the pattern might be a failure and that I should let the trading opportunity pass. I've found that if I make sure there is a divergence in the right direction and that I confirm a reversal in the PRZ my odds of success are very high, also as soon as I can I move the stoploss up to the break even point which stops me out of a lot of trades but if you enter the trade right then almost every trade gives you the opportunity to move the SL to break even which means that every loser trade will end up stopping out at break even. Trading harmonic patterns requires patience.
I spend hours daily finding tradable Harmonic Patterns and I post them to here because I want my work to help more than just myself. IF you like this then thumbs up it and follow me. When I am thinking about it I'll be posting all of my findings to tradingview.com.
I spend hours daily finding tradable Harmonic Patterns and I post them to here because I want my work to help more than just myself. IF you like this then thumbs up it and follow me. When I am thinking about it I'll be posting all of my findings to tradingview.com.