FX:EURGBP   Euro Fx/British Pound
101 17 0
Long here
dojitrader
2 years ago
Looks like a Bat pattern to me, alright, so, I was wondering why
you placed point D at .619 when the "norm" is for point
D to be at the .886 retracement ?
thanks for your thoughts and may your pockets be filled with pips !!!!
Reply
HarmonicGame
2 years ago
I know what you mean. You may be right and it will go deeper, but the RSI pattern convinced me to draw the reversal already here. RSI looked bullish to me.
Thanks! Good luck to you too! :)
Reply
Sandeep_Gupta
2 years ago
I am agree with dojitrader, as in convention no pattern ends at 0.619.
Reply
HarmonicGame
2 years ago
It looks like you guys are right and my call was made too early. Can you tell me whether you actively use RSI for confirmation of point D?
Have you made the observation that XD ratio has a higher priority than the BD ratio? Just wondering about which ratio is more important if only one will be fulfilled.
Your thoughts are much appreciated.
Reply
dojitrader HarmonicGame
2 years ago
I'm not sure what you are seeing in the RSI. Perhaps a small divergence. I tend to use RSI when
it yields a divergence on a larger move when it is printing point D and as yet I do not see that setting up.
What were you using it to confirm ?
I think Both points B and D are essential in defining the pattern you are completing. Point B tells you if
you have found the potential for a Cypher - Bat - Gartley - or Butterfly. Thus, once defined, point D is
essential as the point of completion for the specific pattern. (.786 - .886 - 1.13 - 1.272) If price does not
reach the completion than it was an incomplete or failed pattern and not a pattern where point D was
placed at the wrong price.
Hope this is some help ~~~~~
Best wishes in your trades !!!
snapshot
Reply
dojitrader dojitrader
2 years ago
I forgot to include the Shark pattern as a possibility for point B.
This is a good example of a Bat.
If you've not seen this website yet:http://harmonictrader.com/
It's a good place to check out and download the free pdf.
I'm always returning to remind myself with the link labeled Patterns.
Reply
HarmonicGame dojitrader
2 years ago
Thank you for your reply. Until yesterday RSI in one and four hours charts was showing negative divergency and that's what let me think that we may see a reversal now. But in the afternoon session this positive tendency was broken by the RSI. According to what I am hearing it's better to concentrate on the harmonic pattern and RSI can be checked as second priority (confirmation) signal.
Sometimes there are pattern where point D has exceeded one of the good ratios and reverses in the middle between two ratios. If you have some kind of rule for that, I would be very grateful if you could comment this.
Thanks! Much appreciated.
Reply
Sandeep_Gupta
2 years ago
You can visit tradeempowered.com and view videos posted by Jason and Akil on youtube.com, the url are https://www.youtube.com/user/4xTradersLIVE and https://www.youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg, these resources were introduced to me by Dojitrader. They are very helpful to learn harmonic trading. I thank Dojitrader.
Reply
HarmonicGame Sandeep_Gupta
2 years ago
I've posted a reply earlier, but for some reason it's not showing up.
Thank you!
Reply
dp
2 years ago
Do you know good place for the Cypher description, since harmonictrader.com doesn't have one ?
Reply
HarmonicGame dp
2 years ago
I found one here http://simplychartpatterns.com/harmonic-patterns/cypher-patterns/
Reply
dp HarmonicGame
2 years ago
Excellent, thank you very much!

Regarding standard D-point Fib targets. As to best of my knowledge, harmonic patterns have been studied in details in the beginning of 90-es by relatively narrow circle of professionals. Later, the technology widespread into wider public, and as usually happens was "abused", which led to patterns partial destruction. As a result, nowadays, patterns do not work as perfect as used to be, and one need to know current statistics of realization of D-point.

That's what I heard from another traders.
Reply
Sandeep_Gupta dp
2 years ago
Patterns do work and they indeed work, please visit my performance page at http://www.myfxbook.com/members/1sandeepgupta/patternman/856, I gained 78% long win% and 46% short win% aggregating 62% in all , I lost 10 short trades due to volatility on lower time frame. If I did not loose them, my win% would have been much better.After that I left trading on lower time frames, I trade only on 4H and D1 charts. Though it is true that not all patterns complete but when they complete, they give good results.
+1 Reply
dp Sandeep_Gupta
2 years ago
I visited your link, and it's empty with the message "Sorry, but this system was deleted by it's creator."

Also, is your statistics based on Forex tools, or equities and commodities also?
Reply
Sandeep_Gupta dp
2 years ago
Sorry, the link is http://www.myfxbook.com/members/1sandeepgupta/patternman/856827
Reply
HarmonicGame Sandeep_Gupta
2 years ago
Impressive. Very sustainable.
Reply
dp Sandeep_Gupta
2 years ago
Thanks Sandeep, impressive results.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out