Wait for wave 4 5 and then sell stop

FX:EURUSD   Euro / U.S. Dollar
776 6 21
Wait for wave 4 5 and then sell stop
Comment: This trade doesn't look like it's going to make a 4-5 before it goes to the stop :(
Order cancelled
Didn't comply with harmonic pattern ratios.
riskmode purpurato59
The only ratios that matter are that AB retraced at least 38.2% and BC retraced at least 38.2%
Not as I know them.
I recommend you a good book on the subject "Harmonic trading" by S.Carney.
riskmode purpurato59
Everyone who has backtested the ratios in those patterns he made up knows they are meaningless. The winrate from the ideas i've published on tradingview speaks for itself.
Hi riskmode, I like the results you are getting. Are you using software to find the patterns or are you eyeballing it? More importantly can you teach me ?
+1 Reply
riskmode Black8ear
I use a mix of both. It's easy to find the patterns on the higher timeframes. On a pattern like this where there are many different points for X I look at the volume and which ever point had the highest volume I make my X. The most important part to finding these patterns is to make sure point D made 5 waves that follow elliott wave rules. Lots of people sell on a wave 3 which is a guaranteed loss.
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