TerryHarmonicTrading

EURUSD - Why I will not buy this Bat pattern!

FX:EURUSD   Euro Fx/U.S. Dollar
Hey traders, just sharing some experience I have trading harmonic patterns for 6 years now.

This is a example of a trade setup that I will not take.

We see a nice bat pattern completing around 1.10.

1. Nice round number
2. Great pattern

But no thanks!

I have learnt that taking trades only at the extremes of a H4 parallel channel increases my winning % dramatically.

For this setup, the channel is sloping down, it has not hit the extreme.

Even if this is gonna turn up, it is likely gonna be just a small reaction instead of a big reversal.

Be selective, trade well and I wish those who took this trade good luck!

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
EYEO
2 months ago
I will short from the top.
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TerryHarmonicTrading EYEO
2 months ago
That's the right thinking. Can check out USDJPY right now too. We have a bullish shark at support.
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EYEO TerryHarmonicTrading
2 months ago
you are right but timeframe on week and day is still downtrend, i rather sell from the top.I shall wait.
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SteveNixon
2 months ago
Thanks for that - I like your thinking
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TerryHarmonicTrading SteveNixon
2 months ago
thanks man. Just a simple trader sharing from experience.
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DomHall PRO
2 months ago
I have taken this pattern due to the 4H engulfing candle. Targeting the 1.1111 level. Will see how it plays out.
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TerryHarmonicTrading DomHall
2 months ago
good luck buddy and I wish you will hit your TP. I will wait for sell setups instead on EURUSD for this month.
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GoldHunter
2 months ago
Thank u ! Amazing analysis
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TerryHarmonicTrading GoldHunter
2 months ago
thanks for following me. Where are you from?
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GoldHunter TerryHarmonicTrading
2 months ago
ireland , and thanks for sharing your ideas with us
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TerryHarmonicTrading GoldHunter
2 months ago
Hey don't mention. Wish you a great weekend ahead!
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trungle83 PRO
2 months ago
Thanks for sharing. Very good piece of information.
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TerryHarmonicTrading trungle83
2 months ago
Thank you for your compliments, where are you from?
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fguldali
2 months ago
Turned up last night, as you said it was a small reaction. Let's wait for a signal for sell setup.
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TerryHarmonicTrading fguldali
2 months ago
A double test of 1.1 we can could see a bigger bounce on this pair. However I am still patiently waiting for sell setups to complete.
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http://www.harmonicforex.com/wma/week41

Good weekend traders.

Check out my gameplan for next week!
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lbrincat
2 months ago
Thanks for sharing your expirience
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lbrincat
a month ago
Hi Terry

How does the harmonic patterns behave during news action, do you trade if there is a news coming out like for example the NFP Report every first Friday of the month for the USD? I am asking cos I was very surprised on the EURUSD on the 20th of this month when I did an analysis but did not took much attention to it now I am reviewing my weekly analysis and I saw that the EURUSD reached a PRZ zone end retraced during the news see chart below. I just want to know from an experience trader like you if this happens often or if it was just a one-of.

snapshot

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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
Reply
Download now! –> Terry’s Week 43 Forex Market Outlook Report

http://www.harmonicforex.com/terrys-weekly-forex-market-report/week43report
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