Just sharing a simple setup which I have used to increase my winning % in trading Harmonics.
I learned directly from Scott Carney and I am more than willing to share whatever he taught me.
1. Draw an ED channel in the H4 or higher setup.
2. If channel is sloping down, look for to sell near extreme of channel.
3. If channel is sloping up, look for to buy near extreme of channel.
4. Before execution, always watch out for divergence at PRZ.
5. Limit use of pending orders to less than 20% of your total trades *** (Most important)
For this NZDJPY sell setup, it fulfilled all the items on my checklist for a good sell opportunity.
I will monitor for divergence when it reaches my PRZ.
Most importantly, no patterns no trade!
EP: 75.25- 75.35
SL: 76.40 (115 pips)
TP: 73 (225 pips)
Also, take note that is not a authentic pattern from Scott Carney, stick with the pattern at all times!
I will be more than willing to answer any questions you have as the pattern is my #1 favorite pattern to trade!
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Had a chat with my mentor Scott(Scott Carney) yesterday, we spoke about how we view the various markets.
I will share about what he revealed to me about the S&P index in this week's report.
Download report at absolutely no cost today!
It is not a real harmonic pattern created by Scott.
It lacks the critical bc 1.618 fib element
Therefore it has low success rate and I highly suggest not trading it.
At many times, cypher turns into shark.
If you trade the shark, you get higher winning rate and you enter at a much better price.
Feel free to pm me if you have any questions.