NZDJPY - How to use ED channel to increase your winning % Short

New Zealand Dollar/Japanese YenFXCM

Description

⋅ Oct 19, 2016 12:45 PM

Hey traders, I am sure many of you guys trade Harmonics here.

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 bearish harmonic patterns to sell near extreme of channel.

3. If channel is sloping up, look for bullish harmonic patterns to buy near extreme of channel.

4. Before execution, always watch out for RSI 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 RSI 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 Cypher is not a authentic pattern from Scott Carney, stick with the Shark pattern at all times!

I will be more than willing to answer any questions you have as the Shark pattern is my #1 favorite pattern to trade!

Comment

⋅ Oct 24, 2016 8:19 AM

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.

harmonicforex.com/terrys-weekly-forex-market-report/download-now-terrys-week-42-forex-market-outlook-report

Comment

⋅ Nov 6, 2016 1:02 PM

Check out my gameplan for week 44 here

bit.ly/2fdrCyu

Comment

⋅ Nov 13, 2016 10:13 AM

This week's market outlook is out!
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!
bit.ly/2g7akqo

Comments

oke14299

⋅ Nov 1, 2016 1:57 PM

What is ED channel?

TerryHarmonicTrading

⋅ Oct 30, 2016 6:03 AM

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

harmonicforex.com/terrys-weekly-forex-market-report/week43report

GoldHunter

⋅ Oct 29, 2016 9:35 PM

hey mate do you think its appropriate to short now

sandro77

⋅ Oct 24, 2016 9:53 AM

Hi terry, I have a question for the statement on Cypher pattern. I've look through shark pattern and it seems that it is part of 5-0 pattern. Is that right? Have you ever back tested cypher pattern?

TerryHarmonicTrading

⋅ Oct 24, 2016 10:08 AM

Hi Sandro, I have talked about the cypher a few times to my followers.

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.

KyleMcQuade

⋅ Oct 20, 2016 1:39 PM

I also posted this recently- good spot, great potential for a nice profit!

TerryHarmonicTrading

⋅ Oct 20, 2016 1:57 PM

Nice spot. Entry price reaching soon. Where are you from Kyle?

KyleMcQuade

⋅ Oct 20, 2016 10:25 PM

I'm from Scotland! Recently started trading harmonics, thoroughly enjoying them!

ummuhijrah

⋅ Oct 20, 2016 2:00 AM

time to short.....

TerryHarmonicTrading

⋅ Oct 20, 2016 2:02 AM

I want it to hit 75.30 first. The zone has not been fully challenged.