Take a look at my chart on the USDCAD H4 timeframe. I have tried my level best to scale the chart so that all my analysis to identify are still visible to viewers. Can you spot how many patterns are there? There is a potential buy opportunity now as well since H4 Bat is completed.
For traders, we know that each pattern completes at Point D, regardless whether they are or patterns. Some of the harmonics patterns that I use:
2) / Deep
I also combine other strategies I have learned such as , Structure Trading, Analysis, and most importantly Analysis. Back to the trade I am currently in, at the moment it is running 400+ pips of profit, closing in to 500pips while my TP1 level is at 540pips. This is my big timeframe trade and I know USDCAD has huge potential to go even lower. While having this thought, what else can I do:
- do short selling on this pair on smaller timeframes to build up my position.
- when a Harmonics Pattern emerges and it fits all my trade filters, long the pair and aim for conservative targets (I am on long term bearish-ness for the pair).
- move my stop loss gradually each time a major is broken to lock in my profits, you dont want to give back the profits to the market!
- check my indicators on big time frame for trend reversal to determine if I should take profit early.
After trading for some years now, an important lesson I want to share with you is to stick to the few strategies that has been proven profitable over a series of back-testing. I am fortunate to learn the AUTHENTIC way to trade Harmonics Patterns and hence sharpen my trading skill dramatically. Sure there are many other trading strategies that are also profitable, however let us not go into learning everything there is to offer out there, instead focus on being a consistent and profitable trader. I always think back the very reason why I come into the trading scene about 5-6 years ago - To profit from the financial markets and free up time and life choices to pursue the more important things in life such as quality family time. I am glad that things are working out slowly for me, what about you?
Thank you for reading, one final take away I like my readers to have - stay focus on your life goals and stick to your trading plan/rules.
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