Forex Harmonic Patterns - Trading Strategy based on Forex Harmonic Patterns

Forex Harmonic Patterns and Trading Strategy based on Harmonic Patterns - http://www.ForexCandlestickMagic.com Fibonacci Indicators are very accurate. They tell with high certaininty when forex currency pair may reverse. Harmonic Patterns are based on Fibonacci levels. They use 61.8% levels a lot. In this video I have mentioned what are Harmonic patterns, what are different kinds, how to analyse and use them. The three most common Harmonic patterns are Gartley patterns, BAT and Cypher patterns. In a typical Harmonic pattern, there are 5 points - X, A, B, C and D B point typically occurs at one of the fib levels (38.2 and 50 level of X-A movement in BAT pattern and 61.8 in Gartley pattern) Of all the Harmonic patterns, Gartley is the most popular. In Cypher pattern (also known as Butterfly Harmonic pattern), the point D occurs outside X-A movement, while in Gartleyand Bat D is within X-A. The forex trading opportunities exist after Point D is established. Here is a website where you can see Forex Charts - https://www.dailyfx.com/charts The crucial thing for any forex trader when using Harmonic patterns is that the pattern itself should be identified correctly. A lot of traders make mistake when identifying Forex Harmonic patterns. Later in the video I have also covered a strategy based on Gartley and Bat harmonic patterns.I have mentioned where the stop loss should be placed, where the profits should be taken and where the entry should be made. If this strategy is used on 1 hr chart, the stop loss should be 10-15 pips away from X point. The trade should be closed at point C and half of the lot can closed at point B Once the price reaches point C, there is good chance that it will make double top or double bottom. So it is a good point to close the forex trade In another variation (if the forex broker doesn't allow closing half lot) , once the price reaches at point B, the stop loss can be moved to entry point. With this the trade will not end in loss from this point onwards. To use these patterns accurately, it is necessary that the forex trader knows of Fibonacci levels and Candlesticks very nicely, otherwise more often than not they may make mistakes. Needless to say that use of Harmonic Patterns require experience. If a trader is a new Forex Trader, then I would advice them to not use Harmonic patterns. If the patterns are identified correctly, they are very accurate as they are based on Fibonacci levels. By the way, the Harmonic Patterns are more accurate on 1 hr forex charts and above (1 hr, 4 hr, daily, weekly etc.). At lower level there is noise and identification of pattern is not straightforward. There is another pattern called ABCD pattern which looks more like - Fibonacci retracement and Fibonacci Extension based pattern. Later in the video I tell viewers how to get access to two candlestick patterns that work very well with fibonacci levels and Forex Harmonic patterns Here is the link to video - https://www.youtube.com/watch?v=WUf0PdjcvEU

Comments

1. Sir thx for the video. I observed you mentioning, if point D is below point D then that is gartley...but if i am not wrong, Butterfly, crab and shark has the point D below point X...kindly rechk the video sir..!
2. I saw the video but I am yet to try it on live charts. I will update this page soon after trying it out. It looks great.
3. Super Most explanation , I have ever seen for Harmonic patterns . Great video . Let me call this one as super most explanation . Great work Dude keep it up with all other patterns explanation.