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Post by Segwin on May 18, 2016 10:05:10 GMT -5
Been studying harmonics as of late.
Sat down at the computer this morning and noticed that I have a gizzilion windows open with multiple time frames - 
Pretty soon all you're doing is looking at charts and chasing rainbows. Funny how far off track you can get by forever tweaking and looking. Not to mention all the wasted man hours as well. I missed two nice trades on the EUR this morning farting around. Bleech
Back to the basics.
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Post by traderAllen on May 20, 2016 23:11:48 GMT -5
been there , simple is better
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Post by honestknave on May 21, 2016 8:17:24 GMT -5
I spent many years trading harmonics, it made me some money and I still apply some harmonic principles to many of my "Volman" trades.
Ultimately, I moved away from harmonics not because it was unprofitable but because I wanted a trading method involving less screen time.
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Post by Segwin on May 21, 2016 14:43:07 GMT -5
I spent many years trading harmonics, it made me some money and I still apply some harmonic principles to many of my "Volman" trades. Ultimately, I moved away from harmonics not because it was unprofitable but because I wanted a trading method involving less screen time. Although I look for general patterns I don't think it lends itself well to fast moving scalping especially when you consider how specific some of these patterns requirements are. It does however lend itself more to swing and longer term trading. |
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Post by honestknave on May 21, 2016 17:29:45 GMT -5
I spent many years trading harmonics, it made me some money and I still apply some harmonic principles to many of my "Volman" trades. Ultimately, I moved away from harmonics not because it was unprofitable but because I wanted a trading method involving less screen time. Although I look for general patterns I don't think it lends itself well to fast moving scalping especially when you consider how specific some of these patterns requirements are. It does however lend itself more to swing and longer term trading. For me, in the last few years I dispensed completely with the complicated 5 point 'animal farm' patterns and focused on AB=CD variants within a framework of strength and weakness. I would typically be trading around 300-400 tick charts. I am inclined to agree with you that the patterns have a higher success rate on the higher timeframes, but the higher timeframes were never my cup of tea. |
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Post by Segwin on May 22, 2016 9:51:11 GMT -5
Funny you should mention AB=CD as that is the only one I really keep an eye out for now. Pretty simple to spot and eye for quick measurement.
Animal Farm got a chuckle out of me.
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Post by traderAllen on May 22, 2016 12:56:31 GMT -5
does it answer Where are the buyers? where are the sellers? Where are the trapped traders? A mathematical formula means nothing to the market.
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Post by honestknave on May 22, 2016 13:52:10 GMT -5
I think we'd all be in agreement there are many different ways to prosper from the market.
Volman does actually reference harmonics a number of times - his "trend equals trend" is simply an AB=CD.
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Post by Segwin on May 22, 2016 17:00:47 GMT -5
does it answer Where are the buyers? where are the sellers? Where are the trapped traders? A mathematical formula means nothing to the market. I don't know if I'd paint that broad of a stroke AB. I use Fib lines all the time which hold up and are math based. When all is said and done though S&R are really the only things that matter in a quick scalp. However these patterns occur time and time again with predictable results. Al Brooks speaks a lot about measured legs which show up in the AB=CD pattern. For me it's too much work to try to put them in practice for a 5 minute chart. I also believe that our charts are a reflection of the past. These S&R lines have been fought over many times in the past. A support line for the 80's may still be relevant. Monthly opens etc... Although I haven't looked these patterns most likely show up at the same point in the past. Would make for an interesting study. The Grid Site Index is nothing more than a huge database that tries to predict the future based on the past. As with most things it works until it doesn't. |
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