Harmonic Trading

Discussion in 'Trading' started by Vespasian, Sep 28, 2009.

  1. Can I get some feedback on anyone that's studied these patterns and specifically Scott Carney's books on the subject.

  2. I traded with ZigZags and Gartleys for a moment in time. They gave me a lot of false signals as they would repaint.

    They are good at training your eye so that you may find the 50% retrace, the patterns pop out of the chart at you without having to draw them after a while.

    They work ok on longer term charts.

    I found trading daily pivots a better choice, but to each his own.
  3. Harmonics are very helpful when you are trading at a multiple of the observable market's capacity. It is not a problem commonly encountered.
  4. SK0



    is this the same even harmonic and odd harmonic you used to talk about?

  5. Mach4-1


    Of course Vespasian, after all, you asked did you not, and when someone asks then one should respond.

    This book is a little bit influenced by previous books on the subject of pattern recognition - most of which are of very limited value.

    Take the Aussie - the one who came up with the wavetrader way to crack the ES, I even heard of it called the way to pick "falling apples off the ground" - but let me now say in all honesty that as usual, most of it was, is, and will always be nothing more than wishful thinking - aka - pure and utter rubbish.

    I am being serious here now, not the father jack me - so read what I say with intent!

    Whilst waves and patterns do indeed appear - to think that, just because a pattern is forming, it will complete itself to the near exactitude that they all say - well - is nothing more than fools gold.

    Taking money from others, will depend on several things - the main one being control - if control is not possible, then the odds are automatically stacked against you - so - in this instance you have no option but to trade a lot smaller size.

    But - when in full control - the whole scenario is turned upside down - and now - if you but understand what the "right time" means - then you will quickly see the reason why most of it is pure and utter rubbish.

    I hope this is very clear, as it is to me and a few others that have been up and down enough times to see what really makes the difference - and it is not a beautiful butterfly - or anything like that - really!

  6. Mach4-1



    I am a bit surprised, as I thought you had a good deal of trading experience - but after looking at just one more of your posts I can clearly see that you have not!

    So, if it be so, say so - do not try and be what you are not, as it will serve naught but to keep you where you are.

    Looking without is not where you will find the key - but looking within without some basic understandings is also nothing more than a total waste of time - for why do think so many never find the real secrets to trading profits!!

    There are but a limited number of ways to trade the markets for big gains - which is what it is all about - and before one can master these limited ways they must first gain the required experiences to "harden the resolve" - so as to speak!

    I know absolutely nothing about trading - and I plan to keep it that way:D

  7. 5 years enough for you lol.

    I became profitable by keeping an open mind to everyone and everything and then eventually figuring out MYSELF (a work in progress).

    I think that we as traders need to keep our minds open to all tools that could potentially help us to do our job better.

    I was intrigued by the ET poster Wallace to investigate this material and when I found out it was all mostly price action based I was more seriously interested.

    I'm hoping to find some traders that have read the books and can comment on the material specifically.
  8. Mach4-1


    Ok V,

    I was wrong again, but being wrong never bothers me one little bit:)

    FWIW, I think that putting emphasis on what others write is nothing more than a total waste of time - go with your own gut feeling derived from your own experiences, and you WILL do a lot better than trying to see what others think they see!

    Happy trading!