Friday, August 10, 2018

Harmonic Pattern Re-Update System

The search for most suitable system sometimes is very complex and time consuming. I still have the mentality faith to avoid trading breakdown is to trade multiple pairs. Sadly the Harmonic Pattern become less and less important. The only reason it is still using is to avoid the over trade.

I know experience with conventional indicator to mapping price movement:
1. Harmonic Pattern
2. Moving Average
3. Pivot Point
4. Multi Time Frame Stochastic
5. Longer Time Frame TDI
6. Multi Time Frame RSI and ADX
7. ADR
8. London open Breakout
9. Fibonacci
10. Heikin Ashi
11. Trend reversal EA that I used for filtering the pattern

These are the steps to analyze the trades:
1. Run the Harmonic Scanner during London Market open
2. Check incoming economic event
3. Filter the best pattern with EA trend reversal
4. Wait for the signal to emerge from crossover
5. Enter the trade when it happened
6. Insert SL and TP based on Moving Average and Pivot Point
7. Watch the trade for a potential to averaging up
8. Wait the price to hit the target or just leave it

Other ideas is trade the No Pattern pairs for Follow The Trend Strategy. The trade is based on waiting the price to pullback then enter. Without Harmonic Pattern emerge maybe the resume trend has bigger chance.

Next trading idea is to compare correlated pairs to measure the strength and weakness with stochastic. This is important to follow the trend strategy.

So far the system has good result. I manage to return the losses from last trading session. The London Open Trading is a very great idea that I want to focus more on this.

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