A nice early morning trading by David on EURJPY - combining Harmonics: White Swan with A 121 for a high-probability trade.
This is what happened next, after the post with the AU possibility on Friday - quite a gap open, more or less to where we thought price would go to ... and then beyond for some bonus pips ...
The latest incarnation of the Harmonics Indi has just been uploaded - this version can read from a CSV file, allowing you to add, delete or change any patterns. I hope you find it useful ...
Here's a possibility for AU today - time will tell. The combination of eWaves counts and certain harmonic patterns, provide the confluence to trade reversals with confidence. The picture speaks a thousand words.
I've amended the Snorm Harmonics indi (v1.1) to include a 'fudge factor' - basically a percentage allowance on the min and max criteria, for when the pattern is nearly there but not quite.
Personally I'd prefer to only have patterns that meet the exact rules but others would rather be more liberal with their ratios.
This version also has a re-ordering of some of the patterns. The previous version found patterns with a wider min/max leg range before patterns with a limited range (the code stops looking for a pattern when the first one is found).
Let me know if you find any bugs or want more features. I'm planning to create another version that will read from a CSV file, so you can add new patterns or change the min/max values yourself.
Harmonic patterns provide the best trade set-ups when the right pattern appears in the right wave. This example from AU, before and after NFP release, gives a taster.
Current counts and possible outcomes on three of our favourite pairs. You'll note that we have bullish and bearish outlooks, depending on how the wave count unfolds.
I've spent the last few weeks creating this indicator because I'd prefer to plot the harmonic patterns myself, where I think I see them in the appropriate wave, as opposed to using indicators that seek them out for you.
Snorm Harmonics is available free of charge, following the lead set by the authors of ZUP and KOR. Nen has done a sterling piece of work with ZUP and Stas, aka Col Poruchik, has selflessly given countless hours to the support and tailoring of ZUP. As such, it just wouldn't be right that I charged for the indicator.
Many thanks to David, aka Indureitor, for all his research into Harmonics, helping to define the pattern variables and testing of the indi. Many thanks also to Stas for his valuable contributions that lead to the development of this indi and his contributions to the Forex world in general. We hope to add more patterns in due course - watch this space.
PS. I decided to create this blog to allow for easy commenting and contact (I'm still having problems with my email SP in the Contacts Form). So feel free to comment ... if you have anything nice to say of course ...