Famous Myths and Legends about Forex Trading
March 4, 2024
Forex traders aim to profit by buying currencies at low prices and selling them at higher prices. This type
Harmonic Pattern
They are 5-point reversal patterns that contain specific percentages of Fibonacci retracements and extensions to be easily identified and that each has a specific shape and structure to build and the next price movement can be expected in order to turn these models into profits and provide us with visual events that It tends to repeat itself over and over,
it can be difficult to identify harmonic patterns with the naked eye but once a trader understands the structure of the pattern it can be easily spotted by Fibonacci ratios and the harmonic can be used in combination with other indicators such as CCI, RSI, MACD, the patterns work on all time frames,
And there are Two types of models:
🔸 5-point corrective patterns such as: Gartley Pattern and Bat pattern
🔸 5-Point Extension Patterns such as: Butterfly Pattern and Crab Pattern
🔸 5-point corrective patterns such as: Gartley Pattern and Bat pattern
🔸 5-Point Extension Patterns such as: Butterfly Pattern and Crab Pattern
There are a variety of harmonic models, 5 models will be identified:
🔸Gartley Pattern: It is one of the most widely traded harmonic patterns and can be applied to many markets and time frames, and it is a 5-point retracement pattern.
🔸The Bat pattern: The Bat pattern is a very accurate pattern, requiring a smaller stop loss than most patterns.
🔸Butterfly Pattern: A perfect harmonic butterfly pattern should have a specific alignment of the different Fibonacci scales at each point within the structure.
🔸Crab Pattern: It is one of the most accurate harmonic patterns, it provides a pattern of price reversals that is closer to what the Fibonacci numbers indicate.
🔸Cypher Pattern: It is not considered one of the famous and widely used trading patterns among traders, it consists of four separate bars representing price movement, with specific Fibonacci ratios.
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