Harmonic pattern, like Gartley pattern, butterflys, crabs, bats etc. are one of the most reliable pattern, although more unknown than common pattern setups like head-and-shoulder etc.. Lately i traded two of them and the examples are shown above. The first is a daily/4h usd/cad bearish crab, established 08.07. I actually closed this position with over 500 pips profit before the first profit target at around 1.0970, because the 4h RSI is extremely oversold and the choppy market conditions this week are likely to continue. The second example is a cable 15 minutes bullish crab, taken today and already closed for 100 pips profit again before reaching the 1.profit target 1.6370 to take money from the table before the weekend. These kind of pattern occur quite rarely, but if they do they show a more than 75 % successrate and, whats more important, have an excellent defined SL and TP setup.
I am planning to create a trading journal on fxstreet or forexfactory about harmonic trading, with harmonic and platonic patterns in the near term. As far as i know there is no journal about platonic pattern and i am working on this issue for quite some time.
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