Harmonic trading update 22.07.2009

There has been a nice EUR/JPY 1 h bullish bat pattern I took from 132.39. The wonderful thing about these patterns is that they afford a very tight stop loss (here under 131.85, the low of the bat pattern as you see in the chart). Thats an excellent risk/reward. We also had a bullish 1 h GBP/USD gartley pattern (that was even more reliable with a hourly RSI at nearly 30 level), entry 1.6300, first profit target 1.6385 (hit), 2 profit target 1.6490, both hit! Third harmonic pattern is a butterfly bullish on 1 h USD/CHF from yesterday at 1.0630, first profit target of around 1.0740 is nearly hit (actual price 1.0707).

There is a thread on forexfactory about harmonic trading, who is interested in these kind of patterns and the MT4 indicator, take a look

http://www.forexfactory.com/showthread.php?t=166155&highlight=harmonic+trading&page=6