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Scottcarney

SPX-500 Here we have a very controversial Scott Carney Harmonic Pattern. What just about every trader out there can agree upon is the SPX needs a correction. equities are far too expensive right now and liquidity is almost dried up (if that's grammatically correct). Now based on what method each trader subscribes too is where the punches start coming in. S&R traders criticizing trend line traders, with tend line traders criticizing Fibonacci traders , with them criticizing supply and demand traders. with everyone hating on Harmonic Traders LOL. Lik ei have said previously Harmonics is nothing more than finding support and resistance using Fibonacci ratios, and its not sorcery despite popular belief. I myself am a harmonic trader and here we have a Deep Crab Pattern with it projecting roughly a 8.5% drop; however, what would be nice is a 10% drop. This drop would open up a lot of much needed liquidity in the market make equities cheaper and then the bulls can re-enter. What would be nicer would be a 27% drop, but that might trigger Stonks Armageddon and cause a more drastic sell off, but I believe this type of drop would provide the perfect base for a more stable climb in the future, however, that seems a bit improbable, so a 20% drop will do. The yellow lines are what I hope to see. Happy trading!
OANDA:SPX500USDShort
by ARegularGuy
4
EUR/AUD Bullish Deep Crab So, we have a very nice potential trade set up. this is a nice bullish deep crab pattern with a completion of the PRZ and it respected the zone and came out. price came down to retest it and now we are throwing an indecision candle. what i would like to see is PA to remain similar to what it is at this moment and tomorrow (wednesday) finish off as an engulfing candle for a gorgeous entry. Risking 300 pips to gain 700. Nice 2.5:1 RR. As, always TP is .382 of the pattern and we move stops to BE or a little above to beat swap and let the trade do as it wishes after that! #riskfreeorbust
Long
by ARegularGuy
EUR/ JPY BEARISH BAT Here we have a bearish bat on the daily. Price came up a few dozen pips from the HOP on my pattern and slightly violated the HOP on the automated pattern recognition software. Now, I know I haven't been active lately, but for those who have been following my patterns know I am not a big fan of oscillators; however, we have a double top on the AMP RSI (scott carney's invention) and the HSI is in a divergence, indicated by the yellow arrows. (also another Scott Carney invention. What i would like to see for an entrance is today it finishes as a blue candle to retest the high, then Monday finish as a moderate bearish engulfing candle then Tuesday enter. That's the plan. Take .5 of my position out on the 382 of the pattern and move stops to BE and then let the trade do as it wishes. Half the Profit is better than a full loss. #breakevenorbust
Short
by ARegularGuy
1
GBP/ JPY Bearish Bat Here on the Pound/ Yen, the king of volatility, we have a bearish bat on the daily. Price came up a few dozen pips from the HOP on my pattern and slightly violated the HOP on the automated pattern recognition software. Now, I know I haven't been active lately, but for those who have been following my patterns know I am not a big fan of oscillators; however, we have a double top on the AMP RSI (scott carney's invention) and the HSI is in a divergence, indicated by the yellow arrows. (also another Scott Carney invention. What I would like to see for an entrance is today it finishes as a bull candle to retest the high, then Monday finish as a moderate bearish engulfing candle then Tuesday enter. That's the plan. Take .5 of my position out on the 382 of the pattern and move stops to BE and then let the trade do as it wishes. Half the Profit is better than a full loss. #breakevenorbust
Short
by ARegularGuy
1
Weekly Bearish Special Crab on BTCThe special crab on the weekly on BTC those that extends to the 1902 fib level discovered by Scott Carney ( my mentor). As we can see, this is the first time this pattern is completing so we expect a Type1 reaction to a minimum 382 fib level which is around 22k ish and a maximum 618 level around 15 ish. These markets have been overbought I believe it will continue to the up side if the market breaks above 34800 it’s new ATH. Thank you. Please like ,follow and comment if you find this useful.
BITSTAMP:BTCUSDShort
by saliuokulu
Bitcoin USD Bearish CrabBITSTAMP:BTCUSD BTC/USD is forming a Bearish Crab and is nearing the Potential Reversal Zone (PRZ). This is happening after the formation of the Bearish Gartley failed to reverse (see in Related Ideas). Notice the tight levels of the 1.618 XA projection and the extreme 3.14 BC projection. The Crab pattern is usually volatile in the PRZ so prices might reverse quickly. It would be wise to look for reversal candles on lower time frames. Place stop loss at 2.0 XA projection. take profit at 0.382 and 0.618 AD retracement. Bonus (not in the chart): in a 4 hour and 1 hour chart we can see a MACD divergence - another positive sign that price action might reverse soon. Warning: Point X might be a bit higher (a few days prior to the current X point). If this is the case the PRZ and stop loss will be higher. Let me know what you think. Happy trading!
BITSTAMP:BTCUSDShort
by nadavhurwitz
''The Great Gartley Controversy''Here is a link to Scott Carney's own web-page, supposedly something he has written himself: harmonictrader.weebly.com I want to outline something interesting here. I quote from the article above: '' It is important to note that there are others who have assigned different Fibonacci numbers to the framework of the Gartley Pattern. However, they have used a variety of Fibonacci numbers at the D points, essentially labeling any AB=CD pattern as a Gartley if it completes at a 0.618 or 0.786 without regard for the precise alignment. This has created much confusion among the technical community and it has challenged the reputation of the pattern. '' Before going further into this, I also want to note a key takeaway from this quote. When he says that there are ''others'' who have assigned different Fibonacci numbers to Gartley patterns, he is talking about Larry Pesavento. Before ''The Harmonic Trader'' was released by Carney in 1998, Pesavento had already published books on the subject in 1997. It did not take Carney long to trademark harmonic patterns thus eliminating Pesavento's chances of ever mentioning it again. In the article above, Carney talks about people spreading misinformation, when in fact it turns out he's actually the one doing it. He went on to market it, and of course the brokers loved it! So enough about all this controversy.... Lets look at the chart! Here we see what appears to be a Gartley pattern formation with a completion at the 0.618 retracement! I wonder what Carney has to say about that? Should you wait for the 0.786 retracement to enter as the mainstream harmonic trading strategies suggest? Pesavento simply explained that what we are looking for is golden triangles Carney makes it very complicated. What are your thoughts on The Great Gartley Controversy?? Leave a comment below
BITMEX:BTCUSD.P
by MikulovicFOREX
1
GBP/ JPY (Pound/ Yen) Here on the Pound Yen we have a Nice Gartley Pattern that is formed. The PRZ has been tested and now we are waiting for entry. *** Insert Personal aside here>>> Now, Harmonics gets a lot of slack from the trading community for various reasons, but i still think @ScottCarney is one of the greatest Market Technicians still alive. He was able to study previous writings from W.D. Gann (still one of the greatest ever with one of the greatest track records ever with a year of 490 something trades taken and 490 something trades won like a 2% loss ratio) Elliot, and other great technicians, and create a trading methodology that is pretty accurate if done correctly and has also created much controversy too. I do recognize other systems work as well but Harmonics is what works for ME just makes sense to me.*** Now with every methodology a trade can go in one of three ways up, down, sideways. This pattern has shown us that the PRZ is valid due to the consolidation so we know that the level is valid. The red box is a large candle and our current resistance zone with the Green Zone as our support. I am waiting for the right candle pattern or formation for entry and wil check the oscillators for confirmation. Based on the COT the pound is expected to weaken so if this pattern does present an oppritunity for entry at the first sign of weakness get your pips and run!
Long
by ARegularGuy
Euro/ Pound Scott Carney's/ Divergence Software Harmonic Scanner---Possible Product Review--- Okay, I have some serious mixed feelings today. I dont typically trade on mondays as today is the shake up of the market from the weekend and people's emotions from the market. So, I thought I would buy Scott Carney's harmonic scanner for trading view. the software was very pricey and i honestly had i very high hopes for the software. i wanted to use the software for the smaller time frames like the 1 minute and 5 minute interval as it takes a while to chart the patterns properly just so i could add a few more trading oppritunities to my day. here we have the pattern software pick up a bat pattern on the euro pound. Im very picky about my patterns, especially my anchor legs as those are going to be the frame for the patterns backbone to build off (the abcd pattern). i like my anchor legs to be significant swing high/ low points as they provide great areas of S/R levels as well. the swing points printed on the screen are 27 and 88. that means 13 or 44 candles must print either lower highs or higher lows prior to the swing point and the same after in inverse order as they happened coming up to the swing point. the softwares algorithm is picking up XA points in some random spots which i think is causing alot of the patterns to be invalid before the pattern is even completed. Now, I understand this is Scott Carney's lifes work, trading career wise, and im a self taught student of his teachings straight from his books. i just bought the 3rd volume and it answered a ton of questions i had and filled in a lot of gaps. i wish i had the old patterns i had drawn up previously when i first encountered his work and tried to mimick it on my profile so you can see the progression. so, no way am i saying this stuff is wrong im just saying it seems the software is printing in random spots that seem to fit a coding argument. So, now the pattern. here is a bat pattern with the anchor leg coming off the bottom of brief consilidation period and bit of a over reaching wick For a bat pattern even with the +/- 5% spill over (introduced in his 3rd book) for the "B" point but PA closes above the 50 which is something i started to consider in my trading and was calling those spill over patterns "Dirty," becasue in his previous boks the measurements were to be precise; however, through my own analysis i noticed the patterns i did not chart but later did were successful. So much so it could not be chalked up to randmoization but not freuent enough to be considered a pattern revision. The "C" point is also a bit odd in placement. as you can see in my pattern i chose the higher swing point which in turn when drawing the abc extension it will cast a 1.27 (an alternate abcd pattern ratio) closer to the xa 886 which is also closer to a major support area which could and has served as a great area for PA to rest and rebound off. Overall in the future i will post patterns printed by the software, but only the ones i feel like meet my stringent criteria. Again in scotts older books and videos he strictly says not to trade every pattern, and only trade the best ones and what im going to post are only the best ones on the 60m and higher. I cant post lower than the 15, and i probably wouldnt if i could, because hey i need to keep a little for myslef :P long post im sorry but i hope it was helpful!
Education
by ARegularGuy
2
Pound/ Dollar ***This is an online journal entry.***. As previous entries on my profile i am still learning how to be a Harmonic Trader. I am not a big fan of the crab patterns as they extend quite a bit past the XA leg. Originaly when i started trading patterns I admit i ignored the importance of the AB=CD. But, after reading the Books written by Scott Carney the back bone of all the patterns is the AB=CD. So, now I look for the AB=CD patterns first and then add the "X" leg after I caluculate the AB=CD pattern. Here, we have a Deep Crab Pattern on GU. Today is Terminal Bar Day. So, Next week (around wednesday or thursday) if price starts to move sideways next week and does not blow through the PRZ then we have a nice trade. As with most Harmonic Patterns the TP Targets are based off the CD leg and its the 382 and 50. ***CAUTION*** THIS IS A COUNTER TREND TRADE SO TARGETING A .382 IS TARGET 1 AND (STRICTLY PERSONAL PREFERENCE) 618 IS T2. BREAKEVEN IS WHEN PRICE TOUCHES THE 382.
Long
by ARegularGuy
USDCHF: BreakdownWe have previously caught some decent swings on this pair! Make sure you check the related ideas below. We have a Double Bottom formation on the daily timeframe. The 113% expansion is crucial in a Harmonic Shark Pattern or the Harmonic 5-0 Pattern. Considering the 113% expansion, this set-up could potentially be leading to a bearish shark or bullish 5-0 pattern in the nearest future, while the Double Bottom allows for an aggressive ''C'' point entry. A break above the descending trendline indicates bullish momentum, with the initial confirmation point above the previous high at aprox. 38% retracements. Please dont forget to leave a like and make sure to leave any idea regarding USD/CHF in the comments below Thank you for reading God bless and happy trading!
Long
by MikulovicFOREX