Get started

Terryharmonic

RSI Bamm on USDCHF - What does it mean?Hey traders, my last post on RSI had alot of subscribers asking me questions. This post will be about the RSI bamm again. Take a look at the H4 chart of USDCHF. Configure your RSI, 14 days, 30 oversold , 70 overbought. You can see that there is a M structure that completed at the overbought area of the RSI. This usually means that the trend has not ended and it will likely continue to go up. In situations like this, I will personally not trade on any bearish patterns as the trend is very very bullish. I will go down to the h1 or m15 timeframe to find patterns to go long with the trend. In this example, I spotted a AB=CD completion around 1.0080. I also use a simple moving average band of 34 high and low to tell me when is a good area of support. EP: 1.0080 SL: 1.0050 (30) TP: 1.0160 (80) This will likely happen soon, will enter when I see a rejection or doji candlestick at 1.0080.
Long
by TerryHarmonicTrading
2
EURUSD - Why I will not buy this Deep Gartley?Hey traders, just an update on EURUSD this week. On the daily chart, I am sure many traders spotted this Deep Gartley (AB=CD pattern completed beyond 78.6) These are the reasons I will not go long on this pattern. 1. Put in the parallel channel, it is in the middle of nowhere 2. RSI no divergence 3. PRZ bashed through without hesitation What's next? As with all failed Gartley patterns, it has the potential to become a crab pattern which will complete much lower around 0.9872. (161.8 XA). Euro and USD is almost guaranteed to reach parity, this is scary. Good for US citizens to go on a holiday too, bad for all other countries including where I am from, Singapore. Meanwhile, use simple moving averages(I use ema 34) to keep shorting Eurusd on every retracement, I am currently holding a short on GBPUSD which I expect it could reach 1.2150. Good trading guys!
by TerryHarmonicTrading
1
SGDCNH - 5-0 pattern setting upThis is a currency pair that I hold close to my heart. As someone who travels to Shenzhen china almost monthly, I am pretty interested to put what I learn into good use to gain an advantage in life. I change SGD to CNH every single month. Keeping this post short, I am expecting SGDCNH to go down to 4.7 before rebounding. For those of you who are planning to visit China in the next few months, I will suggest either changing more CNH this month or wait until it rebounds from 4.7,completing a 5-0 harmonic pattern before it charges towards $5. Do not change your sgd to cnh when it is around 4.7, either change it early or wait to change after it rebounds. I cannot predict how long it will take but my conclusion is I will see the SGD weakening against the CNH over the next few months.
Long
by TerryHarmonicTrading
Gold - What is a RSI bamm? How to trade it?Hey guys, after an uneventful 2 weeks, I am hoping next week the market sets us up with some quality harmonic patterns. The top of my list for next week is gold, where I see a bullish bat completing with a few other key criteria. 1. RSI Bamm present, W structure at oversold, retest the 50 lvl and now back at oversold 2. Bullish bat completes at channel extreme I will monitor the H1 chart for a double bottom/ rsi divergence before I go long on it. I seldom trade Gold, but when I see a good setup I will take it. Do not use a pending order, wait for the clues I shared above and enter with precision. Good luck and good trading guys! Will be glad to explain anything.
OANDA:XAUUSDLong
by TerryHarmonicTrading
22
AUDNZD - Shorting a shark at top of daily rangeHey guys, the US election is over. Time for the markets to move more swiftly now. I am looking at AUDNZD for next week. I see a bearish shark completing at the top of a daily range around 1.0750 - 1.0760. I will be monitoring for divergence and RSI overbought condition around that zone before I go short. Ideally, price should reject that zone, come down and retest it one last time before dropping. The levels are on the chart. EP: 1.0750 SL: 1.0820 (70) TP: 1.0370 (380) My advice is not to use a pending order, will keep you guys updated!
Short
by TerryHarmonicTrading
EURAUD - No shorts before it hits 1.4790Hey traders, this is my updated view on EURAUD. Last week, I posted a bearish shark which completes at 1.46. Over the weekend, I re-analyzed my charts and realized that a better shark completes around 1.4790 instead. This better chart aligns much nicer with the H4 equal distance channel (Parallel channel). We will be in for a volatile week ahead with the US presidential election, I will always favor the bigger TF patterns over the lower TF patterns to be safe. Watch for price to hit 1.4790 -1.48 before thinking of going short on this. Do not enter with a pending order, this setup might not completes this upcoming week, it is totally fine to be patient. EP: 1.4790 SL: 1.4850 (60) TP: 1.4510 (280) Will keep you guys updated in this space here. Thank you for reading my postings.
Short
by TerryHarmonicTrading
1
EURAUD - Shark long before shark short?Hey guys, it has been a tough start for me in Nov, got hit by 2 losses so far. Today, US election will be over in a few hours time, hopefully trading gets smoother after election. Over the weekend, I talked about selling EURAUD around 1.4790, price still has ways to go before that happens. Right now, we are actually close to a potential long before the longer term short. As this is a counter trend trade, I have to be patient. The 1st test of this zone is too risky for me to go long yet. Will be looking for a double bottom with bullish RSI divergence before going long around this PRZ zone 1.4120 -1.4130. Will keep you guys posted.
Long
by TerryHarmonicTrading
2
AUDCAD - ABCD completion around 1.0350Good morning traders, I am currently doing my trade plan for this week. Will be posting it up when I am done with it within the next 2 hours. Do look out and download it if you find my trade setups posted here useful and beneficial in your trading. I see a daily ABCD completion on AUDCAD. Do not attempt to short this pair unless it challenges the zone I highlighted on my charts. Will not be using a pending order to enter, I want to see some form of false breakout with RSI divergence before I will enter short. Will keep you guys updated live here, stay tuned!
Short
by TerryHarmonicTrading
3
AUDUSD - What is a Harmonic Breakout?Hey guys, just sharing some stuff I learnt from Scott. This is an example of a bearish shark setup on AUDUSD. It has perfect confluence at 0.7645 with a 113 and 1618 fib confluence. I missed the 1st opportunity to sell last Friday and I have been patiently waiting for a retracement for a type 2 entry. I would have hit SL on this trade if i executed this trade using a pending order. When I started trading Harmonics many years back, I used to just execute my trades by using a pending order which I learnt from Jason Stapleton. It led to a less than 50% winning rate for me for many years but I was still able to squeak out some profits as I enjoyed a couple of excellent risk to reward trades in most years. After meeting Scott Carney this year, I managed to fine-tune my trade execution to avoid losing trades like this. This is what I do now. 1. 90% of my trades are now market orders, only 10% of my trades are executed with pending orders. 2. Always draw my big ED channel on the daily/h4 timeframe, I only execute trades which are near the extremes of the Ed channel. 3. Your setup should be aligned the the ED channel. Sloping down? Look to sell. Sloping up? Look to buy. 4. I like to wait for RSI divergence confirmation at the PRZ before executing my trades. 5. This enabled me to improve my winning % to more than 60% over the past 3 months. What is a Harmonic breakout? This was mentioned in Vol 2 of Scott's book. Harmonic breakout is when the PRZ of a harmonic setup is being broken out strongly within one or a few candlesticks. This signifies that the market is no longer respecting this PRZ zone and it wants to go further. I expect AUDUSD to challenge $0.77 in the upcoming days/weeks after this breakout is completed. That is where the daily ED channel extremes are and I will be looking to take some sell trades if there are patterns completing at that area.
by TerryHarmonicTrading
14
NZDJPY - How to use ED channel to increase your winning % Hey traders, I am sure many of you guys trade Harmonics here. Just sharing a simple setup which I have used to increase my winning % in trading Harmonics. I learned directly from Scott Carney and I am more than willing to share whatever he taught me. 1. Draw an ED channel in the H4 or higher setup. 2. If channel is sloping down, look for bearish harmonic patterns to sell near extreme of channel. 3. If channel is sloping up, look for bullish harmonic patterns to buy near extreme of channel. 4. Before execution, always watch out for RSI divergence at PRZ. 5. Limit use of pending orders to less than 20% of your total trades *** (Most important) For this NZDJPY sell setup, it fulfilled all the items on my checklist for a good sell opportunity. I will monitor RSI for divergence when it reaches my PRZ. Most importantly, no patterns no trade! EP: 75.25- 75.35 SL: 76.40 (115 pips) TP: 73 (225 pips) Also, take note that Cypher is not a authentic pattern from Scott Carney, stick with the Shark pattern at all times! I will be more than willing to answer any questions you have as the Shark pattern is my #1 favorite pattern to trade!
Short
by TerryHarmonicTrading
18
How to trade AUDUSD with Harmonics after NFP?Hey traders, today I will be sharing I will trade the AUDUSD after NFP. Next week there are 2 key pieces of news. (GMT +8) 1. China trade balance results on Tuesday 2. US presidential election on Wednesday I do not have the magic ability to predict news results, I just tell myself that the market will move quite alot these 2 days. The charts are telling me that AUDUSD is in a triangle range. If early week, AUDUSD falls and breaks below 0.7660, it is likely to drop to 0.7550 to 0.7560 to complete a Gartley pattern. That is where I will watch it more closely on a potential entry if it fulfills 1 or both of the following criteria 1. RSI divergence around entry zone 2. Candlestick reversal The levels I am likely to execute my trade at EP: 0.7555 SL: 0.7480 (75) TP:0.77 (145) I do not use pending orders. Will keep you guys posted when I execute my trade. Hope you find this information useful, please fee free to drop me any questions.
Long
by TerryHarmonicTrading
CHFJPY - Bearish Shark short just above Oct highHey guys, just an update on CHFJPY. I am watching this bearish shark short just above Oct high around 106.70- 107.80. This is not the best kind of setup as I could not draw any ED channel on it. However, I am predicting a false breakout on this pair where I can short with confidence. These are the criterias I will monitor before entry 1. RSI divergence 2. Candlestick reversal at PRZ Good trading guys, do not short too early. Will keep you guys updated!
Short
by TerryHarmonicTrading
12
GBPUSD - Bearish Shark short at 1.2270Hey traders, we have an opportunity to short GBPUSD next week. On H4 , we are shorting near the extreme high of the ED channel. On H1, we see a bearish shark completion around that level. Also, we the level I am looking to short just happens to be at last week's high. With all these factors in place, I want to monitor the zone between 1.2260 - 1.2270 for a potential short. I will not use a pending order and I will be looking out for the 2 criterias below to happen before going short. 1. RSI divergence at PRZ 2. Candlestick reversal in in zone Will keep you guys posted when it reaches my zone. Already set an alert on tradingview to update me when it happens.
Short
by TerryHarmonicTrading
12
USOIL - Inverted HNS pattern at channel extremeHey guys, I seldom trade oil, but I do see a good setup coming up on it. Oil is trending up. It is close to the extreme low of the ED channel. I see a potential HNS completing in H1. This will be the levels I am watching. EP: 50.35 SL: 49.60 (75) TP: 52.40 (205) Again, I hope to see some reaction at my entry zone before I enter. Do not use limit orders. The 2 more common reactions that trigger me to enter the trade is 1. Pin/hammer candlestick pattern at support/resistance levels 2. A break below that level and an immediate regret moving back up above it, usually within 2-4 candles. That's it for USOIL guys.
TVC:USOILLong
by TerryHarmonicTrading
CADCHF - Look out for this before selling!Hey guys, am watching CADCHF closely for the next few hours. I see a bearish shark completing at the extreme of a daily down-sloping ED channel. This is a perfect setup for me. Next, I will monitor some form of RSI divergence upon retest/rejection of 0.7570-0.76 before executing my short. Trade will be invalidated if price just break above this zone convincingly. If this trade gets executed, this will be the ideal levels. EP: 0.7570 SL: 0.7630 TP: 0.7350
Short
by TerryHarmonicTrading
11