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Terrytan

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
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
EURUSD - Why I will not buy this Bat pattern!Hey traders, just sharing some experience I have trading harmonic patterns for 6 years now. This is a example of a trade setup that I will not take. We see a nice bat pattern completing around 1.10. 1. Nice round number 2. Great pattern But no thanks! I have learnt that taking trades only at the extremes of a H4 parallel channel increases my winning % dramatically. For this setup, the channel is sloping down, it has not hit the extreme. Even if this is gonna turn up, it is likely gonna be just a small reaction instead of a big reversal. Be selective, trade well and I wish those who took this trade good luck!
by TerryHarmonicTrading
20
AUDJPY - Bearish Bat at top of ED ChannelHey guys, am currently watching AUDJPY. I am interested to go short on this pair. It has bearish bat pattern completion and it is at the top of my drawn ED channel a.k.a Parallel channel. EP: 78.70 SL: 79.40 (70) TP: 76.50 (220) If you are already took position on EURJPY idea posted early week, I suggest to keep this position to half your normal risk exposure. (1% max DD for me) NFP will happen tonight, if you do not mind trading the news, you could consider this as a trade idea. Good luck and great trading!
Short
by TerryHarmonicTrading
16
GBPUSD - Weekly Chart AnalysisHey guys, this analysis is done upon request from some of you. I will highly suggest not trading the pound for the next few weeks. No clear direction unless I zoom all the way out on the weekly chart. This is probably a timeframe that most are not accustomed to trade on, stops and targets are huge! Just sharing my view. If the pound does a fierce deadcat bounce from 1.24 to 1.35, that is where probably you could execute a trend continuation trade to continue shorting it. In the shorter timeframe, I don't see any setup that I can execute on, highly suggest for you to look at my other trade ideas to trade on. Have a great weekend guys!
Short
by TerryHarmonicTrading
5
EURUSD - Bullish Gartley Setting UpHey guys, this is probably coming in a few hours or for poised to complete early next week. I see a bullish gartley completing on EURUSD. This is a great gartley because of a few reasons. 1. Perfect confluence of XA and BC fibonacci 2. Perfect AB=CD pattern completion 3. Good support trendline that can validate that zone as a good support zone. I will monitor candlestick reversal and RSI oversold condition to execute my long.
Long
by TerryHarmonicTrading
1