Risk Management for Harmonic Pattern Trading: The Practical Guide to the Precision Harmonic Pattern Trading by Young Ho Seo

Author:Young Ho Seo [Seo, Young Ho]
Language: eng
Format: azw3
Publisher: http://algotrading-investment.com
Published: 2016-11-09T05:00:00+00:00

Regardless of the turning point scenarios, the risk formulation with the Pattern completion Interval can help traders to precisely form stop loss and take profit levels within the confined price and time space in your chart. At the same time, the price can move much quicker within the confined price and time space. Some discipline must be accomplished to master the Harmonic Pattern trading in practice. Harmonic pattern trading is not a bulletproof technique. Practically, many times, you will observe that harmonic pattern can predict the insignificant turning point. This means that the reaction at final point D is not significantly large for us to take the profits out. Sometimes, the final point D can be totally ignored by the market and price can just pass through the final point D without making any turning point. For this reason, you have to try to enter the market when there is higher chance of success. In general, you should not rely on harmonic pattern alone to make your trading decision. You have to make use of secondary confirmation with other technical analysis. It is advantageous if you can read the fundamentals of the market but it is not compulsory though. However, for the healthy growth of your trading capital, the right risk management should be in place without exception.

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