Will post my on going trades this evening when I get back from work. My methodology uses a combination of harmonics, median lines and support/resistance points with occasional classic pattern trades.
In the mean time let's discuss prz confirmation. Here is one of the method I use for patterns not confirming to my trading plan. In other words if the trade does not conform to harmonic measurements but cd waive terminates at prz zone i use 123 reversal for confirmation. What we essentially wait for is break of trend in a in cd leg, correction and retest of CD high with failure (LH) and break of lower low of the retest. Will enter at the break with stop at slightly above cd leg. Our target 1 is 100% of risk and target 2 is 200% of risk. Stops move to BE on target one. We can also use measured move objective to set uor targets. See image.
123 can also be used to trade break of b leg aka BAAM trade.
Indicator used, CCI strictly for divergence spotting.
http://www.trading-naked.com/images/...p-reversal.png
In the mean time let's discuss prz confirmation. Here is one of the method I use for patterns not confirming to my trading plan. In other words if the trade does not conform to harmonic measurements but cd waive terminates at prz zone i use 123 reversal for confirmation. What we essentially wait for is break of trend in a in cd leg, correction and retest of CD high with failure (LH) and break of lower low of the retest. Will enter at the break with stop at slightly above cd leg. Our target 1 is 100% of risk and target 2 is 200% of risk. Stops move to BE on target one. We can also use measured move objective to set uor targets. See image.
123 can also be used to trade break of b leg aka BAAM trade.
Indicator used, CCI strictly for divergence spotting.
http://www.trading-naked.com/images/...p-reversal.png