Year: 2015

 

A big thumbs up for FormationSeeker!!

FormationSeeker is a revolutionary resource for all traders. Scott Carney, the renown  brain behind discovery and development of some harmonic patterns has been a driving force at FormationSeeker. FormationSeeker runs web-based software that picks out harmonic patterns consistently, matching much of  the knowledge, skill and experience of Scott. I first logged in for free on FormationSeeker and it simply blew my mind!! Having studied much of Harmonic Trading Vol 1 and 2, the patterns drawnRead More

Separating missions, strategies, methods and goals.

In trading circles many new and seasoned traders use the words (or similar): strategy, method, targets, goals. But what do they actually mean? How do they all fit together? How are they organised? (see mindmap below). In this post I take the concepts apart and put them back into some sense of organisation. Some have confused and conflated strategies and methods – and have lost track of the ‘Grand Mission’.  Some seem to take theirRead More

Mindsets

Today I was chatting online with another trader and attempting to show an alternative way of taking a chunk out of the markets. You might think that there would be great interest in that. However, this trader said to me words to the effect that a new strategy meant a new mindset – and in a nutshell s/he doesn’t care about what I was showing. In other words s/he only cared about their own ‘strategy’. Read More

Synthesis

What do I mean by ‘synthesis’? It’s about putting things together. Jeeeez – is that such a big word? So the pic below represents the result of synthesis. Synthesis of what? The method of binary options and harmonic trading principles. Huh? With Binary Options you only need price to stay away from your entry point to make some dosh. If going long price must stay above your entry – if going short price must stay less thanRead More

Weapons hot

The following chart is pretty busy – but don’t go crazy with all the lines. Just follow the numbers. What’s happening here is that I’m looking back in order to look forward. The indicators have been used to better see what happened and how I may approach similar setups in the future. I’ve basically combined various ‘weapons’ from my arsenal to attack the chart. [click chart for much larger view]     DISCLAIMER: The informationRead More

What people want – and why they won’t get it.

The more I study the true experts at financial trading the more I discover some common themes: 1.They struggled initially. 2.They failed repeatedly. 3.They never gave up. 4. They learned from painful mistakes. 5. They put in crazy hours over many years training their brains. 6. In summary they shared some ‘core psychological characteristics’. Warning  – this is a long one, so if you need to bathe a dog please do that first. Look, ifRead More

What about Binary Options?

Binary Options (BO) trading is another way of making a few quid. It’s far simpler than spreadbetting in that you don’t need to set stop-losses or work out risk to reward ratios etc. [Please note our SYP.] The basics of one type of BO trading is this: 1. You decide if you’re going to bet if price on whatever instrument will end higher or lower than your entry point. 2. You place your bet. 3. YouRead More

Skill acquisition and training

It has been on my mind for some time, how new traders develop in their acquisition of skill. There are several different models out there on the net, not specific to traders but quite applicable. In the diagram below I present the Dreyfus Model of Skill Acquisition (adapted from Wikipedia) I think this is important for the following reasons: New traders can benefit by self-reflection by placing themselves at various stages of development. They seeRead More

Harmonic trade – practical aspects

The trade in the annotated chart below shows how a Cypher pattern was spotted and trade taken to successful completion. Full credit is given to Alexander Nikitin from Tradingview. Big thanks is given to Alexander for his fine and generous work. This trade was live earlier in the day. I had questioned whether the D point met the Cypher criteria. Alexander explained the situation very clearly – and the relevance of the D point isRead More

Harmonic Pattern Sifting

Harmonic patterns are often referred to as ‘advance patterns’. This article does not go into the historical basis or evidence for the foundations of their use. There have been numerous statistical analyses of how these patterns can predict price action. No evidence is supplied for the latter. It is for traders to direct themselves to find these things. In this post the Harmonic Pattern Sifter is presented (without warranty). This tool is an algorithm thatRead More