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 drawn by the software opened panoramas in my mind. It now all seemed so clear.
I had been struggling a bit in Harmonics because there are so many so-called experts out there who have muddied the waters on harmonic trading. They’ve basically invented their own criteria from personal experience and their methods conflict with each other in parts.
When you see FormationSeeker in action, there is sudden clarity! The software focuses on the criteria known to Scott and targets price movements brilliantly. It doesn’t seem to care what structures are in the way, so long as the pattern is formed. And when you sit there for hours studying from 1 min to 4 hour charts, you are shocked by how price moves away from key points of potential reversal. Of course, patterns do not rule the markets – and for sure a percentage of patterns do fail. However, harmonic trading is not simply about patterns – and it’s not about ‘what percentage of patterns fail’. [All screenshots below are clickable for a much larger view.]
What’s also shocks one’s system is to see how the patterns are valid across a wide range of instruments: forex, stocks,commodities and indices (GER30, US30 and others). You might be tempted to ask, “How does Scott or the software know that price will reverse, and how far?” From the uninformed, it’s a rather simplistic question. Scott nor the patterns can ‘know’ what’s going to happen across such a vast range of markets – across all time frames. It is about the mathematics that underlies chaos and the hand of ‘God’ (for those who believe in Gods). No – I’m not suggesting Scott knows what God will do! The methods he uses spots the patterns of God’s hand and probably the the ghost of Fibonacci at work – metaphorically speaking.
It is about understanding Fibonacci, Relative Strength Index (RSI), how the patterns are formed and how markets react (among many other things). No – you do not need to do the math to understand all this. But one does need much experience on how it all works.FormationSeeker is not merely a signals platform. That may be the perception amongst the inexperienced. Some so-called expert actually use harmonic patterns rather closely as ‘signals’ – though they themselves may not believe that. The software does not ‘tell’ you when or how to enter a trade – so this is not a ‘see the D-point and set a stop or limit order’ as many so-called experts do out there on the net. This is about understanding what the software is showing you, assessing the Potential Reversal Zone (PRZ) and making sound structured judgements. The software certainly helps. It isn’t a substitute for sound training and experience.
This is an amazing tool for enhancing competence in trading harmonic patterns. Scott Carney has generously shared his knowledge on YouTube, Twitter, Google+ and Facebook. He focuses much on how to assess probably the most important part of harmonic trading i.e. assessing the PRZ. This is where it is decision-making time. This is where price may or may not reverse, even if the pattern shows potential. The PRZ is where entry points are decided and this is where sound judgements must be made. The software is not a substitute for human judgement and decision-making.
It’s like an electrocardiogram (a tracing of the heart’s electrical activity) – often called an EKG or ECG. The instrument does not make the diagnosis of a heart attack! Computerised versions of EKG may signal that there is a heart attack but a doctor (a human) is needed to make that final decision on diagnosis – and whether action needs to take place. The latter is about real knowledge, skill and experience.
FormationSeeker and related recent videos bring home the point that Scott made in Harmonic Trading Vol 1, that finding the pattern is only half the job. There are several key operations and decisions to be made about price in the PRZ. When you stare for long periods at FormationSeeker, you gain a better depth of understanding of what Scott was trying to get across in chapter 9 onwards in Harmonic Trading Vol 1. Sure enough many traders are profitable even if they do not pay as much rigorous attention to PRZs but unknowingly to themselves, they may not be getting their full chunk out of the markets.
Newtrader fully endorses FormationSeeker. All new and seasoned traders should without hesitation take advantage of the free login at the moment. This will not last forever, I doubt. The learning and the potential earnings make it excellent value, as a paid package. What are you waiting for? Go get it!! Now.
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