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Harmonic Pattern Plus MT4

Chris Moris | Published sun Jun 25, 2017 11:35 am

Introduction to Harmonic Pattern Plus

Harmonic Pattern Plus is a Harmonic Pattern scanning software designed to work in MetaTrader 4. The purpose of the Harmonic Pattern Plus Software is to identify the turning point (or the trend reversal point) of the current trend by detecting the harmonic patterns with high prediction power. Harmonic patterns are made from multiple lines joined with significant Fibonacci ratios such as 0.618 and 0.382, which are used by many professional traders to gauge the price breakout level. 

These harmonic patterns repeatedly occurs in the financial markets and the big trend reversal often follow after these patterns. These patterns were proven to accurately identify the turning point by many professional traders for more than 50 years. Also many statistical studies show the significant prediction power of harmonic patterns too. These patterns work well in the Forex Market and the risk reward ratio is great. The software has many useful features for full time and part time Forex traders. This type of a tight risk controlled trading style is also suitable for investors with serious money.

Main Feature of Harmonic Pattern Plus

Note that each Harmonic pattern, channel and Fibonacci retracement level are independently built into the software. Therefore, you can switch off any of them if you don't want to see them on the chart. Also each variable description can be read from the indicator property window. To use the email notification, you need to enable the email notification in your MetaTrader 4 terminal. There is a good article on how to set up your email account with MetaTrader 5 terminal at https://www.mql5.com/en/articles/80.

Other Useful Information about Harmonic Pattern Plus

How to use Harmonic Pattern Plus for your profitable trading

There are many different ways to trade using Harmonic pattern. Normally when the pattern is formed, you can take a quick profit first and then exit. In the second entry, you will use moving average and you will enter the market when more solid trend is formed. In your thrid entry, you place multiple of orders according to moving average signal as the trend is developed and in this timing you will use the momentum strategy to catch the large trendy movements. For a good rally market, you will have a chance to place your orders for first, second and thrid entries. This will give you an opportunity to buy on the very bottom and sell it on near the top. You are supposed to attach this "Harmonic Pattern Plus" software to multiple of charts. I personally attach this Harmonic Pattern Plus indicators on 30 different hourly and 4 hourly charts and wait for the good signals. I get notified even I am outside as the "Harmonic Pattern Plus" will send you email for newly formed harmonic pattern. You will get at least more than 5 trading opportunities a day. If you want to find out more about how to trade using harmonic pattern, please send me a private message. This is a great trading strategy and even beginner can use it well.

Information for beginners: what is Harmonic Pattern?

Harmonic Pattern was first used by H.M. Gartley and the Gartley pattern was introduced in his book "Profits in the Stock Market with Charts" in 1935. Since then many professional traders improved and found other profitable patterns. Another useful source for harmonic pattern trading is the Scott M. Carney's book, Harmonic Trading (Profiting from the Natural order of Financial Markets). Each harmonic pattern consists of many lines joined by Fibonacci number. Therefore the harmonic patterns are considered as natural representation of trader's reaction and reflection of trader's psychology.

With the observed statistical significance and with the proven profitability by many professional traders, you should be very attentive when the harmonic pattern is formed in your chart. The harmonic pattern will provide the good turning point (trend reversal point) providing you the opportunity to enter the market a way quicker than other traders. Therefore your reward is often far greater than your risk. The Harmonic Pattern Plus software can detect most of known Harmonic patterns discussed by many professional traders and currently 9 different harmonic patterns can be detected using Harmonic Pattern Plus software. These 9 different harmonic patterns were selected by author as they tend to outperform other patterns, as well as they have longer history than other patterns. The 9 harmonic patterns are:

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