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(More customer reviews)This book was written to clarify and specifically define the chart patterns used in the Harmonic Trading methodology. These chart patterns use Fibonacci analysis to find price structures that could signal reversals of trends. The author says that these patterns require active management like all trading.The trader must take entries at the reversal confirmation and stop losses if the pattern reversal is not profitable but reverses and continues the trend. This book is an introduction to the Harmonic Trading methodology with pages of chart after chart of real life examples of the Bat, Crab, Butterfly, AB=CD pattern, and the Gartley. The patterns are measured precisely using Fibonacci alignments. This book is a counter trend trading book using price action only to determine technical buy points at possible reversals. I have never been a Fibonacci trader and know of no one who has had success with its patterns. I myself am a trend trader and this book did not convince me to change. I really like to have some examples of real profitable trade specifics, win/lose percentages, or an idea of how much real money someone has made from a trading method. But that is just my opinion.
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Harmonic Trading, Volume One: Profiting from the Natural Order of the Financial MarketsThe Definitive Introduction to Harmonic Trading--By the Originator of This Approach, Scott Carney!"I have always found it fascinating that, in the field of securities analysis, so few important gains have been made in the body of knowledge since the 1920s and 1930s. There are a small number of modern-day pioneers among us who must be sought out. Scott Carney is one of those pioneers who has devoted himself to the task of uncovering the hidden logic in the movements of the markets. Harmonic Trading: Volume 1 provides a system of critical decision-making based on the natural order of life, which allows investors to replace emotions and guesswork with logic and symmetry so necessary to becoming a successful investor." -- PAUL DESMOND, President of Lowry Research Corporation"I am well aware of the author's dedication and degree of excellence in his work. Scott has not only thoroughly researched and covered the subject well, he has taken that most important step of showing you how to use these tools and apply them to your trading and investing. I currently oversee the management of more than $3 billion in assets using a technical model. I know firsthand that a trading methodology that does not have buy, sell, and trade-up rules will never be successful. Every effort needs to be made to make the process free of subjectivity. Harmonic Trading will help you organize your trading and keep you in sync with the markets. No one has done this better than Scott." --GREG MORRIS, Chief Technical Analyst, Stadion Money Management, and author of Candlestick Charting Explained and The Complete Guide to Market Breadth IndicatorsHarmonic Trading creator Scott Carney unveils the entire methodology to turn patterns into profits. These strategies consistently identify the price levels and market turning points that reveal the natural order within the chaos of the financial markets. Analogous to the predictable behavior of many of life's natural processes, Harmonic Trading examines similar relationships within the financial markets to define profitable opportunities in an unprecedented manner. Carney introduces new discoveries such as the Bat pattern, Alternate AB=CD structures, the 0.886 retracement, and more. These strategies are entirely new to the trading community, and they represent a profound advancement beyond all other Fibonacci methodologies!After you've discovered how to identify harmonic patterns, Carney presents a complete methodology for applying them in trade execution and handling them throughout the entire trade management process. From savage bear to rampaging bull, Harmonic Trading can be employed in all markets--equities, currencies, commodities, and foreign markets--for both short- and long-term timeframes.
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