Harmonic scanner examples here are done with price action analysis where technical tools are used as support/resistance levels, channel trendlines and candlesticks patterns.
Harmonic Scanner Example
Examples are done with Harmonics.app scanner which is the most powerful scanner in the market.
You can get one at the cheapest rate in the market, but with functionalities more than others.
Image above shows you EURUSD pair with Cypher and Shark pattern on the daily time frame.
Both patterns have similar entry point and exit points.
What you can see that harmonic scanner has sent notification over Telegram that patterns are completed.
Using price action strategy entry levels as exit levels were confirmed.
You can see channel trend lines with support/resistance levels confirms what the harmonic scanner shows.
Image below shows you only Cypher pattern with its entry and exit levels.
What you can see that the D point as entry point is rigt on the resistance level and it has bearish Pin bar.
What else you have is also a double top because in July we had price reaching this level and reversing down.
So, three confirmation signals are telling you that the price could move down.
With harmonic pattern completed we have 4 signals telling the price will move down.
Similar as Cypher pattern above here we have all confirmation signals and harmonic pattern showing the price will move down.
After few days the market has turned down and reached all profit targets.
Take a look on the image below.
Here is an image after few days when the market reached all profit targets from Cypher and Shark pattern.
That is more than 100 pips locked as a profit.
Now, the market has shown Bullish Bat pattern with precide entry and exit levels.
What is needed here is the confirmation from more signals.
On the image only confirmation is horizontal support level, but not enough to give confidence to enter into the trade.
It is also in the middle of the downtrend channel so there is not support from the market for bullish move.
In the above example with Cypher and Shark pattern we had three more signals telling us the market could move down.
We do not have bullish candlestick pattern, bullish chart pattern.
So, for now this signal is not valid at least based on the price action strattegy used here.
Harmonic scanner detecs harmonic and other patterns for you. But it is not recommended to trade alone.
If you can you should use more confirmation signals to confirm pattern detected.
Disclaimer: The images and stategy is used from harmonics.app website and the most powerful scanner on the market.