Technically speaking, you can use this MT4 indicator for all time frames. When you add the Harmonic Pattern Scanner Indicator and use it together with a proven trend trading system like the Elite Swing Trader or Simple Trend Trading System, you can only expect to achieve a better win ratio and better risk-reward ratio.
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How to Increase Your Winning Ratio with the Harmonic Pattern Scanner Indicator MT4 ? It is important that the trader also knows the rules of the harmonic pattern before trading with this indicator. Therefore, traders should be careful when trading with this indicator. The Harmonic Pattern Scanner Indicator is simple to use. The stop loss for short positions using the Harmonic Pattern Scanner Indicator is to be set a few pips above the potential reversal zone, as per the structure and principle of trading with harmonic patterns. Where to set the stop loss using the Harmonic pattern indicator? Simply follow the harmonic pattern rules to set your take profit levels. The take profit level of the bearish short position form the bearish butterfly harmonic pattern should be set up at the 61.8% of the pattern. Set your profit level as per the bearish butterfly harmonic pattern.
Wait for the Harmonic pattern to appear and then wait for the price to reach the potential reversal zone.Īlternately, identify the levels and then place a pending order to go short. Harmonic Pattern Scanner Indicator: When Should You Short? When to go short using the Harmonic pattern indicator?
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