When I first began discussing Harmonic Trading on various websites in the 1990s, I was admittedly naive. Among his many discoveries, Scott has defined most of the harmonic patterns, including the Bat, the ideal Gartley, and the Crab. It is important to consider the substantial advancement of Harmonic Trading since its inception. I strongly recommend that you perform thorough due diligence before signing up for seminars, purchasing software, or spending substantial money for educational products and services that make outlandish claims. He personally defined this unprecedented methodology that employs a unique system of price pattern recognition and Fibonacci measurement techniques to define opportunities in the financial markets.
In fact, this is a driving principle behind the entire Harmonic Trading system—always improve upon what works. Despite other interpretations, Harmonic Trading: Volume One truly distinguished this approach from the often misguided and misappropriated use of basic Fibonacci strategies. The main problem relates more to the misinformation or blatant manipulation of the intrigue and mystery that anything related to Fibonacci ratios inherently possesses. Harmonic Trading techniques have impacted the technical community and contributed to this recent popularity while others have jumped on the coattails of this approach. Scott presents price-pattern examples and explanations of patterns in such a way that investors, no matter what their level of experience, will find the work of great value in expanding their understanding of the way markets move and how to trade them. Copyright Date 2010 Illustrated Yes Dimensions Weight 23.
I offer comprehensive case studies throughout this material. The basic tenets of pattern recognition as quantified by harmonic ratios define a system that provides immensely pertinent technical information and identifies trading opportunities unlike any other methodology. Believe me, Harmonic Trading possesses some of the most effective trading strategies available, but success still depends upon diligent and dedicated work to turn patterns into profits. The errors are sufficiently significant to slow the reader, who must stop, back-track, verify, and correct the mistakes. Although the rules that define harmonic patterns seem to be common knowledge today, it wasn't too long ago that these strategies were practically considered avant-garde within the field of Technical Analysis.
These new ideas created the framework of an unprecedented Fibonacci measurement and price pattern recognition system that consistently defined profitable trading opportunities. These strategies are entirely new to the trading community, and they represent a profound advancement beyond all other Fibonacci methodologies! I'm so grateful to Carney for laying out his system in such a duplicatable way. Precise price-pattern examples presented in the book enable the novice as well as the advanced trader to incorporate the Harmonic Trading methodology into a workable and profitable trading system. Their ability to flourish and to attract the general public's attention proves that the inherent curiosity regarding this subject matter can be an easy sell. For the first time, he reveals how to utilize harmonic impulse waves and introduces measurement techniques that identify market turning points even more accurately. Among his many discoveries, Scott has defined most of the harmonic patterns, including the Bat, the ideal Gartley, and the Crab. His books are the most detailed on how Fibonacci numbers really can work for you! In addition, the new ideas presented in this material advance the basic theory of price pattern recognition by requiring other technical conditions to exist to validate potential opportunities with improved accuracy.
The second volume compliments the first very well and the information is informative to traders of all levels of success. Although The Harmonic Trader outlined the framework of this methodology, Harmonic Trading: Volume One represented a substantial advancement to the basic approach. In Harmonic Trading: Volume 2, highly respected technical analyst Scott Carney reduces subjectivity to a minimum with his Fibonacci-based price measurement techniques and traditional technical analysis methods. For example, the common definition for the Gartley pattern—requiring a 0. Carney supports them with examples from widely diverse markets, including 2008's extraordinarily bearish environment. Harmonic Trading is a distinct approach to the financial markets within the field of Technical Analysis.
Anyone somewhat familiar with this methodology understands that Harmonic Trading is much more than general Fibonacci analysis. Harmonic Trading: Volume 2 will undoubtedly prove to be a vital part of any technical trader s toolkit. For the first time, he reveals how to utilize harmonic impulse waves and introduces measurement techniques that identify market turning points even more accurately. In fact, most of these outfits were only in the business of selling products and not really trading. 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.
These strategies have proven themselves effective through the years, but this success has engendered many Harmonic Trading-related systems that have skewed the basic tenets of the approach. It redefines the concept of a 'must read. Harmonic Trading: Volume 2 will undoubtedly prove to be a vital part of any technical trader's toolkit. For the first time, he reveals how to utilize harmonic impulse waves and introduces measurement techniques that identify market turning points even more accurately. I openly shared strategies that advanced the basic Fibonacci trading mantra of that era. Carney is very honest and comes up front with the pattern and his outlook on them in markets.
Scott gave the citation to his letters with target. For the first time, he reveals how to utilize harmonic impulse waves and introduces measurement techniques that identify market turning points even more accurately. As in Volume 1, Carney guides traders gently up the learning curve, sharing personal experiences and presenting many clear illustrations. This new application of Fibonacci ratios created a system of rules that defined price patterns in an unprecedented fashion. Although Volume Two references many of the basic tenets of the Harmonic Trading approach, this material consists of mostly new ideas and trading strategies. Now, in Harmonic Trading: Volume 2, Carney takes a quantum leap forward, introducing new strategies, patterns, and methods that make Harmonic Trading an even more powerful tool for trading the financial markets.