TheSmokedAce posted: CrazyTrader, thats pretty cool, PRZ zone is that harmonics?
No my pattern is not Harmonics.
It is true that I called the end of my pattern Pullback (PRZ) like the given name for Harmonics.
Harmonics is very accurate structure price with specific fib retracement level (there is over 5 Harmonics: Gartley, Butterfly, Shark, Crab....)
My pattern is more flexible but it has also pretty much all the time the same structure. The name of the pattern decribes price action structure. 'Outside - Inside - Pullback Combination on BB'
Harmonics is 5 key points ( X, A, B, C, D) where D is PRZ
PRZ provide a very nice set up as SL doesn't need to be far. Price issupposed to reverse from this point. If it doesn't, then you get a small loss. If it works, you get nice profit. Minimum for R:R would be 1:3
Therefore I also called it PRZ so traders can understand the concept.
More examples into my blog.
It is so tradable that a very nice trader interested into my pattern has built an indicator for it.
Ps: It is true that I have already seen happening my Pattern & Harmonics and providing the same PRZ.
i believe its bc most people cant stand to close losers, as in poker, they are stuck with the thought that if they fold, then they suck, or the world will end and so forth, which eventually bleeds the account.
This time is different...They don't close it because they just opened it Look at Outlook... I got the notification today when 75% shorts has been reached. by now it's 85% shorts. So maybe this morning the ratio was 55% or so.
USDCAD has broke a resistance 1.0730 performing signal of the Step 1 of my pattern on all timeframe. Betting against the crowd in such case was a must to do.
I don't see any resistance before 1.0990 area on monthly chart.
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