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Thread: Top Gun Software + MT4/Harmonic Patterns

      
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    Administrator Mike's Avatar
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    Topgun Top Gun Software + MT4/Harmonic Patterns

    FOREXFORUMS OFFICIAL HARMONICS DISCUSSION: http://forexforums.com/forums/genera...c-trading.html


    What I have learned in the past few months is that using TopGun Software with this freshened look at the power of Harmonic patterns in trading has truly maximized my efficiency as a trader since I have adapted this hybrid approach.

    Before I go off and lose many of you, basically to summarize:

    MT4 - Zup Indicators by NEN draw the harmonic patterns known as bullish or bearish Gartleys, Bats, and Crabs.

    What these alert me to are points in time where price has made a move that results in this pattern being drawn on your charts, bullish meaning a move upward is statistically likely, a bearish pattern meaning a move downward is likely.

    I have found that these patterns on certain time frames are stunningly accurate; the choice is yours which time frame to follow, 5min to 4hour, they appear anywhere, but varying time frames do indeed result in varying indicator results.

    I would like to refer you to SNIPER012's thread where he actually draws these on his chart after recognizing the charts in his mind, this is a show of great understanding of the method and hope you all can learn it as well as he has, but if you want to save time you can use the ZUP indicators which draw the patterns, a range where price breaks and you enter, and also a purple target point.

    TopGun is important to me for many reasons, but with regard to this hybrid approach:

    The containment bands indicator is still one of the best (and in best I mean most accurate and reliable) indicators that has been tried out by this trader that consistently "contains" price even in the strongest of moves, we often see the bands halting price or reversing it. The 600Tick and 50Tick charts have a similar representation of the place where price is likely to reach and go no further. Some days price is so strong that it will break the statistical areas at which it would have stopped under normal conditions, yesterday was a good example of the containment bands being broken, but I always remark this is not a bad thing, if you set take profit at those levels you have still profited, if you hold onto a trade you are still profiting.

    The other important indicator is the Yellow Balance Point line, the position where most traders are holding a position, and the "line" which price tends to gravitate toward, or the line gravitates toward it (ranging markets). This could be a psychological force behind the YBPL but it is also VERY accurate in finding entries when price taps the line and continues its trend up or down.

    The Chandelier Stop I have tinkered with and tweaked to find the settings at which they flip from red to green or green to red most infrequently during the golden hours of trading. Even though moves happen at all times, I tend to give weight to the chandelier when it "flips" during certain Market hours, moreover, it gives you (me) confidence that entering a trade is in fact a good or bad idea at that given time; I'd find it unwise to go long when the chandelier indicates we're in a down trend, even if a reversal is imminent, I've learned it's wisest to be patient and get confirmation in such instances before jumping the gun chasing down every pip for the sake of catching a move "the moment" it happens. Patience is not key, it is paramount.


    On to the examples.





    Sticking with EURUSD and EURJPY which made similar moves toward resistance levels at the same time (9AM), we see that on the EURUSD 15m a bullish bat form, within 2 bars the target is hit and does not even retrace until a few hours later, even then not significantly.



    TopGun also catches these moves and heavily reinforces the idea that you could make pips buy going long right here, right now and there are certain indicators that are very difficult to NOT have in my toolchest to maximize profits (not just get into a good trade, but have a complete plan of trade management from entry to exit, then factor in entering multiple trades at once). So I will continue to use both programs, my old method and harmonics together to find trades, find exits, but many times TopGun's strength/weakness indicators may keep me out of a trade that the harmonic method suggests I should enter. So I'm really starting to give precedence to the harmonic patterns over all other indicators or movements of price action, yet you still need something like TopGun with the always reliable "containment bands" to alert us to where price will likely stall statistically speaking; I have yet to find an indicator that comes near the accuracy the containment bands have.




    After a bearish bat formed, and within one or two bars hit its target, then immediately set off the bigger move upward (big swings). In fact you see on the EURJPY that the huge move upward today was set off by price touching the lower containment band (see 600Tick chart), the statistical area where price is likely to stall or reverse; today it was a rapid reversal based on negative economic news out of the US at the time, but technical indicators were really on point today. EURJPY in particular does not "swing" so far to reach both containment bands (first lower than upper) but it comes fairly close.



    Not only that, even though a bullish formation appeared on EURUSD, NONE appeared on EURJPY, even though a great move occurred, so following harmonics only got me into a great trade on EURUSD but nothing on the EURJPY.

  2. #2
    Pippier Than Thou! TopTrader's Avatar
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    Default Re: Top Gun Software + MT4/Harmonic Patterns

    Make up your mind, Topgun or MT4

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    Default article generator

    article rewriter

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    I Breathe Pips Jones's Avatar
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    Default Re: Top Gun Software + MT4/Harmonic Patterns

    Interesting approach, necessary to have so many charts to look at though?

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    Hindsight Hero! DickP's Avatar
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    Default Re: article generator

    Quote Originally Posted by Frexyseashy View Post
    article rewriter
    LOL, mike copy that article? no one on earth talks about top gun hahaha, hes like, a rare resource on the topic... strange...



    "I came to make pips and chew bubble gum...damn, I'm all out of gum..."
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    Hindsight Hero! DickP's Avatar
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    Default Re: What a wonderful and amazing buy

    Quote Originally Posted by kelpeboormumb View Post
    I never set surely noticed, tbh, it's just a involvement of me. I suppose in theory, I fancy in choice, but in technic it didn't bother me.

    It seems the shameful bands are sized differently from the remainder of the rig out! on the gunmetal i ordered, the black bands suit okay, but the shut-eye of the smarten up went on too easily.
    wtf are you talking about?



    "I came to make pips and chew bubble gum...damn, I'm all out of gum..."
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    Administrator Mike's Avatar
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    Default Re: article generator

    Quote Originally Posted by Frexyseashy View Post
    article rewriter
    Actually, that took me two hours to write out.

    Sorry that the screenshots aren't showing up, we moved hosts and its the only thing that didn't get transferred which is worrisome.

  8. #8
    Pippier Than Thou! ChartWizQ's Avatar
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    Default Re: Top Gun Software + MT4/Harmonic Patterns

    Photos aren't working

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    Hindsight Hero! DickP's Avatar
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    Default Re: Top Gun Software + MT4/Harmonic Patterns

    Yea photos are FUXORED



    "I came to make pips and chew bubble gum...damn, I'm all out of gum..."
    -DickP, 2011

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    My Pips Are Growing Wolfgar's Avatar
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    Default Re: Top Gun Software + MT4/Harmonic Patterns

    Useless without some pictures...

  11. #11
    My Charts Talk To Me mk3fx's Avatar
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    Default Re: Top Gun Software + MT4/Harmonic Patterns

    WE NEED PICTURES!

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    Pips Are My Game Dannyfx's Avatar
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    Default Re: Top Gun Software + MT4/Harmonic Patterns

    So, Harmonic Patterns in Mt4 or Topgun? I wasn't aware topgun had harmonic patterns built in.

  13. #13
    Pips Are My Game ★FX★'s Avatar
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    Default Re: Top Gun Software + MT4/Harmonic Patterns

    The pics aren't working Mike

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    Pips Are My Game FxFreedom's Avatar
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    Default Re: Top Gun Software + MT4/Harmonic Patterns

    Do you know where I can find the harmonic pattern indicator you're using for MT4?

    Is it an Mq4 or ex4?

    It's hard for me to find these using my eye.

  15. #15
    Show Me The Money! pip's Avatar
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    Default Re: Top Gun Software + MT4/Harmonic Patterns

    Quote Originally Posted by FxFreedom View Post
    Do you know where I can find the harmonic pattern indicator you're using for MT4?

    Is it an Mq4 or ex4?

    It's hard for me to find these using my eye.
    I second that, I'd love to download the harmonic pattern finder

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