Benefits of the Harmonic Scanner
More About The Harmonic Scanner
Scott Carney has tested over 30,000 harmonic pattern scans and backtested them for over five years in every possible market condition. Higher time frames, of course, generate the strongest patterns and therefore have the highest profitability and pattern stability.
There are Scanners available around the web that search the (open) market for patterns I have found that these harmonic scanners are EA’s or Expert Advisors. On the other hand, there are also scanners that simply search for patterns only on a single currency pair, and these are Harmonic Indicators. Add either one to your Forex trading strategy, enable push or email notifications, and get alerted when a new pattern is found.
The chart will list the Cross or Pair, its time frame, the pattern, the age of the pattern, and the Potential Reversal Zone.
Once it lists the currency pair that qualifies, you can click and see the chart.
Major Harmonic Patterns: Gartley, Bat, Alternate Bat, Crab, Deep Crab, Butterfly, Cypher, and Shark (all patterns include bullish and bearish patterns.) Some scan results provide entry, stop and take profit levels, typically these are based on major Fibonacci Retracement Levels such as 38.2, 50.0, and 61.8. Harmonic Scanners are built using both fib retracement and extension levels, which provide additional indication of when to buy or sell.