Harmonic Pattern Trading with The Gartley Group Monthly Meeting March 2019. GET FREE Harmonic Software Trial: https://harmonictrader.com/free-harmonic-pattern-software-trial/
Today’s session, we focused on to live trade opportunities and NASDAQ and ES. This is the first day that we actually were looking for short term intraday patterns on 233 tick charts and one, five minute time frames. Although the market moved quite a bit, we were in the midst of a midday bottom where a five-minute HSI signal was triggered early in the session. The only patterns that develop during this time were short term Bearish structures that were temporary opportunities during the hour. We were able to execute both NASDAQ and S&P 500. The NASDAQ was a short term trade that was scalped for about six points. The S&P 500 trade was closed out for -2 tix due to the time constraints of the session. Most importantly, we outlined some immediate opportunities, demonstrated how to analyze the market searching for opportunities on short term time frames and demonstrated how we apply the same framework regardless of the interval.
It is my hope to further develop these sessions within a realistic framework to exemplify the strategies unfolding in real time situations. For now, we will utilize a demo account – mostly for regulatory purposes as these are still educational presentations and not official licensed advice. Although these legalities may seem trivial, there are too many issues and liabilities at stake potentially where something as simple as live trading could be construed as investment advice. I take this quite seriously and hope that everyone understands the need for such precaution.
There are a number of issues such as contract size, account management and other ancillary requirements that are important to consider outside the strategic framework. How many contracts does one execute? How do we calculate risk/reward assessments and what is the appropriate number of trades for one day? Many of these come with experience and typically depend upon each situation. However, the essence of what anyone can do if they are motivated to study, follow the rules and employ the strategies as presented is to show how to trade a few contracts with a small account and be successful. The most important numbers are the trade metrics that constitute ultimate consistency and are the objectives of the sessions to making profitable trading decisions within the harmonic pattern framework.