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Harmonic Traders and Learning Resources
Harmonic trading patterns are not new. They've been around as long as technical analysis trading charts, it just took a few interested, like minded, harmonic traders to bring them to other traders attention.
3 names come to mind in this field of technical analysis. They each contribute their own view to this area of trading and even better, they write and publish books for our reading pleasure! Share and share alike I say! Their learning materials are full of examples of successful trade setups (I'm guessing the failed ones didn't make the final cut) and effective risk management.
Introducing Scott Carney. Industry leader and go to guy for all things harmonic. This man discovered new patterns (that's dedication, they're quite difficult you know) to add to the few predecessors. The Gartley 222 pattern is commonly believed to be the first recorded account of these patterns. There is debate surrounding that belief, not the widespread kind, more the in all technicality kind of debate. Moving on. Scott Carney has a couple of books out aptly named Harmonic Trading Volume 1 and 2.
Harmonic Trading Volume 1
- Clarifies and defines harmonic trading, and leads to a better understanding of how to go about applying trading strategies to these patterns.
Harmonic Trading Volume 2
- Blows volume 1 out of the water. Introduces new harmonic patterns utilizing more indicators and further explains trading strategies on these patterns.
These books are full of charts and have quite a few typos, that seems to be the consensus for many technical analysis books. Sometimes the charts get a little overwhelming. But they're highly recommended for all things harmonic analysis related.
Scott Carney also has software available, believed to be the best in this style of technical analysis. He retired from his website in 2005 but still runs courses through fxgroundworks.com, a website dedicated to harmonic trading. Currently Scott Carney is in the later stages of developing the Harmonic Auto Trader software.
Larry Pesavento teaches about recurring patterns in the market and how to identify them, on top of that, he focuses on the timing of trading as well as price action. Larry also takes an astrology based approach to trading harmonic patterns. This approach is called astro trading. Astro trading integrates planetary motions with market behaviors to time the market. Larry Pesaventos more popular books are
Trade What You See
- An explanation and walkthrough of technical analysis chart trading with a nod to money management and trading strategies.
- Also recommended for beginners to fibonacci and pattern based trading.
Astro Cycles - The Traders Viewpoint
- Delves into the world of astro trading. Studies correlation between planetary movements and market behavior.
- Combines astrology and forex market trading.
Hmmm that's different...
Another man worth mention is Suri Duddella. Suri published a book back in 2007 and burst onto the pattern trading scene. Well, not really, he's been trading for over a decade. Suris book has many great reviews from both professional, and home based traders. Suri Duddella gets his setups across in a refreshing way that breathes new life into this area of technical analysis.
Trade Chart Patterns Like The Pro's
- Introduces a few new chart patterns (one is called dragon, o0o0hh exotic!)
- One of the less confusing books on technical analysis because of the way the trade stups are actually explained.
Trading on the foreign currency exchange requires a lot of know how. And these guys, are sharing a lot of that know how. Their are other books available on trading gartley and fibonacci ratios, and everything else involved with technical analysis. But these guys have some great learning material for harmonic analysis that provide the most well rounded take on this style of trading.
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