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I am currently reading „The Harmonic Trader“. After that I (wanted to) go on with one of Pesavento’s book.
My first impression of this methology was not so bad. So I decided to search at Google what other traders think about it. Well, I just have found bad stuff. One guy lost over 100K with a managed account through Larry Pesavento and others wrote that he (Pesavento) nearly always failed with his forecasts and setups he posted on his website. Also his students in his live trading room were not able to trade profitable despite attending his course for month’s.
In short: He seems to be just another snake oil seller who isn’t able to get money out of the market.
Today I went through some posted setups here on this forum and looked how they developed afterwards. Most failed. I couldn’t see the claimed accuracy of 80% at all.
So please, is there is someone of you guys who is trading these setups for a longer period oftime and is making consistently profit with them?
I don’t want to invest/waste my time for a system which doesn’t work again .
try to keep it simple. the book you are reading should provide you with enough info on how to use fibo and some basic patterns (gartley, butterfly etc). the other book i recommend is nison's "japanese candlestick charting techniques" which will give you a very good grasp on price action.
then all you have to do is pick a pair, draw some fibos and watch price action around primary numbers when your pair is overbought/oversold.
again, keep it as simple as possible.
Quote:
Originally Posted by handson
Hi,
I am currently reading „The Harmonic Trader“. After that I (wanted to) go on with one of Pesavento’s book.
My first impression of this methology was not so bad. So I decided to search at Google what other traders think about it. Well, I just have found bad stuff. One guy lost over 100K with a managed account through Larry Pesavento and others wrote that he (Pesavento) nearly always failed with his forecasts and setups he posted on his website. Also his students in his live trading room were not able to trade profitable despite attending his course for month’s.
In short: He seems to be just another snake oil seller who isn’t able to get money out of the market.
Today I went through some posted setups here on this forum and looked how they developed afterwards. Most failed. I couldn’t see the claimed accuracy of 80% at all.
So please, is there is someone of you guys who is trading these setups for a longer period oftime and is making consistently profit with them?
I don’t want to invest/waste my time for a system which doesn’t work again .
At construction of one pattern happens difficultly to understand, how this pattern will fulfil.
And if to construct all patterns how to define{determine}, what pattern fulfils, and what pattern is still formed.
Its those kind of indicators that are the reason I hand draw my patterns and use only my eyeball to locate tham.
All those over lapping patterns are confusing.
When you see a long wave + partial correction, Is when I start measuring the pattern for gartly, butterfly, bat, WW and 3 drives pattern.
And give the reversal zone 20-30 pips range instead of trying to nail it exactly. The market tends to over shoot alot due to volitity, and momentum.
I use RSI and or ma cross to trigger entry once price has entered the reversal zone. Refer to my last 2 charts posted in harmonic trading offers thread.
Hope that helps
Dave
Last edited by xxDavidxSxx; 08-17-2007 at 03:38 PM.
because PRZ is not good 
Linear Mode
