Second thing to remember about the Harmonic Scanner is that it draws harmonic patterns, but they should not be used alone. If you can increase risk: reward ratio that would be even better. You see that good risk: reward ratio gives you a chance to have few bad trades, but one good trade will cover all bad trades and even give you profit at the end. If your third trade is positive you will make 30 pips.Īt the end when you sum your loss and profit you will have That gives you 20 pips loss on two trades. If second trade is bad trade, you will lose 10 pips. If one trade is bad, you will lose 10 pips.
Here is the example of what happens when you have a 1:3 ratio with 10:30 pips stop loss and take profit level. When I say low risk and high rewards the best ratio is 1:3 which means if you set your stop loss on 10 pips you should have a profit target set to 30 pips. With additional tools like Fibonacci numbers, harmonic scanner can plot future price levels which you can use for planning ahead where to open and close the trade.
Here is one of most used harmonic scanners which I recommend to use: Harmonic scanner in Forex is a trading indicator that automatically plots Harmonic patterns on the trading platform which can be helpful for beginners in trading, but also to experienced traders.
16 AlgoTrading X3 Chart pattern scanner. HARMONIC SCANNERS INSTALL
15.2 Install Harmonic Pattern Scanner on cTrader Platform. 15.1 Install Harmonic Pattern Scanner on Metatrader 4. 8 Where Can I Buy Harmonics Forex Scanner. 7.3 Which Type of Harmonic Scanner in Forex to Use. 7.2 What is a Repainting Harmonic Scanner or Indicator in Forex?. 7.1 What is a Non-Repainting Harmonic Scanner or Indicator in Forex?. 5 How do You Trade With Harmonic Scanner in Forex. 4 Advantage of Using Harmonic Scanner in Forex. 2 Do You Really Need a Harmonic Pattern Scanner. The resonant displacement and acceleration amplitudes, the vibration acceleration amplification factors as well as the distributions of the amplitudes of the equivalent von Mises stresses are obtained in the operating frequency range of the investigated harmonic vibration mode of the spacecraft scanner honeycomb panel. The spectrum of natural frequencies and vibration modes of the spacecraft scanner honeycomb panel is determined using the developed simulation model. The related operational equipment, such as optical devices, a scanner and magnetometer, are represented in the model by lumped masses rigidly attached to the panel. Carbon fiber reinforced plastic plates with an aluminum foil honeycomb core in the form of regularly shaped hexagonal cells that make up the honeycomb panel are approximated by multilayer plate finite elements. A dynamic simulation model of the composite honeycomb panel was developed using modern finite element analysis tools, such as ANSYS APDL. The coordinate and frequency distributions of the values of displacement and acceleration amplitudes, the vibration acceleration amplification factors, and the equivalent von Mises stresses are obtained from the data on the simulation modeling of harmonic vibration of the composite honeycomb panel for spacecraft scanner and its related operational equipment (a scanner, magnetometer, optical devices, etc.) mounted on it.