Skip to content
  • Advertise

Forexblogger.com.ng

Forex Tips

  • Technical Analysis
  • Tips and Advice
  • For new traders
  • Investment Specific
  • Advertise
  • Toggle search form
ALL ABOUT FOREX HARMONIC PRICE PATTERNS

ALL ABOUT FOREX HARMONIC PRICE PATTERNS

Posted on February 28, 2022February 28, 2022 By Ugonna John No Comments on ALL ABOUT FOREX HARMONIC PRICE PATTERNS

A Guide to Making Sniper Entries

Talking about forex strategies in making potential profits requires knowledge about trading patterns. There are various types of trading patterns used in forex. As you become skilled in the financial markets, you start to understand charts at the first glance. In Nigeria, there are lots of forex traders and forex enthusiasts who have developed a love for trading overnight and are indeed profitable from what they do. Ask any forex trader out there in Nigeria, they would tell you there are no professionals in the financial markets – just traders who have a good risk management system.

In this article, you would be learning about Harmonic Price Patterns. The financial market in Nigeria can be very rewarding, and also can make you lose a lot of money. How do make sure that you do not lose your trading account to the high volatile markets? It is done by understanding the rules that govern the financial market and also having some good trading strategies to overcome losses to profitability because in the game of forex, it’s either you gain or you lose.

Guest posting agency=

What is Forex?

Forex is as a word is an acronym for Foreign Exchange. But for a better understanding, you’ll be getting the full definition of what forex is. Forex or foreign exchange market is a global decentralized market for trading currencies.

Trading forex in Nigeria needs serious dedication and concentration. Constant reading and attention to detail are required to make the most out of each day you trade. That is why understanding harmonic price pattern is important.

Furthermore, you will be learning about what harmonic price patterns are – and also, the types available with the systematic ways of using them to trade the forex market. Before we proceed, it is important to start by explaining what a harmonic price pattern is.

What are Harmonic Price Patterns?

Harmonic price patterns are chart patterns that help in forming or creating a trading strategy. You, being able to create this will help you in identifying price movements on a chart and also make you predict what is likely to happen in the nearest future. There are two things it helps you to achieve when it comes to making use of technical analysis which is;

  • Helps you to identify price changes.
  • Helps you to identify trend reversal.

Compared to all other patterns used in Nigeria by traders, harmonic price patterns are result proven when used in executing a trade. Harmonics help you to maintain your patience and psychology when trading and provides strategic insights on what the future of the market holds. Let’s explore the types of harmonic price patterns.

ALL ABOUT FOREX HARMONIC PRICE PATTERNS

Types of Harmonic Price Patterns

There are different types of harmonic price patterns used by forex traders in Nigeria. Each of these harmonics has its uses and time best preferred to use them to achieve whatever aim that is executed by the trader. They are the following;

  • The ABCD pattern
  • The BAT patterns
  • The Gartley pattern
  • The Butterfly patterns
  • The Crab patterns
  • The Shark patterns

The ABCD pattern

This might look too technical but it is the easiest of all when it comes to entry orders. It happens when AB activates with an impulsive movement which alternates with the correct movement of DC. Trading the ABCD pattern requires patience because you are dealing with price movements.

The BAT patterns

This pattern came from the formation of the bat animal. It is very resourceful for traders – because it enables them to identify a bearish price movement and also a reversal.

The Gartley Pattern

This popular pattern was created by HM Gartley. This pattern is similar to the BAT pattern because it has its own form of retracement. There are two rules in using the Gartley pattern namely;

  • Retracement of point B must be lesser than A
  • Retracement of point D must be higher than A

The Butterfly Pattern

As the name implies, butterfly. This s a pattern drawn on a chart that has the form of a butterfly. The butterfly pattern was created by Bryce Gilmore. He was able to discover this by using different combinations of Fibonacci ratios to identify a possible retracement.

The Crab Pattern

The crab pattern was discovered by Scott Carney. This pattern allows traders to enter the market at highs and lows in the market. Whether bullish or bearish, it enables a trader to maneuver its entry points anytime.

types of harmonic patterns

The Shark Pattern

The shark pattern was also discovered by Scott Carney. Although it has its own similarities to that of the crab pattern, its reversal pattern comes in multiple legs. To execute a proper entry point, it must fulfill and follow all Fibonacci rules.

Guest posting agency=

In Nigeria, there isn’t accurate data for most profitable forex traders. For many, it seems like a never-ending stream of betting. But forex isn’t betting or gambling – although some may see it as such, all that is required is knowledge and knowing when to trade and when not to trade.

The trading patterns discussed above are well–researched contents to help you in your everyday trade to maximize your effort and increase your profitability. As Nigerian trading in Nigeria, if these patterns are properly followed and understood, there shouldn’t be any talks of not making profits. All that is required is the dedication to working with strategies that have been proven to help you succeed in your journey in the financial markets.

Spread the love

Facebook Comments

Technical Analysis Tags:Africa harmonic trading patterns, harmonic pattern rules, harmonic patterns, harmonic patterns cheat sheet, harmonic patterns Nigeria, how to draw harmonic patterns, trading harmonic patterns with technical analysis, types of harmonic patterns

Post navigation

Previous Post: PROS AND CONS OF TRADING CFDS
Next Post: 5 BOOKS EVERY FOREX TRADER SHOULD READ

Related Posts

What is a Pip in Forex? Technical Analysis
Mastering Technical Analysis: Forex Trading Tips for Traders Mastering Technical Analysis: Forex Trading Tips for Traders Technical Analysis
Analyzing Major Currency Pairs: Trends and Tips for Success Analyzing Major Currency Pairs: Trends and Tips for Success Technical Analysis
Master the Forex Market: Understanding Support and Resistance Levels Master the Forex Market: Understanding Support and Resistance Levels Technical Analysis
Forex Trading Strategies Using Bullish Fractals and the Alligator Indicator Forex Trading Strategies Using Bullish Fractals and the Alligator Indicator Technical Analysis
Learn How to Read Candlesticks to Identify Price Extremes and Momentum in the Market Learn How to Read Candlesticks to Identify Price Extremes and Momentum in the Market Technical Analysis

Leave a Reply Cancel reply

You must be logged in to post a comment.

Get notification emails when new blog posts are published.
Loading

Recent Posts

  • Comparing Popular Forex Trading Platforms: Which One Is Best?
    Comparing Popular Forex Trading Platforms: Which One Is Best?
  • How to Choose the Best Forex Broker for Your Needs: A Short Guide
    How to Choose the Best Forex Broker for Your Needs: A Short Guide
  • How to Start Trading Forex with No Experience: A Complete Beginner’s Guide
    How to Start Trading Forex with No Experience: A Complete Beginner’s Guide
  • Daily Habits of Successful Forex Traders: Tips for Consistency
    Daily Habits of Successful Forex Traders: Tips for Consistency
  • Forex Trading Terms: A Beginner’s Glossary to Master the Market
    Forex Trading Terms: A Beginner’s Glossary to Master the Market
  • Avoid Costly Blunders: Common Forex Trading Mistakes and How to Sidestep Them
    Avoid Costly Blunders: Common Forex Trading Mistakes and How to Sidestep Them
  • Top 5 Forex Trading Strategies for Beginners: A Beginner’s Guide
    Top 5 Forex Trading Strategies for Beginners: A Beginner’s Guide
  • Technical Analysis
  • Tips and Advice
  • For new traders
  • Investment Specific
  • Advertise
  • Advertise
Get notification emails when new blog posts are published.
Loading

About This Blog

Forexblogger.com.ng  is a forex-information-based blog that is located in Africa, operated by a Nigeria-based blogger with years of experience in information marketing across the continent of Africa. Forexblogger.com.ng writes and publishes informative and educative guides, and tips about foreign exchange (FX), this includes but are not limited to technical analysis, FX investment, and market trend. Forexblogger.com.ng  also offers FX brokers and brands opportunities for sponsored guest posting, banner advertisements, etc.

  • Forex Advertising and Sponsored Guest Posting
  • Privacy Policy
  • Comparing Popular Forex Trading Platforms: Which One Is Best?
    by Mmadu Abuchi
  • How to Choose the Best Forex Broker for Your Needs: A Short Guide
    by Mmadu Abuchi
  • How to Start Trading Forex with No Experience: A Complete Beginner’s Guide
    by Mmadu Abuchi
  • Daily Habits of Successful Forex Traders: Tips for Consistency
    by Mmadu Abuchi
  • Forex Trading Terms: A Beginner’s Glossary to Master the Market
    by Mmadu Abuchi
  • Avoid Costly Blunders: Common Forex Trading Mistakes and How to Sidestep Them
    by Mmadu Abuchi

Copyright © 2025 Forexblogger.com.ng.

Powered by PressBook Grid Blogs theme