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14 of 18 people found the following review helpful
4.0 out of 5 stars If you are interested in Fibonacci and trading
This is really a book about Fibonacci ratios. I would say this is one of the strongest books I've read on Fibonacci. The "science" of Fibonacci as applied to trading is very embryotic. Different authors have different approaches. In my view, you cannot expect to get a ready made Fibonacci trading system from a book. You need to read several books on the topic and form...
Published on July 28, 2010 by Jackal

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8 of 8 people found the following review helpful
3.0 out of 5 stars Solid Middle of the road Approach
This book is aimed at seasoned technical traders who are already comfortable with historical Fibonacci patterns and would benefit from even more advanced ideas as inspiration. Like any book on the subject, this isn't a how-to introduction and is best served as a field reference guide.

Carney showcases charts such as the BAT Butterfly, Crab, and Gatley with...
Published on April 27, 2011 by GX


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8 of 8 people found the following review helpful
3.0 out of 5 stars Solid Middle of the road Approach, April 27, 2011
By 
GX (United States) - See all my reviews
(VINE VOICE)   
This review is from: Harmonic Trading, Volume One: Profiting from the Natural Order of the Financial Markets (Paperback)
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This book is aimed at seasoned technical traders who are already comfortable with historical Fibonacci patterns and would benefit from even more advanced ideas as inspiration. Like any book on the subject, this isn't a how-to introduction and is best served as a field reference guide.

Carney showcases charts such as the BAT Butterfly, Crab, and Gatley with large clear graphs and a short blurb which tends to be informative and not too dry. The book layout is a bit inefficient, to the extent that there are often huge white spaces; I like the 1 chart per page idea, but it might have been better to make the book more of a square shape. The graphs are clear, but there can occasionally be small errors.

It is unlikely that this book will change the investment fortunes of anyone because successful PnL is multifaceted. But supply and demand and ultimately support and resistant levels can play a part and if visualizing helps - it can be a useful tool.

To casual readers, infrequent traders and long investors I think this book would be of little value.
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14 of 18 people found the following review helpful
4.0 out of 5 stars If you are interested in Fibonacci and trading, July 28, 2010
By 
Jackal (New Hampshire) - See all my reviews
This review is from: Harmonic Trading, Volume One: Profiting from the Natural Order of the Financial Markets (Paperback)
This is really a book about Fibonacci ratios. I would say this is one of the strongest books I've read on Fibonacci. The "science" of Fibonacci as applied to trading is very embryotic. Different authors have different approaches. In my view, you cannot expect to get a ready made Fibonacci trading system from a book. You need to read several books on the topic and form your own opinion of what works. Having said this, the current book presents a number of patterns that are supposed to have forecasting value. So it is actually quite close to a trading system. However, there isn't much evidence in the book about the effectiveness of the patterns. (The same can be said abot most technical analysis books so it doesn't really affect my rating of the book. You will have to do this testing yourself.)

Out of the Fibonacci books I've read I would rank this book the highest together with Boroden's Fibonacci Trading: How to Master the Time and Price Advantage. (Miner's High Probability Trading Strategies: Entry to Exit Tactics for the Forex, Futures, and Stock Markets (Wiley Trading) uses Fibonacci in the same way as Boroden so you might want to consider that book instead - but it covers other material as well.) A Fibonacci book that I cannot really recommend is Fibonacci Analysis (Bloomberg Financial).

If you're interested in Elliott Waves I think the current book would be useful as well because many of the patterns ressemble corrective waves.

I have written several short reviews on trading books. The best way is to compare the score on the books I've read. Many reviews on amazon.com are just glorious 5 star reviews. I use all five categories; sorry but everything isn't "great". Books rated 5 are very good. Books rated 4 are good solid books well worth reading. Books rated 3 can be bought by some people who read a lot or have very specific needs. Books rated 1 or 2 I would not recommend buying or reading. Naturally all in my humble opinion.
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13 of 17 people found the following review helpful
3.0 out of 5 stars Harmonic Technical Patterns, December 15, 2010
This review is from: Harmonic Trading, Volume One: Profiting from the Natural Order of the Financial Markets (Paperback)
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This book was written to clarify and specifically define the chart patterns used in the Harmonic Trading methodology. These chart patterns use Fibonacci analysis to find price structures that could signal reversals of trends. The author says that these patterns require active management like all trading.The trader must take entries at the reversal confirmation and stop losses if the pattern reversal is not profitable but reverses and continues the trend. This book is an introduction to the Harmonic Trading methodology with pages of chart after chart of real life examples of the Bat, Crab, Butterfly, AB=CD pattern, and the Gartley. The patterns are measured precisely using Fibonacci alignments. This book is a counter trend trading book using price action only to determine technical buy points at possible reversals. I have never been a Fibonacci trader and know of no one who has had success with its patterns. I myself am a trend trader and this book did not convince me to change. I really like to have some examples of real profitable trade specifics, win/lose percentages, or an idea of how much real money someone has made from a trading method. But that is just my opinion.
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5 of 6 people found the following review helpful
4.0 out of 5 stars Carney demystifies ABC patterns, January 4, 2011
By 
Defcon (Kirkland, WA USA) - See all my reviews
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This review is from: Harmonic Trading, Volume One: Profiting from the Natural Order of the Financial Markets (Paperback)
A lot has been written and taught to traders about ABC, Gartley, Elliott Wave, and other patterns. Scott Carney develops robust definitions, rules, methods, and applications that seem to coherently bring this broad and often confusing subject area to clarity. I found his books enlightening and helpful. I was displeased by the number of mislabeled charts and typos in Volume 1 and found Volume 2 to be even more prolific in errors. This is too bad and preventable by the author taking time to adequately review his works and seek peer review before sending manuscripts to the publisher. Should the prospective reader want to better his/her understanding of harmonic patterns in trading, this book will help. I urge the trader to read both volumes, however, since the second pulls the information in the first volume together very well and presents some new and very interesting twists and applications.
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2 of 2 people found the following review helpful
4.0 out of 5 stars Good reference book for harmonic trading, October 13, 2011
By 
Gadgetman (Saratoga, CA USA) - See all my reviews
(VINE VOICE)   
This review is from: Harmonic Trading, Volume One: Profiting from the Natural Order of the Financial Markets (Paperback)
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This is a good reference book for those who are interested in pattern trading using Fibonacci numbers. It covers five common patterns (ABCD, Bat, Gartley, Crab, and Butterfly) which are constructed by using Fibonacci ratios. It also has a section which covers trading execution and potential price reversal zones. The examples consists of well illustrated charts with stocks and commodities in various time-frames.

Just like Elliot Waves, this type of trading setups are pretty subjective in interpretation. Having been a mechanical trader for many years, harmonic pattern setups are difficult to validate and backtested. Hence such methods are more appropriate for discretionary trading
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4 of 5 people found the following review helpful
3.0 out of 5 stars NOT for casual traders or beginners., January 25, 2012
This review is from: Harmonic Trading, Volume One: Profiting from the Natural Order of the Financial Markets (Paperback)
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Being a medium frequency retail trader, I'm always trying to learn new methods to expand my trading tactics arsenal. The title of this book grabbed my attention immediately. However, when I opened the book and saw the many technical charts and graphs, my initial reaction was: "Blah! Trading should be challenging yet fun and this book is making it seem like studying for a midterm!"

Trend trading is technical analysis, looking for chart patterns that repeat and trade accordingly. IT'S NOT THAT SIMPLE! This book did provide an intermediate trader such as myself with some basics of Harmonic Trading, a re-introduction to c.12-13th Century Italian mathematician, Leonardo de Fibonacci's Numbers: 23 pages (I faintly recalled his name from a math class long time ago), "Pattern Identification", the various patterns the author deems important: 129 pages, and finally the nitty gritty: Trade execution (good refresher on trading rules using the Harmonic model): a mere 13 pages, Price action in the PRZ (Potential Reversal Zone):17 pages, and the all Important "Harmonic Trade Management System": guidelines to using the recognized patterns to make trades and protect profits. Even the author admits that Harmonic trading is NOT a faultless system: "Be prepared for anything. Although the clearest setups can indicate excellent trading opportunities, it does not relieve the responsibility of monitoring the trade and assuming everything will automatically work out. Therefore, it is critical to monitor price action". In other words, nothing is set in stone, prices don't always follow the harmonic patterns so set stop limits and be prepared to save your own butt!

Bottom Line: This book is NOT an easy to understand; step by step guide to Harmonic trading. The Harmonic fundamentals and patterns are described but the author doesn't provide a foolproof method of capitalizing on those Harmonic patterns. It is ultimately the trader's own experiences and deft usage of different trading tactics in combination that will maximize profits.
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1 of 1 people found the following review helpful
1.0 out of 5 stars Do not waste your money,, June 6, 2014
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This review is from: Harmonic Trading, Volume One: Profiting from the Natural Order of the Financial Markets (Paperback)
This book tries to explain a very complicated theory mixing Elliot Waves with Fibonacci, and gets nowhere. The AB=CD , Crab, Gartley or Butterfly paterns are not easy to spot, even if you look back on old charts. The target calculating methods are subjective, imprecise and badly explained.The text is exhaustingly repetitive. The author sells a software that suposedly would help you identify the specific chart patterns mentioned , but you will have to spend US$1500 or subscribe it for USD 300 / year..
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5 of 7 people found the following review helpful
3.0 out of 5 stars A full discussion of Fibonacci-oriented analysis and trading, January 6, 2011
This review is from: Harmonic Trading, Volume One: Profiting from the Natural Order of the Financial Markets (Paperback)
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The underlying subject matter of this book is Fibonacci-based technical analysis and trading. As such, it is a highly mathematical approach which utilizes ratios and retracements and projections. It shares considerable similarities to Gann Theory and Elliott Wave approaches, so those with at least a passing understanding of either will have no problem following the discussion.

As much as there is an annoying arrogance to the author's writing, he does present a pretty comprehensive market analysis and trading approach in this book. Specific patterns of importance are described with numerous chart examples. That makes for a fairly easy read. Entry and exit strategies are outlined. Carney even talks about the mental side of trading.

I personally don't go in for this approach to analysis and trading, but I know folks who have used similar techniques successfully for many years, so I won't dismiss them. As with any other method, though, it's a question of matching up personality and trading style. If a mathematical, pattern-oriented approach is appealing to you, then Harmonic Trading, Volume One is probably a book worth picking up.
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7 of 10 people found the following review helpful
5.0 out of 5 stars Harmonic Trading - Nice Technical Analysis Resource, June 28, 2010
This review is from: Harmonic Trading, Volume One: Profiting from the Natural Order of the Financial Markets (Paperback)
Technical analysis is a field which developed spectacularly fast in the last decade. Lots of materials appeared on the market, flooding the potential reader with tons of information (much of it redundant). This is why it is essential to have some way of browsing though it.

In the markets there are various opinion currents regarding the technical analysis. One of the recent ones appeals to the natural order of the markets and to uncovering patterns which appear from time to time. This approach to technical analysis does not try to find models where there is none. Rather the natural order trading is trying to catch patterns as they emerge and ride them for the benefit of the trader. These things said, "Harmonic Trading - Profiting from the Natural Order of the Financial Markets" is a book which uncovers several such patterns for the benefit of the trader.

Scott Carney, founder and president of a company called (surprise surprise) "Harmonic Trading", has studied quite a long time these patterns. His experience started with the Fibonacci approach, a trading method which uses the Fibonacci numbers to predict the most probable incoming price levels. This is a probabilistic approach and, like all the methods based on probabilities, it chases patterns where over the long term you are more likely to offset losses with your gains (rather than the other way around).

Many of the methods (if not all) described in the volume 1 are methods which a seasoned trader has previously seen in other books, piece by piece. Even so, the book is quite easy to read and does not involve too much effort from the reader. And it does a good job in order to bring together the main patterns and their detailed explanations under one cover. I liked a lot the so-called "bat pattern", where the price of a security goes up and down tracing the shape of a bat's wings (if you add also the bottom lines). Carney not only showed the bat pattern in various set-ups, but also did the extra mile job to trace on the graph the Fibonacci proportions among the bat's wings. Now this is what I call an above-the-average effort, since most of the books I was reading were just telling you to look by yourself at those numbers and required you to believe them and trace the proportions in solitude.

"Harmonic Trading - Profiting from the Natural Order of the Financial Markets" is not a book for the beginners, though. It requires you to understand a bit the mechanics behind trading. You should have also used for a couple of months a trading platform, otherwise you risk of being discouraged by the relatively technical language of the book. Yet, the book is not too advanced in notions - just at the average level of a trader, making the reader's life much easier.

The good news is that there is a volume 2 for this book, with more advanced techniques. When I will get my hands on this second volume of "Harmonic Trading - Profiting from the Natural Order of the Financial Markets", I will surely come back with more details, as I already did on the topic on the investment blog on [...]. Until then, have a nice reading session!
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4 of 6 people found the following review helpful
1.0 out of 5 stars This is what you will pay, April 15, 2012
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This review is from: Harmonic Trading, Volume One: Profiting from the Natural Order of the Financial Markets (Paperback)
This theory seems pretty interesting but the problem is you're going to need their software to execute it. The author has a lot of heart in what he has written and I respect that. But I can not respect the fact that there is no way to calculate, or perform this type of work on any trading platform unless you buy his software. I don't have a problem with the author selling software, my problem comes from me not being able to try this theory without his software.

If you read this book keep in mind that you may need to spend $800 for the Basic Harmonic Analyzer or $1500 for the Harmonic Analyzer pro (the pro edition requires ESignal). Oh, yeah there is a free trial but you have to pay a fee for the free trail. For the Harmonic Analyzer Basic the free trail is $44.95 and the Pro edition free trail fee is $59.95.

You are not learning to fish with this theory. It's more like you are the fish and the theory is the parasite.

It's a no go sir.
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Harmonic Trading, Volume One: Profiting from the Natural Order of the Financial Markets
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