Harmonic Trading, Volume One: Profiting from the Natural Order of the Financial Markets: Profiting from the Natural Order of the Financial Markets 1st Edition
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"To be useful, a trading methodology must be understood. Simplicity is a bonus. Harmonic Trading: Profiting from the Natural Order of the Financial Markets, Vol. 1 by Scott M. Carney succeeds on both counts. This first volume of a promising series on harmonic trading will benefit traders seeking to improve their models."
--George A. Schade Jr., CMT, Stock Futures and Options, January 2011.
From the Back Cover
The Definitive Introduction to Harmonic Trading--Bythe Originator of This Approach, Scott Carney!
“I have always found it fascinating that, in the field of securities analysis, so few important gains have been made in the body of knowledge since the 1920s and 1930s. There are a small number of modern-day pioneers among us who must be sought out. Scott Carney is one of those pioneers who has devoted himself to the task of uncovering the hidden logic in the movements of the markets.Harmonic Trading: Volume 1provides a system of critical decision-making based on the natural order of life, which allows investors to replace emotions and guesswork with logic and symmetry so necessary to becoming a successful investor.
--PAUL DESMOND, President of Lowry Research Corporation
“I am well aware of the author's dedication and degree of excellence in his work. Scott has not only thoroughly researched and covered the subject well, he has taken that most important step of showing you how to use these tools and apply them to your trading and investing. I currently oversee the management of more than $3 billion in assets using a technical model. I know firsthand that a trading methodology that does not have buy, sell, and trade-up rules will never be successful. Every effort needs to be made to make the process free of subjectivity.Harmonic Tradingwill help you organize your trading and keep you in sync with the markets. No one has done this better than Scott.
--GREG MORRIS, Chief Technical Analyst, Stadion Money Management, and author ofCandlestick Charting ExplainedandThe Complete Guide to Market Breadth Indicators
Harmonic Trading creator Scott Carney unveils the entire methodology to turn patterns into profits. These strategies consistently identify the price levels and market turning points that reveal the natural order within the chaos of the financial markets. Analogous to the predictable behavior of many of life's natural processes, Harmonic Trading examines similar relationships within the financial markets to define profitable opportunities in an unprecedented manner. Carney introduces new discoveries such as the Bat pattern, Alternate AB=CD structures, the 0.886 retracement, and more. These strategies are entirely new to the trading community, and they represent a profound advancement beyond all other Fibonacci methodologies!
After you've discovered how to identify harmonic patterns, Carney presents a complete methodology for applying them in trade execution and handling them throughout the entire trade management process. From savage bear to rampaging bull, Harmonic Trading can be employed in all markets--equities, currencies, commodities, and foreign markets--for both short- and long-term timeframes.
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A background in timing and trading in the market using Fibonacci analysis applied to price chart patterns is quite helpful.
This volume, Volume 1 is well written and eminently readable and a worthwhile addition to any traders/investors library.
Many of the price chart patterns are common knowledge in certain areas of the trading community.
Top international reviews
If you are interested in trading the Gartley pattern then this book could help you make sense of it all.
The only criticism I have is that Scott's rules are too strict when describing the patterns and I think you need to be a bit more relaxed about them when trading in the "real world."
The whole book boils down to very subjective patterns which only have any validity when enough people "follow the stars" to turn the patterns into self-fulfilling prophecies. I found myself laughing at how often the author almost childishly makes statements along the lines of "this is concept x that I originally discovered and they copied my work".
During the introduction he writes "Essentially, I have been trading harmonic patterns longer than anyone. Period. End of story. How can I say this?" - The truth is he can't, Fibonacci trading has been around for longer than this authors years and simply giving it a different name doesn't mean its a new thing. I imagine if the author sells enough books and the crowds continue to follow reading star signs in the markets then in some cases the patterns may continue to appear but it's definitely not a science, no matter how hard authors of this type try to present it as one.
Hugely disappointing overall.