For those who like stocks, Neoharmonics offers a Harmonic Pattern Scanner which can scan for patterns on any timeframe or bar size you want.
These patterns also auto plot on chart utilziing Neoharmonics HarmonicTraderPlatform
The columns from left to right are
- Last Price
- Where RSI is (remember 3 primary levels for RSI are 30 for Oversold, 70 for Overbought & 50 for midpoint)
- Type of Pattern (green is bullish, red is bearish, name of pattern)
- Potential = emerging (still forming)
- PRZ Hit = PRZ has been hit but not all levels of PRZ aka T-Bar
- T-Bar = All levels of PRZ have hit, if last price is near T1 or T2, then price has already begun the Retrace Mode and you'd want to seek a retest of PRZ
- Dist to D = how far to D point using T-Bar level
- RR = Reward Ratio
- T1 - Target 1 aka 38.2%
- T2 - Target 2 aka 61.8%
- Stop - Probability of pattern not going into Retrace Mode, can be a guideline for how much to risk or place a stop
BAC is in a Potential (emerging) pattern and is 50 cents from T-Bar target of 24.82.
What if you don't have Neoharmonics yet?
You can still determine how to draw the fibs or click the points for STZones drawing tool.
STZ on left, Fibs on right, although the 161.8% doesn't necessarily represent the T-Bar, one needs to understand harmonic patterns to know where T-Bar is.
Structural Trading offers our clientele a discount, please email me at email@example.com for more info.