Harmonic scanner in Forex is a tool for detecting patterns which are used for entering into trade.
Harmonic scanner in Forex is available as an online application, web platform, or trading platform for PC and mobile phone.
In this article I will give you all the details you need to know about harmonic scanner and what you can get from using scanner and how to use harmonic scanner.
Harmonic Scanner in Forex
The harmonic scanner in Forex trading is a great tool you can use to help yourself in market prediction.
Some scanners scan thousands of pairs or securities every second just to find chart patterns, harmonic patterns, candlestick patterns and support and resistance levels.
Harmonic patterns are detected based on the calculation of Fibonnaci ratios who define pattern levels.
Traders use harmonic scanners to their advantage in a way where they wait for the scanner to give them a trade signal when a trading pattern appears
Some harmonic scanners in Forex trading are used to detect chart patterns and candlestick patterns so it is good to find a scanner that will detect all pattern types so you use only one scanner for all patterns.
Forex harmonic scanner helps you especially if you do not have time to watch the chart all the time. Forex harmonic scanners do that job for you by searching the Forex market and informing you when there is available trading pattern.
If you do not know how to detect patterns for yourself, a scanner helps you with that so the scanner is for beginners who do not know too much about trading, but also for experienced traders who use harmonic scanners to simplify pattern recognition.
If you activate notification you can get email notification when a new pattern appears on the harmonic scanner and you can take the opportunity and trade that pattern.
Additionally to notification you have a dashboard where you can make your watchlist with preferred patterns so it is easier to follow them and see currently available patterns.
How Good is the Forex Harmonic Scanner?
Forex scanner can help you detect patterns and give you highly accurate trading signals. Some results go as high as 90% of accuracy which is a really high percentage.
You can see what is our harmonic scanner success rate in this page.
When you search over the internet you will see a lot of Forex harmonic scanners showing 80-90% percent accuracy. If you look at that percentage more closely and read it again you will see that it says accuracy.
Accuracy means how good a scanner will draw a pattern on the chart. It does not mean how successful is in giving trading signals with proper entry and exit levels.
If you shift your thinking in a way where you will look for a scanner that will scan for patterns accurately with 90% accuracy, then you need to focus finding that scanner and using drawn patterns inline with support and resistance lines.
When you combine those two things you will have pretty good accurate trading signals.
Why?
Because you will have another tool that increases validity of the trading pattern found with the scanner.
How good the harmonic scanner in Forex is it will depend on you and your ability to combine analyzing tools. That can be pretty easy if you already know how to draw support and resistance levels.
If not, you can use harmonic scanners that draw support and resistance levels for you. There are such scanners on the market, but usually they tend to cost more.
Harmonic Patterns Scanner
Harmonic scanner detects the most popular harmonic patterns.
Those are:
- The Cypher
- The Shark
- The Bat
- The Alternate Bat
- The Crab
- Deep Crab
- The Butterfly
- The Gartley
Other harmonic patterns that are not available are:
With patterns above listed some scanners can detect other patterns like candlestick patterns, chart patterns, support and resistance levels.
Chart patterns:
- Triangle
- Wedge
- Double Top/Bottom
- Triple Top/Bottom
- Head and Shoulders
- Flag
- Channel
- Pennant
- Major support/resistance level
Candlestick patterns:
- Engulfing
- Piercing Line
- Morning Star
- Doji Star
- Hammer
- Harami
- And more
Trading patterns are universal and can be seen in all markets, like the Forex market and stock market. Trading patterns appear on different time frames from the smallest time frame, one minute time frame M1, up to monthly time frame MN.
Trading patterns appear as a bullish and bearish version. That means the bullish version will show you trade signals for BUY and the bearish version will show you trade signals for SELL.
Is the Forex Harmonic Scanner Free?
Usually a harmonic scanner is not free because of possibilities it has. All those features it has cost someone to develop and to maintain.
But you have free scanners on the market. They are mostly MT4 harmonic indicators that you install as an indicator on Metatrader 4.
When you install a harmonic indicator on the Metatrader 4 you need to modify settings before starting to use the harmonic indicator.
But, if you want you can use free trial you get with majority professional Forex harmonic scanners. They give you a 7 day or 30 day free trial period where you can test a harmonic scanner for free and if you are not satisfied you can cancel the subscription and you will not be charged.
If they do not offer you a free trial you also have a chance to buy the harmonic scanner and then request money back because most harmonic scanner providers offer money back guarantee to their customers.
Customers can test for a 30 day period and then request money back if they are not satisfied. That way all the risk is taken off from you as a customer and gives you an opportunity to see if the harmonic scanner works for you or not.
How Much is the Price of Forex Harmonic Scanner?
What I have found on the Internet is that there are several options. You can find really cheap versions, but those versions are even better than other ones that cost a lot more.
Here they are:
- Harmonics app
- $24.99 / month
- IML Harmonic scanner
Harmonics.app
Scanner- Harmonic patterns
- Standard patterns
- Platforms: Web
IML harmonic scanner have a high monthly fee because for $174.95 you get more education material inside FRX academy package. It is not only a scanner included, but you have more strategies you can use in your trading. The best is to visit IM Mastery Academy and see what they have to offer you.
As you can see some of the harmonic scanner prices are really cheap. Maybe $24.99 per month for you is not cheap, but have in mind that you get a lot with a harmonic scanner.
Harmonics.app Forex scanner gives you harmonic patterns in Forex, candlestick patterns and support/resistance levels which is really good deal.
Best Harmonic Scanner in Forex for Beginners
The best harmonic scanner in Forex on the market is for now harmonics app because you get the most out of it compared to other scanners with monthly membership.
The best harmomic scanner for beginners is also harmonics app because you get support and resistance levels automatically plotted on the chart. Support and resistance levels are hard for beginners to draw on the chart because you need to know how to draw them.
With harmonics app scanner you get that included in the monthly price so this is harmonic for beginners.
As a beginner you need to look for a simple harmonic scanner on the market because you need to have simple step by step usage so you do not get overwhelmed.
You do not want to use forex scanner that will require you to know how to analyze the market, how to plot some lines to make a final conclusion is the trading pattern valid or not.
Having tools like harmonic scanner apps will avoid complex analysis so you can focus only on opening a trade which is quite simple.
How do You Trade With a Harmonic Scanner?
Trading with Forex harmonic scanner is quite easy because you only need to read what you get in front of you.
Harmonics app Forex scanner works like this. You open the scanner and you have all the menus in front of you.
Main window is reserved for the chart or special menu if you select that menu. Special menu can be Monitor, Notification or Account details.
When you are on the main menu and that is the Chart menu you have a chart with a small window. That small window shows you which trading pattern you have currently on the chart.
To trade with a scanner you need only to select which trading pattern is good for you and copy entry levels you see on the small window.
The entry level is at the D point which is also a PRZ Potential Reversal Zone.
Maybe your trading strategy allows you to trade only Butterfly patterns so you will not trade Shark patterns that are now available on the chart. You will wait until the Butterfly pattern appears.
The rules on how to trade harmonic patterns are completely defined by you and your trading strategy.
But, if you do not have a trading strategy for trading patterns then you can read a harmonic pattern scanner strategy I have prepared for you.
Harmonic Scanner Types
Knowing harmonic scanner type is crucial because it can be a deciding point when you trade with a scanner.
Why?
You have Forex harmonic scanner types which draw patterns based on the price that changes. That means the pattern you see on the chart changes as the price changes.
So, when you start looking on the chart and there is a forming trading pattern that shapes at the start, can change in time and when it ends as the price moves forward you will end up with a completely different pattern shape.
So, if you take that kind of harmonic scanner and backtest it you will get pretty good trading results.
Why?
Because the pattern was changing and adapting to the price as the price changed in time. At the end the pattern ends up perfectly drawn with almost 100% success.
On the other hand you have harmonic scanners that draw patterns as they appear and they do not change as the price changes.
If the price changes direction the pattern will not change and can end up as a false pattern. When you do backtesting you will have a success percentage lower than 100% or 90%.
You will find two types of harmonic scanners which you can use, and it depends on you, are you a beginner who wants to have scanner that does not repaint at the last D-Leg even when the pattern is invalidated or you are a trader that does not mind having scanner that will change its form by repainting pattern.
Two types of harmonic scanners are:
- Repainting Harmonic Scanner
- Non-Repainting Harmonic Scanner
What is a Non-Repainting Harmonic Scanner in Forex?
Non-repainting harmonic scanner in Forex means you will have patterns drawn on the chart that remain even if you close a trading platform and open it the next day or if you change the time frame you are trading on.
Non-repainting harmonic scanner or indicator will not change its value after the price candle is closed.
What is a Repainting Harmonic Scanner in Forex?
Repainting harmonic scanner or indicator in Forex changes its values by using future data and that is candles on the right side of the chart. All candles on the right are not finished candles which are still not closed and change their shape and value.
That means, the scanner or indicator will change its shape as the candle changes. Until the candle closes you will not get a clear shape of that pattern because the pattern is changing its form all the time how the candle changes.
If you use a repainting harmonic scanner at the end you end up with a scanner or indicator that has historical entry and exit signals extremely accurately which is not a correct indicator of a precision for future trading signals.
How Do You Access the Forex Harmonic Scanner?
If you use a harmonics app Forex scanner then you access it over the browser. You go to the harmonic scanner link and login with your credentials.
If you use other scanners you can access them depending how they are built.
Here are ways how you can access scanner:
- Web browser
- Desktop platform
- Metatrader 4 and 5
- cTrader platform
Nowadays most scanners are accessible over the web browser because they use internet connection to the servers to show you the price chart. And using a web browser they can offer you the best user experience through better design, more tools, more features like email notification, telegram notification and so on.
0 Comments