Harmonic Pattern Helper Engulfing Bar Test

For those involved in Forex trading, the Harmonic Pattern Helper, a specialized Expert Advisor, has made quite a buzz. This software, designed to assist traders in spotting and capitalizing on Engulfing Candle Patterns within a manually input price range, is currently available only as a demo version. However, it holds considerable potential for those who are keen on mastering the complexities of the Forex market and currency trading in general.

Understanding the Harmonic Pattern Helper

The Harmonic Pattern Helper is a Forex software that aids traders in identifying certain price patterns and executing trades based on these. While it specifically focuses on Engulfing Candle Patterns, it also accommodates various harmonic patterns such as gartley, bat cypher, and butterfly. However, it’s important to note that this Expert Advisor does not display harmonic patterns itself and is meant to be used in tandem with another harmonic pattern indicator.

Operating the Harmonic Pattern Helper

For traders to utilize this tool effectively, they must first identify a price range around the end point D of their chosen harmonic pattern. This range is then manually input into the Expert Advisor’s settings, with the highest and lowest prices where an engulfing candle pattern can occur being defined under ‘Inp9 Upper Level’ and ‘Inp9 Lower Level’ respectively.

Setting Trade Preferences

Once the price range is set, traders can choose the type of trade they wish to execute. By inputting ‘1’ into ‘inp11_blockID’, the software is set to execute a BUY ONLY trade. Conversely, inputting ‘2’ sets it for a SELL ONLY trade. This means the EA will only execute an Engulfing candle pattern trade within the previously defined price range.

Defining Stop Loss and Target Points

The next step involves defining the stop loss and target points in pips, as well as the lot size. These parameters must be input into both ‘input 1’ and ‘input 2’ for the software to execute trades effectively. However, traders must be aware that this Expert Advisor is not designed to ‘set and forget’. It must be removed from the chart after each trade.

Testing the Harmonic Pattern Helper

As previously mentioned, the Harmonic Pattern Helper is currently available as a demo version. However, interested traders can view independent testing of this product on the forexroboteasy.com website. There, they can also subscribe to updates on the results of testing this product, providing them with valuable insights into its functionality and potential benefits.

Share Your Experience

If you have used the Harmonic Pattern Helper, feel free to share your experience with it. Your feedback can provide valuable insights for other traders and contribute to the ongoing evaluation of its efficacy in Forex trading.

FAQs

Q: Is the Harmonic Pattern Helper a standalone tool for identifying harmonic patterns?
A: No, it is designed to be used in conjunction with another harmonic pattern indicator.

Q: Can I set the Harmonic Pattern Helper to automatically carry out trades?
A: No, the Harmonic Pattern Helper is not a ‘set and forget’ tool. It must be removed from the chart after each trade.

Q: Where can I see the results of independent testing of this product?
A: You can view the results on the forexroboteasy.com website, where you can also subscribe to updates.

In conclusion, the Harmonic Pattern Helper, despite being in its demo phase, already shows considerable promise as a valuable tool for Forex traders, particularly those who rely on harmonic and engulfing candle patterns. With its customizable settings and user-friendly interface, it has the potential to significantly enhance trading strategies and outcomes in the Forex market.