Through my research whilst studying Scott Carneys Harmonics methods I devised the 50% retracement system.
This system allows me to enter higher time frame patterns with considerably smaller stops.
Entering at the 50% retracement with a stop at the 25% allows me to create a risk free position by closing 50% at 2R (100%).
I carry out this system on the 1m time frame but due to TV rules on publication can only show it on the 15m time frame.
The 127% level on the chart shows the entry for the 4H Buttefly pattern.
Mt first entry became risk free and hit several targets before being stopped out. This can occur several times before the eventual move happens. Due to the risk free element, and the potential of such a large risk to reward, this is not an issue.
This system allows me to enter higher time frame patterns with considerably smaller stops.
Entering at the 50% retracement with a stop at the 25% allows me to create a risk free position by closing 50% at 2R (100%).
I carry out this system on the 1m time frame but due to TV rules on publication can only show it on the 15m time frame.
The 127% level on the chart shows the entry for the 4H Buttefly pattern.
Mt first entry became risk free and hit several targets before being stopped out. This can occur several times before the eventual move happens. Due to the risk free element, and the potential of such a large risk to reward, this is not an issue.
