Late in 2016, iMarketsLive launched their Harmonic Scanner to help those who invest in the Forex Currency Market, gain a better traction on when the market trends might be on an uptick, or heading for a downturn.
Since I wasn’t totally sure what Harmonic Patterns were at the time, I turned first to Investopedia.com, where I found a great article by Cory Michell, where he provides a solid explanation of the history of Harmonic Patterns.
Harmonic price patterns take geometric price patterns to the next level by using Fibonacci numbers to define precise turning points. Unlike other trading methods, Harmonic trading attempts to predict future movements. This is in vast contrast to common methods that are reactionary and not predictive. Let’s look at some examples of how harmonic price patterns are used to trade currencies on the forex market. (Extensions, clusters, channels and more! Discover new ways to put the “golden ratio” to work.
Now for you who might be checking out iMarketsLive or just curious about Forex Currency Trading, here is a great resource: The Ultimate Forex Guide – by Investopedia.
Another great resource, and one I am not fully through yet is by Christopher Terry, founder of iMarketsLive – Basics Of Forex Trading 2 Hour Class