This book was written by Scott Carney, President and founder of harmonictrader.com, has defined a system of price pattern recognition and Fibonacci measurement techniques that comprise the harmonic trading approach. He has named and defined harmonic patterns such as the bat pattern, the ideal gartley pattern and the crab pattern. In 2005 Carney joined AIG Financial Advisors as a registered investment advisor. He has since left A.I.G Financial Advisors after two years to start his own firm. In addition, Carney is a full member of the Market Technicians Association(www.mta.org) and the American Association of Professional Technical Analysts (www.aapta.us). He has been a regular columnist on several know websites such as stockcharts.com, tradingmarkets.com and signal.com. Carney is a featured guest on CNNfn and he presents seminars nationally.
Unlike traditional technical analysis patterns e.g head & shoulders, double top & bottoms e.t.c harmonic trading aims to measure precise harmonic ratios: 1.618, 0.618 with every other ratio derived from the primary ratios.
Harmonic Patterns are determined from these precise harmonic ratios.
Among all the books on trading psychology, Scott Carney has good advice to improve the mental aspect of trading:
Keep it simple: This is the most popular advice around the web mentioned by publishers such as Al Brooks, Lens Berg and a lot of professional traders.
Stick to a winning plan: This may be difficult for novice traders because there is no signs proving profitability for a particular strategy, another confusion is that even the best strategies have losing positions.
I hope you will find value in this book, please leave us a comment below to let us know what you think.