Categories: Forex Glossary
Using Harmonic patterns one can point to a specific area which can be the possible turning points on the price chart of any currency. It makes use of Fibonacci extensions and Fibonacci retracements. Harmonic patterns are effective because the guesswork is least and the pattern depends on the fixed Fibonacci numbers.
Harmonic Patterns are useful on any time frame such as daily, weekly, monthly or annually. Different types of Harmonic Patterns are known in the Forex Trading such as the ‘Gartley Pattern’, Bat Pattern, Butterfly Pattern and the Crab Pattern.
