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This chapter is from the book

This chapter is from the book

Harmonic Trading, Volume One: Profiting from the Natural Order of the Financial MarketsHarmonic Trading, Volume One: Profiting from the Natural Order of the Financial Markets

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This chapter is from the book

This chapter is from the book

Harmonic Trading, Volume One: Profiting from the Natural Order of the Financial MarketsHarmonic Trading, Volume One: Profiting from the Natural Order of the Financial Markets

Learn More Buy

Order within the Chaos

Many have argued that the financial markets are a random entity. According to the Random Walk Theory, popularized in the book The Random Character of Stock Market Prices by Paul H. Cootner (ed., MIT press, 1964), price action is “serially independent.” This means that price history is not a reliable indicator of future price action. Although this theory does possess validity, since anything can happen in the financial markets, history has proven that within this randomness there is a degree of repetition.

Many events in the markets have repeated historically through the years. Significant corrections have occurred in October, which are usually preceded by a late summer peak. In addition, many common events such as defined levels of support and resistance or trend lines define repeating market action on a daily basis. Harmonic Trading techniques capitalize on such repeating market events by identifying specific price patterns within the randomness of the markets. Correctly identifying these situations is the key to profiting from these opportunities.

The identification of historically repetitive price patterns is the primary means that these techniques utilize to interpret the market’s signals. It is in this effective price pattern identification ability that Harmonic Trading possesses its greatest advantages. The precision and accuracy of the specific pattern alignments define a consistent and effective approach that can be easily applied. Furthermore, each distinct pattern acts as a model for the basis of all trading decisions. Once a potential pattern is identified, the trading opportunity can be managed according to a defined set of rules that are particular for each situation. Although each pattern possesses different elements, Harmonic Trading identifies specific repetitive situations within the chaos of the financial markets.

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