Search Patterns v6 Forex Indicator is an fx indicator designed for harmonic forex traders. It is responsible for drawing automated chart harmonic patterns. This forex Indicator requires some form of understanding of the Forex market. It is not the best Indicator for forex beginners, but if you have understood how it works, you are free to use it.
Search Patterns v6 Forex Indicator draws or forms divergent chart triangles. The triangles diverge outwards, signaling possible trade entry levels that the forex trader may utilize. Unlike many other indicators, this forex Indicator doesn’t give a precise signal but rather offers the insights for placing the orders. Different traders may place additional trades using this same Indicator, but both will make profits.
This Indicator uses the fact that the Forex trading market doesn’t just move in one direction. If the forex market has an upward trend, the market will rise and then retreat a little bit and then rise again. It just does not increase continuously. Therefore using this scenario, one forex trader may place a sell to benefit from the retreat while another may open a buy targeting the long-term trend.
Fig.1. Search Patterns v6 forex indicator explained.
From the above mt4 chart, it is evident that it is not always that the forex trader will have the chance to choose between opening two trades. Sometimes the chart divergent triangle may have the other two vertices at a lower point than the entry-level.
However, you can choose to put limits at one of the vertices, which is set to be hit first so that the TP(take profit) of the limit is placed at the other vertices. Fas example, from the above chart, the trader may have put a sell at the top point of the first chart divergent triangle and placed a take profit at the lower end. Then they may opt to set a buy limit at the same end as the seller’s order take profit and put a take profit(TP) for the buy at the other point.
Fig.2. Placing limit orders using the search Patterns v6 Forex Indicator.
When trading with this forex Indicator, the trader will have trades running in the market. If used well, the Indicator is a good tool for the harmonic traders. Its efficiency is way passed the rest of the other forex indicators. It has a super 99% to 100% efficiency. Every trade that is placed using this forex Indicator will result in profits. The only time that the trader can make losses is when he trades wrongly (opposite to what the triangles say).
What about the yellow dashed levels?
These levels are similar to the Fibonacci levels. So they provide the same kind of information as the Fibonacci levels. They help determine when to close the orders or at what level to place your stops.
It is best that the trader uses the levels below 100% and precisely the 61.8% level for their take profit level. The levels above 100% are rarely attained and thus should not be used; close your trade earlier to get a chance to remain in the market.
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