In May 2020, we bought and tested 10 most popular harmonic pattern scanners. We did the test by taking 100 trades generated by the signals from each scanner and following each scanner’s guidelines. It took about 3 months to finish the 100 trades.
Here are the test results and what we take a look while choosing the best harmonic pattern scanner.
There are 5 factors we consider while choosing the best MT4 harmonic pattern scanner:
1. Accuracy (the most important)
We put the accuracy as the most important factor while choosing the best harmonic pattern scanner.
We define the accuracy after executed 100 trading signals generated by each scanner, and then record the number that hit target and the number that hit stop loss.
2. Number of patterns the scanner could recognize
The ability to detect patterns is also important as the more patterns your scanner could recognize, the more opportunities you could take. For sure in real trade you don’t need to execute all the existing opportunities, but the ability to detect many patterns will give you more chance to catch the best ones.
3. Number of currency pairs monitored by the software
Some scanners could monitor only 10 pre-defined pairs. But some scanners could monitor up to 30 pairs. We see this factor as important too as the main benefit of using harmonic pattern scanner is to monitor many pairs at the same time.
4. Ability to monitor multiple time-frames
Some scanners has limitation of number of time-frame to monitor (ie: one scanner could monitor only 1 given time-frame), while the other scanner could monitor up to 6 different time-frames.
Since harmonic trading is more effective in higher time-frame, then ability to monitor at least 3 time-frames (H1, H4 & D1) at the same time is enough.
5. Ability to anticipate pattern conflicts in different time-frame
If you have some experiences in manual trading with harmonic pattern, there is high probability that you ever experienced a pattern conflict. A conflict occurs when a pattern direction in a time-frame against the pattern direction in different time-frame.
Within the condition, some scanners will display both of them, which just making you hard to choose. A good scanner should display the one that has highest probability to win. Or, they may display the both complete with the probability ratio to help you making decision easier.
The best harmonic scanner we got from the test
Below is the accuracy of each of the harmonic pattern scanner after 100 trades recorded. To protect the vendor’s privacy, we do not reveal the exact name of the scanner except the winner.
|FSO Harmonic Scanner||89% (highest accuracy)|
|Scanner 08||48% (lowest accuracy)|
As shown on the report above, the FSO Harmonic Scanner has accuracy of 89% (almost 90%), while the other scanners are between 48% – 73%.
Plus, the FSO Harmonic Scanner has some features that we can’t find in other harmonic scanners, as described below.
What makes FSO Harmonic Scanner unique
The FSO Harmonic Scanner has three features that we didn’t find in other scanners.
First, the FSO Harmonic Scanner has its own Artificial Intelligence in Neural Network System connected to the scanner. This feature gives the software ability to self-learning from mistakes to provide self improvement. With this feature, the software can automatically improved its analysis by self-adding new algorithms and eliminate the old algorithms with less success rate.
Second, the FSO Harmonic Scanner doesn’t use Fibonacci retracement/projection to define safe stop and targets (both Target 1 and Target 2). Instead, this software uses their own algorithm inside the Neural Network System.
Third, the FSO Harmonic Scanner has a built-in second indicator called Maxwell’s Equations which the function is as a double confirmation before you execute any pattern.
The Maxwell’s Equations displays the future prediction so you can cross-check with the pattern’s direction. When the future prediction confirmed the direction, you get even better probability to win.
Image below should represent how the Maxwell’s Equations works as a confirmation of the price reversal and potential reach of the price movement.
How to maximize your trading with FSO Harmonic Scanner
Below are some tips to maximize your trading results with FSO Harmonic Scanner:
- Always use stop level based on the level given by the scanner. Do not put your Stop just on some pips below/above the entry level, like suggested by many theory. The FSO already calculated the exact level of threshold of pattern validation.
- No matter how good the pattern formed, do not enter to the market before you got a confirmation signal from the scanner.
- Since the distance of stop will be varied on each position, then do not use flat lot for all of your positions. Instead, use proportional lot based on the stop distance and the money you’re willing to risk for the trade.
For example, if you want to take a risk of $50 on EURUSD, with the stop distance of 25 pips, then the lot size you need to take will be 0.2 lot. Take the same risk for all of your positions!
- To maximize your potential profit, always put your target on Target 2, but when you achieved Target 1, close your position partially and move your Stop to Breakeven (to entry level).
- Trading the Harmonic pattern in higher time-frame will be less frequent. But keep in mind that in term of Harmonic trading, you don’t try to get frequent trades. Instead, your priority should be your winning rate. We suggest to trade patterns only on H1, H4 and D1. With the ability of the scanner to monitor up to 30 instruments, you will get enough opportunities even you limit your trades to only on those time-frames.
Original license of FSO Harmonic Scanner
If someone told you they have a pirated version of the FSO Harmonic Scanner which is working the same as the original version, then it is completely B.S. Why? Because the power of the FSO Harmonic Scanner is placed on its “brain”, the Neural Network System – which is placed inside Dennis Buchholz’s server – which is no way to be accessed by a non-original FSO Harmonic Scanner.
To get the original license of FSO Harmonic Scanner, simply go to the official site: www.FSOHarmonicScanner.com.