FormationSeeker is a proprietary pattern recognition software dedicated to searching for harmonic patterns in different types of markets ranging from Forex currencies to stocks and even cryptocurrencies.
Spotting real-time harmonic patterns can be a daunting task – especially for the novice trader, but even for the more experienced trader it can be confusing. You need to have your eyes trained by years of experience to be able to identify real-time harmonic patterns but, with the help of the FormationSeeker software, the software identifies the formations, so that you can profit from them.
What is FormationSeeker?
FormationSeeker is a web-based program that allows traders to access real-time data all the markets where all of the pattern scanning features automatically.
Before you read, maybe you would rather the video Introduction
Why Buy The FormationSeeker Premium Version?You can’t access all of the features included in the premium version in the free version, but you are going to be able to access the software itself and check out how FormationSeeker works so you can have a feeling of its performance.Under the Monitor tab, you can scan through all your preferred markets on any time frame. Some time frames, like the lower intraday charts, are only available for Premium users but FormationSeeker will run through a dozen markets calculating all of these different time frames and all different harmonic patterns.You also have the option to select the different markets you want to monitor from the sub-menu. By only choosing your preferred markets you are able to narrow down your view so that you only see suggested patterns for markets and currency you trade.Once you’re done selecting your markets, the FormationSeeker software will generate various harmonic patterns in two separate sub-tabs:
- D from Harmonic D point –It shows the harmonic patterns that are completed and in which you should already have a position if they meet your requirements.
- C from Harmonic C point – It shows the current harmonic patterns that are about to materialize and you should watch for potential trading opportunties.
This is quite helpful in filtering your watchlist of harmonic patterns.If you want to be able to visualize the pattern on a price chart, you can simply select the currency and the pattern that shows up in any of the sub-tabs and the FormationSeeker will automatically generate the charts you need so you can visualize the patterns.If you want to take full advantage of all features of the FormationSeeker you really need to get a premium access to this software. With a premium access, you’ll get trading signals and all the information you need to handle these trades.All the trade features have been optimized including the stop-loss ratios so your performance can increase considerably. Everything from your entry price to the stop-loss and take profit is predetermined in advance when using the premium version.When we’re talking about harmonic patterns we’re talking about pinpointing areas where these patterns complete and give us fantastic potential risk-reward ratios. We don’t have to risk much in order to see if the harmonic patterns will work or not.Another important feature that the FormationSeeker uses exclusively to confirm the trades is the:
- RSI (Relative Strength Indicator) – Overbought and Oversold readings.
- Terminal Bar – which is signaling that it’s time to get ready to enter the market. The terminal bar is the last stage for the harmonic pattern to be considered completed.
- HSIE is an oscillator used just for confirmation the same way as you use the RSI indicator.
These are great trade filters one can use to have more confirmation before executing a trade.Since many traders are not able to watch the market continuously, the FormationSeeker software has email notifications letting you know in advance when a pattern is completed or when it starts developing so you can have the time to execute those trades. I really like this feature because it is doing the technical analysis when you are away from your computer, and telling you when you need to take action – and all the analysis is there for you to make the decision.Where does FormationSeeker fall short?The only downside we can mention is not having the ability to choose only to follow your favorite harmonic pattern. I feel more comfortable trading only particular harmonic patterns that I understand the best, so I hope this is a feature that will launch in the near future.What does FormationSeeker Cost?Is FormationSeeker for me?In order to enhance your trading experience with the FormationSeeker software, we recommend that you also learn more about the different types of harmonic patterns that are out there. The FormationSeeker is helpful on this side because it provides you with the right education on where to start with the Harmonic patterns.Using the FormationSeeker software is pretty intuitive and it will take you no time to learn all the ins and outs so you can make the best of this out of the box pattern recognition software.