Pending Short At Completion of EW Pattern | $AUD $JPY #Forex
Friends,
There are very few patterns I consider using in my trades, except some proven ones, such as the Shark, the 5-0 and my own prop patterns (Great White, Janus, Euclid, Deep Shark). However, there is yet another pattern for which I keep an eye out. It is the Elliott Wave's Diagonal Triangle, which most pattern traders would simply define as a wedge pattern.
The particulars of this pattern is its 3-3-3-3-3 wave patterns, numbered 1 through 5, with Wave-5 typically exceeding ("throw over") the pattern before turning precipitously down to lower lows. However, there is yet no such confirmation at this point that the pattern will roll over and carve out new lows, but I thought it worth sharing preemptively, in anticipation that such bearish unfolding is one probable outcome here.
I would recommend the trader to become familiar with the Shark and the 5-0 pattern (consult Scott Carney's "Harmonic Trading" books and website), as well as Robert Prechter, Jr.'s ElliottWave.com site for added instructions on the pattern. Both of these sites continue to teach me lessons on price action, harmonics and market angles.
I wish I could say that my proprietary predictive analysis/forecasting model would be self-sufficient, but I do like to turn to professionals who have a different view of the market, because there simply isn't enough mind and mind's eyes to see and perceive every subtleties when it comes to occult geometries.
In the case of the daily chart, for instance, you will notice that the lines seem to act as channels. However, for these to act as channels, they would have to be defined by lining tops or bottoms and drawing parallels to line up against an opposite price point. In contrast, these lines are what I have defined as momental lines, and they are simply defined by the geometry of a momentum, hence momental lines. What you end up defining is the anticipation of a price projection, not based on its static point (as would occur with horizontal price definitions), but based on the forward projection of a line which is anticipated to act as support/resistance across the entire life of the chart, regardless of its timeframe.
Feel free to Google "momental line + alcindor" or "momental line + 4xforecaster" to pull examples of charts in which I have highlighted these strange discoveries.
In any case, this chart's pattern may or may not roll into a complete EW's diagonal triangle, but the points, lines and geometries are all here, formed in the 4-hour (240-min.) chart, as if at the moment of rolling down ... Worth watching and waiting.
Preliminary targets (i.e.: until model releases signal, hence "Neutral" bias for now) are:
1 - 92.219
and
2 - 91.411
Cheers,
David Alcindor
Predictive Analysis & Forecasting
-----------------
Twitter: @4xForecaster
-----------------
There are very few patterns I consider using in my trades, except some proven ones, such as the Shark, the 5-0 and my own prop patterns (Great White, Janus, Euclid, Deep Shark). However, there is yet another pattern for which I keep an eye out. It is the Elliott Wave's Diagonal Triangle, which most pattern traders would simply define as a wedge pattern.
The particulars of this pattern is its 3-3-3-3-3 wave patterns, numbered 1 through 5, with Wave-5 typically exceeding ("throw over") the pattern before turning precipitously down to lower lows. However, there is yet no such confirmation at this point that the pattern will roll over and carve out new lows, but I thought it worth sharing preemptively, in anticipation that such bearish unfolding is one probable outcome here.
I would recommend the trader to become familiar with the Shark and the 5-0 pattern (consult Scott Carney's "Harmonic Trading" books and website), as well as Robert Prechter, Jr.'s ElliottWave.com site for added instructions on the pattern. Both of these sites continue to teach me lessons on price action, harmonics and market angles.
I wish I could say that my proprietary predictive analysis/forecasting model would be self-sufficient, but I do like to turn to professionals who have a different view of the market, because there simply isn't enough mind and mind's eyes to see and perceive every subtleties when it comes to occult geometries.
In the case of the daily chart, for instance, you will notice that the lines seem to act as channels. However, for these to act as channels, they would have to be defined by lining tops or bottoms and drawing parallels to line up against an opposite price point. In contrast, these lines are what I have defined as momental lines, and they are simply defined by the geometry of a momentum, hence momental lines. What you end up defining is the anticipation of a price projection, not based on its static point (as would occur with horizontal price definitions), but based on the forward projection of a line which is anticipated to act as support/resistance across the entire life of the chart, regardless of its timeframe.
Feel free to Google "momental line + alcindor" or "momental line + 4xforecaster" to pull examples of charts in which I have highlighted these strange discoveries.
In any case, this chart's pattern may or may not roll into a complete EW's diagonal triangle, but the points, lines and geometries are all here, formed in the 4-hour (240-min.) chart, as if at the moment of rolling down ... Worth watching and waiting.
Preliminary targets (i.e.: until model releases signal, hence "Neutral" bias for now) are:
1 - 92.219
and
2 - 91.411
Cheers,
David Alcindor
Predictive Analysis & Forecasting
-----------------
Twitter: @4xForecaster
-----------------
