JamesBrown

Harmonic Patterns Currently in Play for BTCUSD (4 Hour Chart)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I show three harmonic patterns currently in play for BTCUSD             - Bullish Crab , Bullish Gartley , and Bullish Deep Crab .

Both of the Crab Patterns have yet to complete (reach point D). The Gartley has completed D and tested every point of its PRZ (enter on test of bottom of PRZ), so we await to see if one, or both, of its targets will be hit (as the Gartley stop-loss was never hit).
Realize that there are a few minor ratio violations of the patterns, such as a D that extends beyond the 3.618 BC (as a max) parameter for the Bullish Crab (it actually reaches about 3.882 BC by the pattern tool's estimation and 3.786 BC when I went back and measured the FIBs extensions from BC).

Some people may then consider what I call a "Bullish Crab" on this chart to be invalid, but I don't consider it invalid, as I consider 3.786 BC close enough to the 3.618 BC rule to look the other way. Now, if it were out at, say 3.93 BC, or something like that, then I'd consider it invalid, and look somewhere else to trade.

Another example of what some may consider a "sketchy harmonic pattern" is my Gartley, that has a 0.583 dip into XA, at B, whereas the stipulation for the Gartley (as described by Scott Carney) calls for a near perfect retracement to 0.618. Now, what is considered "near perfect" is obviously left up to one's own interpretation. I, personally, feel that 0.583 is close enough to 0.618 to consider it within the parameters of a valid Gartley. You may feel otherwise, which is why I chose to disclose this information.
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