ninjabenja

Converging Advanced Patterns and SCMR levels.

BITFINEX:BTCUSD   Bitcoin / Dollar
Our higher time frame Bullish Gartley has already completed on Bitstamp and the same pattern (pictured above) is about to complete on Finex, having already tapped the buy box. The most recent push to a new local             low has also given us a valid C point for a potential Bearish Cypher pattern on both exchanges. Granted that's nothing to write home about for now, but it does provide a new level to watch.

SCMR             dynamic levels have our closest demand/support zone at around $252 on the Daily chart . I would expect to see a further push down to touch that level before a significant bullish reversal, however I've already begun my staggered entry on this trade. Per Thomas Bulkowski: A Bullish Gartley will reach back to it's own 'B' point 97% of the time... however If we fail to reach target 1 at $278 and instead break below SCMR             support toward the Bullish Bat at $238, I'll be looking to average down my position.

The over-all R/R on the Gartley if taken at the D completion point is 1.95, with stops being triggered on a break of the bullish trendline . This assumes a two target completion, first at .382 of AD ($278.62) , second at .618 (292.66).

The over-all R/R on the Bat pattern if taken at the D completion point is 5.45, with tighter stops somewhere in the 230 area. This is because it's my opinion that we'll blow past support if the bullish trendline breaks. Target 1 on the Bat pattern would be around $270. For more information on the Bat Pattern and it's requirements, go here.

For more information on the Cypher Pattern and what to expect from it, take a Look at @Nico_Muselle 's post.
LOL... For **** sake.
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Haha.. Hope you didnt get burned
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