TerryHarmonicTrading
Short

EURAUD - Bearish Bat Completion around 1.57

OANDA:EURAUD   Euro / Australian Dollar
Last week, EURAUD             has completed a bearish bat pattern around 1.57.

Harmonic Execution
The is a pattern to go short at the PRZ zone.

Right now price is at a low price and the risk to reward ratio is not fantastic.

Personally, I will wait for a pullback to the top the channel I drew for a better R:R trade.

I will only go short when price touches the top of the channel and turns down.

Execution will be at the close of the first red candle after the top of channel is touched.

Volume should be above average on this execution bar.

Volume Analysis for this pattern

At around the PRZ zone, I see the volume has picked up significantly.

For a big timeframe Harmonic pattern to complete and reverse, above average volume near the PRZ zone is required.

For this setup, my above requirements are all met, now is just waiting patiently for execution.

Comment:

Wait wait for the resistance of this channel to be tested first.

If there is a candlestick reversal with decent vol happening after it touches top of channel, I am likely to go short.

If it breaks up strongly with better than average vol, the uptrend will likely continue.
Comment:

Was not watching the market last night.

Missed a great zone to go short.

Will be patient and only go short when it is above 1.5750.
Comment: Just went short after this ultra high volume bar completed on EURAUD.

This level is also a shark pattern PRZ.

Win or lose, this will be a learning experience in my journey to trade well with my new system combining VSA and Harmonics.

Entry 1.5790
SL 1.5850
TP Open

Comment: +100 pips since last night.

This might feel uneasy for you, but this is exactly what the professional traders wants you to do. To buy in a ultra high volume breakout.

Because I learnt alot about these manipulation tactics from Tom William's book, I am able to take a high probability counter trend move which combines VSA with Harmonic patterns.

Congrats to any daredevils who went short together with me.

BTW, video ideas are now available on TV, this is a tool I will be making full use of to share about my trading system. Do check it out if you enjoy reading my posts.
Comment:

Price has broken above trendline.

Have decided to take profit for now as price is still likely to be ranging between 1.56 to 1.58.

+130 pips for this setup.
Great analysis
Reply
Excellent analysis
Reply
@BOB1435, thanks for reading my analysis. I will keep up the quality work.
Reply
nice, thank you
Reply
@lubk, don't mention. Thanks for the follow and encouragement!
Reply
thank you for all your hard work I learn a lot from looking watching and practice so once again thank you
Reply
@ChrisWiley, dont mention Chris. It's my pleasure.
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out