FX:EURAUD   Euro / Australian Dollar
67 9
Shrort till crab completes; will look for longs in PRZ.
crab should at least touch 0,618 at B and should never touch 0,618 at C. Your painting has both mistakes. That's why there's more probabilitiy that prz will appear at 0,886XA as this pattern is a batpattern. To know more about bat and harmonic patterns check my ideas, especially weekly series of "Thoughts about bat pattern". It's free)))
+1 Reply
Nightwish Alexander_Nikitin
Thanks. As I said I`m not that good at harmonics, this was printed by eSignal trading platform and they do have some specific adjustments which I found interesting but also problematic. They do not use highs and lows and Fib levels only, there are more parameters to adjust. I use harmonic patterns to confirm another strategy which I trade for very long time. eSignal also agrees on bat pattern which is to complete at ~1.4350. However, what matters to me is where the potential reversal zone is and if it fits to supply / demand zones ( which I look for ) - they are valid to me. 1.43140 - 1.4350 is minor demand and I`ll look for my short targets there in the first place since I`m short from 1.45415 . Crab or not - we will see. :)
if you have already constructed a potential prz in your mind at demand zone, why do you need patterns? Your mind will only provide you valid ones))
Nightwish Alexander_Nikitin
It is simple :) I trade from 2006. and what I saw during the time is that strategies change as market changes. As a trader you have to know more than one to be profitable in the long run. Therefore I always look for something new and effective which I can combine. If one strategy does not work because the market changed - another one will. Price action trading, common chart patterns, Supply/Demand, "naked" and other stuff are something I do automatically. Harmonics are my next field of study.
+1 Reply
We all trade what we see. But WHAT we see is a good question. What we see depend on what we know. I agree that strategies should be changed when the market changes. But this agreement is only connected to non-pattern based strategies. Pattern-based strateges can't change as human psycology doesn't change. Thousand years ago the only way to get rich by trading was to buy low and sell high. Today the picture is the same: the only way to get rich is to buy low and sell high).
Nightwish Alexander_Nikitin
Or just take the breakout :) Cheers mate, we see things the same way :)
Gino Nightwish
What in the world have just happened, why it went up so high?????????
because of bad data from Australia during Asia session AUD got sold off; EURAUD , as "evil twin" does opposite 3x harder.
Gino Nightwish
Well, I guess we will have to wait till Sun to see how the EUR is behaving, I like to short it at these levels.
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