Here on the Pound Yen we have a Nice Gartley Pattern that is formed. The PRZ has been tested and now we are waiting for entry.
*** Insert Personal aside here>>> Now, Harmonics gets a lot of slack from the trading community for various reasons, but i still think @ScottCarney is one of the greatest Market Technicians still alive. He was able to study previous writings from W.D. Gann (still one of the greatest ever with one of the greatest track records ever with a year of 490 something trades taken and 490 something trades won like a 2% loss ratio) Elliot, and other great technicians, and create a trading methodology that is pretty accurate if done correctly and has also created much controversy too. I do recognize other systems work as well but Harmonics is what works for ME just makes sense to me.***
Now with every methodology a trade can go in one of three ways up, down, sideways. This pattern has shown us that the PRZ is valid due to the consolidation so we know that the level is valid. The red box is a large candle and our current resistance zone with the Green Zone as our support. I am waiting for the right candle pattern or formation for entry and wil check the oscillators for confirmation. Based on the COT the pound is expected to weaken so if this pattern does present an oppritunity for entry at the first sign of weakness get your pips and run!
*** Insert Personal aside here>>> Now, Harmonics gets a lot of slack from the trading community for various reasons, but i still think @ScottCarney is one of the greatest Market Technicians still alive. He was able to study previous writings from W.D. Gann (still one of the greatest ever with one of the greatest track records ever with a year of 490 something trades taken and 490 something trades won like a 2% loss ratio) Elliot, and other great technicians, and create a trading methodology that is pretty accurate if done correctly and has also created much controversy too. I do recognize other systems work as well but Harmonics is what works for ME just makes sense to me.***
Now with every methodology a trade can go in one of three ways up, down, sideways. This pattern has shown us that the PRZ is valid due to the consolidation so we know that the level is valid. The red box is a large candle and our current resistance zone with the Green Zone as our support. I am waiting for the right candle pattern or formation for entry and wil check the oscillators for confirmation. Based on the COT the pound is expected to weaken so if this pattern does present an oppritunity for entry at the first sign of weakness get your pips and run!
Comment:
Ok, this is a perfect reason i say that GJ is the king of volatility. in one candle it moved around 100 pips in an hour! the green ray is new support. trade is well above break even and closed partially for profit!
