NEM is in the process of printing Bat pattern still incomplete but we can try to trade B->D move which is often happens. Since when I am writing this idea price already broke B point I have to frame it with two entries.
Entry 1 (preferred) - we see daily pin of high volume so there is a good chance of B point line to be re-tested. Wait until it is tested and see if it provides support to the stock price. If it does - price bounces of it on good volume and produces bullish candle e.g. pin. Then we can enter long position targeting Bat's D point.
Entry 2 - if price action next week will be strong enough to break daily pin without B point re-test we can enter long position there.
Trade Exit: Automatically exit trade at 0.886 fib - Bat's D point $40.51. Even at late entry at $37.65 we can still have 7% gain. With preferred entry we can gain about 14%.
Proper money management required.
Entry 1 (preferred) - we see daily pin of high volume so there is a good chance of B point line to be re-tested. Wait until it is tested and see if it provides support to the stock price. If it does - price bounces of it on good volume and produces bullish candle e.g. pin. Then we can enter long position targeting Bat's D point.
Entry 2 - if price action next week will be strong enough to break daily pin without B point re-test we can enter long position there.
Trade Exit: Automatically exit trade at 0.886 fib - Bat's D point $40.51. Even at late entry at $37.65 we can still have 7% gain. With preferred entry we can gain about 14%.
Proper money management required.
Comment:
Watching if B point and middle of weekly long green candle provides support.
Comment:
Zooming it to see if there is strength at B point.
Comment:
Long entry should be made on a break of point B. SL can be put below falling wedge lowest point.
Comment:
So far there was no opportunity for us to enter this trade. I would like to share AB=CD pattern on 15 min that may reverse the price. Entry would still be potential Bat P point entry. We just observing looking for strength in this weakness.
Trade active:
This is good healthy strength showed up on 15 min TF AB=CD pattern.
Entered initial long position with tight SL below that 15 min pin here. Will add when Bat's B point breaks.
Entered initial long position with tight SL below that 15 min pin here. Will add when Bat's B point breaks.
Comment:
Harmonic trading has 3 stages:
1) early identification of the pattern
2) trade execution
3) profit management
We now trying to trade BAMM move on weekly. Weekly TF requires patience and takes time, so as opportunities show up on lower TFs we can use them for better entry.
1) early identification of the pattern
2) trade execution
3) profit management
We now trying to trade BAMM move on weekly. Weekly TF requires patience and takes time, so as opportunities show up on lower TFs we can use them for better entry.
Trade closed: stop reached:
Tight stop loss on EARLY entry got hit. Reminds the importance of following the rules and enter ONLY on Bat's B point break upward.
The idea is being invalidated as price drops further below B point. It did not allowed me to enter with big position at B point. Will look for other opportunity. I will keep the idea open just in case price suddenly reverses since it is on weekly we may still have a chance for it to work out.
The idea is being invalidated as price drops further below B point. It did not allowed me to enter with big position at B point. Will look for other opportunity. I will keep the idea open just in case price suddenly reverses since it is on weekly we may still have a chance for it to work out.
Comment:
Despite of gold dropping NEM is holding well. That shows some strength. Our potential Bat hasn't been invalidated yet so this setup is STILL VALID. All we need to do is to patiently wait for B point to be broken so we can safely trade that BAMM move. Waiting...
Comment:
Today NEM printed a bullish candle on high volume and demonstrated strength. I believe it revives the opportunity for our BAMM move trade. Bat is still valid.
There is risky entry shown on chart using today's candle and safer entry using Bat's B point.
Good Luck!
There is risky entry shown on chart using today's candle and safer entry using Bat's B point.
Good Luck!
Trade active
Comment:
This trade gives a headache and pain last couple weeks but it has good development on daily chart. High volume wick was challenged but held well with today`s engulfing candle. It is promising. I believe it will work out well considering gold`s break out of 1311. Still entry requires babysitting until potential Bat B point is broken up.
Comment:
NEM is approaching potential Bat's B point. I am going to add to existing "early long position" when it breaks B point of that Bat.
This trade takes time and stresses the importance to NOT focus all your money in one trade and also not to put all money dedicated to one trade at once.
This trade takes time and stresses the importance to NOT focus all your money in one trade and also not to put all money dedicated to one trade at once.
Trade active:
Price breaking potential Bat's B point. Added to exiting long position and moved SL to averaged break even which is at $34.50.
Comment:
Progressing nicely. No more entries for me. Closer to our target we will start trailing SL to ensure most of the profits.
Trade closed manually:
SL with profit got hit. I am closing this idea. Setup is being invalidated by time.
We should watch it closely now looking for strength and reversal candlestick pattern. Not ready to enter yet.