I think we have reached leg B and now heading up to C but of course market could still retrace back to B or even a bit further down before heading up. My labelled zones are only a rough idea of where i think the market may touch. Decide on your own Entry & Exit.
DISCLAIMER
Please note that this chart is an opinion based chart only. Please trade at your own risk
Trade active
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B to C has now been closed. Just watching the market now.
I am recommending you to use ZIGZAG indicator and you will see why I do not consider leg XA to be valid. And than, on this type of pattern, AB and CD are creating the perfect trend reversal, so in this case if you are planning to buy against the trend, you should probably take in consideration also some indicators or another patterns, maybe on smaller time frames there. It is just my point of view, but please do not be upset for this comment, it is meant to be a constructive one. If it is working for you, than please do not change anything. A strategy that is good for someone , it is not meant to suit anyone. Good trading!!!
Quinkong
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@FullTT, I am not upset at all and i very much welcome your opinion as it corresponds to what i was thinking after making the chart but was waiting to see what market does when it opens. I appreciate the opinion.
Dani0
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@FullTT, Looks like she was right.
MariusStanescu
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@Dani0, Harmonic patterns can be draw very differently from person to person, because maybe the strategies are different or maybe, and it is very important, every person can see a chart different and can draw different patterns, it is all coming from our mind and imagination. So if this works for him that that's great, i am glad, because as i said, we are all different people with different strategies that we choose them because they suits us. As a side note, for me that is not a valid BC leg. Yes after a sharp move, a reversal may come in the same way...sharp and it can be profitable trade. So good trading guys!!
Dani0
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@FullTT, There are different variations of patterns in harmonics, i spotted this and it is valid dear. Perhaps you use limited criterion for the patterns you trade, however this is a valid leg move, hope you do well too.