kopparam
Short

xauusd, 240,Three drives pattern

FX_IDC:XAUUSD   GOLD / US DOLLAR
160 0 6
taken short on completion of the third wave ................targeting 61.8 retracement from the start of the pattern to the completion point of the pattern.

harmonic three drives pattern

the three drives pattern is a reversal pattern designed to highlight times when the market is exhausted in its current move.

… the pattern has a bullish version and a bearish version.

… the pattern is composed of three waves or drives that complete at a 127% or 161.8% Fibonacci extension

.....the trade is entered in the opposite direction to the overall move, when the third drive is completed at a 127% or 161.8% Fibonacci extension .

… the stop loss goes below the 161.8% Fibonacci extension for a buy and above the 161.8% Fibonacci extension for a sell.

… draw a new Fibonacci retracement from the start of the pattern to the completion point of the pattern and take profit at the point where price will have retraced 61.8% of that distance.

Related Ideas

Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out