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This indicator helps identify 3-bar and 4-bar plays, which are price action patterns consisting of a wide ranging bar that breaks above or below resistance or support, followed by one or two collecting/consolidating bars, then a continuation bar in the direction of the new trend. The 3 and 4-bar play is taught by Jared Wesley and Anmol Singh at Live Traders.
Looks like on the H1 chart of GBPUSD we are in the middle of the 3rd leg of an impulse wave.
Remaining Wave Targets:
Wave 3: 1.3963
Wave 4: pull back to the 1.3853 or 1.3787 area
Wave 5: should give us roughly the length of Wave 1 putting us around 1.4026
The rejection from $9400 has shown a continuation to the bearish trend .
The 42% move had many thinking the correction has ended when it was only an
X leg of a Triple Combination WXYXZ 3-3-3-3-3 pattern (7 points)
Potential target of $5500 in Feb 2020 using Log scale
So we at the 3100 level marked of a while ago which is the measured 3-Drive pattern. This is where we are looking for shorts. Currently, it looks like the market could make one more lower timeframe high and then we will hunt for any of our reversal patterns. Alternatively, if the 3100 level holds and this 15min flag breaks I will also look to get short. Some...
We have the S&P500 grinding up to all-time highs. We have some bearish divergence forming and a potential 3-Drive reversal pattern. The 161.8 extension of the 1st drive (green) and 1.272 extension of the 2nd drive (red) both come in around 3100 for so confluence. This is where I will be hunting for reversal. My minimum target will be around 2500 for a Running Flat...
This correction might not be over. What I can say with confidence, however, is that we have already completed pattern 3-3-5 Flat Correction and that did not end the overall correction. Then we completed what looks to be a large ABC pattern or Wave X and is developing, did not end it. Some corrections become more complex with multiple Elliot Wave corrections...
we could trade this 1-2-3-Pattern as soon as we get the Breakout as confirmation for our trade!
We were not able to create higher highs after this rally and bounced back at the recent resistance-line (See big picture).
I expect Profit-Safes and a drop since the Lira is still in trouble.
So wait for the Breakout and see what happens. :-)
|Silver| presented in a harmonic 3 square pack. Potential bounce on SQR2 edge.. if edge resistance can hold it then potential play:
beating previous high will help :) @ 14.833
retest 15$ level
what a fight it was to watch
EURUSD has almost reached 61.8% retracement of its setup bullish leg. Demand is expected to enter around this area. Limit buy orders at 1.1630, the 61.8% retracement area, and stops around previous low of 1.1528 is the trade setup. The context to the left of the chart is quite bearish, making this a lower probability reversal trade with a decent reward for risk....
Hello, I wish to thank you for reading this analysis and I hope that you enjoy it. My original intent when writing this was to show, in detail, the rationale for my position, in clear, easy to understand, layman's terms as I have done many times before. As I worked through everything I came to the decision, that I would instead describe my analysis using the...