Reading the chart After a failed push (B) of only 113% extension of O to X, price almost immediately reversed to the other direction, breaking the secondary bearish trendline. Now the 88.6% retracement of O to B could not bring any relief from the bullish pressure. Prediction The second level to watch for is the 113% extension of B to O, which could lead to a...
In my last post, I had a bearish shark filling around at the .786 level well within the "Goldilocks" Zone. I've now added 2 bullish bats as well. Both also filling within the "Goldilocks Zone". One also at the .786 and the other one filling at the .886. Together with the bullish shark, when prices reach this area, chances are very good there will be a reversal....
The bearish shark that completed a couple of days ago (see Related Ideas: "EURUSD: A Completed Shark Pattern + Explanation") has hit both TP1 and TP2 targets for a nice combined +264 pips. There is still a TP3 target available but personally, I do not think it will hit. Why? See my last post on this pair that shows a STRONG reversal area that is looming just...
I'm not even sure I'm going to refer you to read my previous recent posts on this pair! Although in general they were correct, my predicted execution was not! When you have a cypher, and two Gartley's all pointing in the same direction among other factors, you'd think you'd have some confidence in the setup, right? But then they ALL get blown away! Tends to shake...
EDIT: See the REPOST for the correct chart. I'm not even sure I'm going to refer you to read my previous recent posts on this pair! Although in general they were correct, my predicted execution was not! When you have a cypher, and two Gartley's all pointing in the same direction among other factors, you'd think you'd have some confidence in the setup, right? But...
While everything has kind paused now waiting on the FOMC, let me post this update real quick.... In my previous post, I talked about a bullish shark that will complete around the same point as the bullish 5-0 pattern would complete: at the 1.09600 area. Recent price action has now also set up a POTENTIAL bullish bat that will also complete right around that area...
Now that prices are starting to descend towards the profit targets and the D point completion of the 5-0 pattern, I wanted to provide the profit targets. This time, I have provided 3 profit targets instead of the usual 2. Profit Targets: 1. 38.2% (111 pips) 2. 50% (152 pips) 3, 61.8% (186 pips) I provided 3 because each one of these levels also have a minor...
This bullish shark pattern has hit both it's profit targets. You might notice that the TP1 for a shark is at 50% and not the usual 38.2% retracemernt. This is because a shark is part of the 5-0 pattern and the D point of the 5-0 pattern sits at the 50% retracement level. However, you are free to take profits at the 38.2% level of a shark pattern if you wish. Trade...
I wanted to post this completed shark pattern separately from all the other patterns that are present right now in this pair. Refer to my other post (see Related Ideas: "ANALYSIS: EURUSD Outlook: Pattern Explosion! What Happens Now?") . I did not include this Shark pattern in that post as I didn't notice it until recently and also it gives me another chance to...
I recently posted a bullish shark pattern on this pair and right now we are seeing prices start to head towards the TP1 of the shark which would be at 1.5572. Since I don't see many posts on the 5-0 pattern here, I'd thought I do some explaining about it for those not very familiar with it. What I wanted to explain here and caution about is that the shark...
Not often seen published at TV, I think this DXY 240m is a "text book" example of the harmonic 5 - 0 pattern rules from SC Harmonic Trader Basic 5-0 Requirements The pattern incorporates 5 points within the structure (X, A, B, C, D), the starting point of the structure (0) can be the beginning of any extended price move. However, the initial point X must...
PA marked the whole range of channel, sharply rejected @1.53 which completed the wave3 of this bullish 5-0. PA currently pulling back on wave4. Expect to reverse in the PRZ (1.4667-1.4566). However, possible test of median line @1.45.
PA already triggered the bull shark close to $40. If PA turns down to test the lows possible long on 5-0 near weekly TL @37.4
If PA drops on today UK data (earnings, employment) and continues down bullish shark completion @5037 and bearish 5-0 wave3 @5025
Shark completed @58.78 , 5-0 finished wave3 on 161.8 ret. (double 161.8 confluence) for long into shark T1 @63.81 and 5-0 wave4 completion @65.72
1. EW sequence completed 2. Bearish shark completed 3. Bullish 5-0 3rd wave 224 ext. completed 4. RSI overbought I guess enough reasons to be short :) Good luck
Credit to C J @Marketrend for this nice pick. 5-0 bearish into bullish gartley.
If EW3 is completed expected ret. on EW4 at least to 83, possible sub 82 on 5-0 50% ret. for a new long.