A Bullish Butterfly with RSI Divergence can be a pretty good counter-trend setup for harmonic pattern traders. I've engaged the trade as this is a type2 of Butterfly Pattern. If this is a profitable trade, you should see some profit at 10pm(+8GMT)
Finally, the Bearish Bat Pattern has formed up and has completed and retest. I'm waiting on the 6 pm candle close for a shorting opportunity on the Bat Pattern as a counter-trend trade.
A Bullish Butterfly Pattern is about to emerge, I'm waiting for the candle to touch 77.91 and retraces for a valid pattern. But for some Harmonic Pattern trader would have treated this as a Type 2 trade as the candle circled in yellow is close enough to them. It misses the completion by a pip. I'm not going to argue on that as every trader can have their own...
Most traders see this trading setup as a buy zone(blue rectangle) that has been broken. Well, you aren't wrong about it, but the trend has not turned bearish because I will need to wait for another break and close below the recent low(yellow eclipse) for that to happen. I'm waiting for a Bullish Shark pattern for a buying opportunity, as long as it didn't break...
USDJPY is having a bit of consolidation for the time being. I'm waiting for the market to retest back to 108.63 for a buying opportunity within the potential bullish flag pattern and might just extend my final target to the potential Gartley Pattern that might form on the Daily Chart.
I've shorted GBPUSD on Friday with more than 50pips of running profit with zero risks (I've shifted stop to the entry). During Monday market open if the candle breaks and closes below the red trendline on the 4-hourly chart, it will increase the bearish run and help me to reach my target earlier. However, if it doesn't and if it retraces back to 1.4181 and didn't...
The good news for trend traders, EURUSD is on a bullish trend on all 3 timeframes. On the 1-hourly timeframe, I'm waiting for a Bullish Bat pattern confirmation for a buying opportunity. For this Bat Pattern setup, a candle confirmation is needed as Point C touches Point A. My student has a different trade plan but same view on the setup and has took advantage of...
Head and Shoulders formation with RSI Divergence, within the 13:00-14:00 candle close, it should show a bullish candle. If that doesn't happen, do reconsider your trade.
A head and shoulders with RSI Divergence spotted and shorted. The beauty of this setup is that the completion of the head and shoulders head straight back into the buy zone. Let's see how this trade pans out.
Many Harmonic Pattern Traders will look to short gold on the crab pattern completion at Point D, $1864.74, but that's not the right way of doing it. I'm looking for candle confirmation on the HOP level completion at 1878.78.
This looks like a regular shark pattern and it is a valid bearish shark pattern, but I'm seeing this harmonic patterns has a 90% chance of failure, meaning to say it is most likely to have a bull run than a bear run. I've been trading harmonic patterns for 10years and on my personal observation when certain setup matches others, it will give a sign of the pattern...
Instead of the bearish shark pattern on the 4-hourly chart, I'm seeing this as a bullish flag pattern on the 1-hourly chart, and the likelihood of a failure shark pattern. Let's see how this trade pans out, as I'm waiting for a buying opportunity within the greybox, but what I prefer is the navy trendline retest.
USDJPY could be 1 of the most interesting setup, it rarely became my top watchlist among 12 others of her peers. At this moment, I'm waiting for another shorting opportunity and that will happen when the candle touches the profit trendline(red) of the bearish crab pattern. My plan will include shorting of this pair and extend my second target to the blue trendline.
Remember last week we did spoke about this bearish crab pattern? You can refer to the link below. At this moment the trade has setup and I'm waiting for a retest on the profit trendline of the crab pattern for an additional counter-trend shorting opportunity.
I'm waiting for the Bearish Shark Pattern checked back for a shorting opportunity as a counter-trend trade. I will be waiting at the lower-timeframe for candle confirmation to engage this trade.
In the Ocean, Shark is a crafty predator and in the Harmonic Patterns, Shark Pattern is the most tricky setup and it has to be traded with caution. I'm waiting for the 1-hourly candle close to confirm this trading setup. Candle Confirmation is needed for such counter-trend trading setup.
Well, we have a bearish shark setup on the 1-hourly chart, will you short from a strong UK Pound movement? I will? What I needed is a pullback that is sufficient for me to shift my stop-loss to entry. Nevertheless, the Reward: Risk is acceptable.
CADJPY double topped with RSI divergence. This particular trading setup is more like a counter-trend trade then a trend reversal trade.