NZDCAD is forming a ABCD 5 point harmonic pattern. Market is showing good bullish momentum Current bullish wave is toward Potential BFX:NZDCAD point, A brake of that yellow area will confluence the pattern completion...
A harmonic pattern is forming on h4 time frame. B point is broken which give a confluent to pattern completion. Market reversal on point D which is another TP for a weekly time frame BUY trade that I'm already in.
Giant harmonic movement has been created in USDCAD.
Price have to push a little bit down before continuing the long term trend to the upside.
Huge BUY can be expected in the near future.
We will get some nice BUY opportunities after completing this potential ABCD Pattern.
I believe there will be more upside on the AUDUSD.
There is a Bearish Shark (H4) completing higher at the 0.7165 levels
Trade idea will be to find setups to trade all the way up :-
- bullish continuation patterns
- price retracement
Since the beginning of 2019, EURUSD has been respecting the trend line on the chart. Each and every time market reached that trend line, Market made the same movement to the downside. I have just cloned one line and place it on the every impulse movement market made when the market reached the trend line. As visible on the chart, market touched that trend line...
Butterfly and AB=CD pattern are approaching their PRZ which overlap adding to the probability of this trade, Also by the time price is in the PRZ the RSI should be OB. Also adding to the probability is the blue support line cutting through the PRZ. With all of these indicators overlapping in that one area there is a good chance price will reverse, sorry I forgot...
So before I enter a trade I like to have multiple indicators pointing to the same thing which is why you see a butterfly in dark blue and a Bat in light blue both with converging PRZ's. I usually only trade 2 targets on daily Harmonic Patterns with a very common result of only T1 being hit. I prefer to keep my stops short since I can always reenter the trade when...
The reason I say that the Gartley is weak is because the B reading is 0.410ish ( can't remember exactly what it was) and I usually don't accept it as a Gartley unless the number is atleast over 0.500. The butterfly is good though if the GArtley is not and price does appear to be stalling in both of their PRZ's which I colored one green and one blue. Support and...
At the end of the larger Gartley a buttfly has formed with a PRZ that intersect that of the Gartley increasing the probability of this trade. I set out 3 profit tagets, once T1 has been reached move the SL of the other 2 positions to break even. A kind of significant support line also appears through the PRZ increasing the probability of a reversal.
We are currently trading the 4th leg of possible bat that is forming on the 4 hr chart. We are predicting the harmonic bat pattern will be completed and a recent break of the yellow trend line has given the pattern and our strategy confirmation. FX:AUDJPY
I would like to see how the market opens next week.
- If resisted, it will probably head down towards the support levels at 0.6868
- If breaks above, it will at least head towards the next resistance levels at 0.7000/15
Let's see how this pans out next week.
I spotted a bullish Deep Crab forming lower at the 0.69 level
- Aussie wage number came in lower than expected
- Chinese economic data losing steam
obviously it does not help that the tension of the US-China trade war is building up
I would expect the AUDUSD to continue drifting lower. Giving us the potential buy trade at the completion of...