The Three Drives pattern was originally outlined by Robert Prechter. It is not used often in trading, because it is rare to spot and far less common than other harmonic patterns. It consists of symmetrical price movements with identical Fibonacci projections in a 5-wave structure. The Three Drives pattern is defined by three distinct, consecutive and symmetrical drives to a top or bottom where each drive completes at 1.13, 1.27 or 1.618. Symmetry in both price and time is critical. It is important not to force the pattern on the chart. If it is not really there, the best decision would be not to trade it.
A reversal is likely to happen at the completion of the third drive. Conservative traders look for additional confirmation that price is reversing. Targets can be set at the discretion of the trader but normally extend beyond the last retracement. If the pattern fails, this could point to a strong continuation in the previously dominant direction. The Three Drives pattern can be either bullish or bearish. TradingView has a smart drawing tool that allows users to visually identify this price pattern on a chart.
approx 370pips guys.
happy trading..
some people blame me when the predictions gone wrong. fyi, i never do this as signal.
it's for my own journal.
so after this all post will be private..so go blame other people.
For short term, those to areas/levels (green and red box) are really interesting for me, at least.
If the first resistance (red) level is NOT broken, there is a good probability this turns into a 3 dive pattern (see comment with a 4h chart) and hysteria fulled selling will continue for a while.
If red level gets smashed, the next important R is at the area...
It looks like we've been denied by 50 day EMA on 15 min chart but we got through.
What now?
Probable bullish movement till the area of 9970.
Then we will get resistance by:
50 EMA on 15 min at 9975,
100 EMA on 1 h at 9980.
What if it will not stop BTC?
Then we meet another resistance at 10140 and 10330 and of course let's...
If so then we might be looking at a three drives pattern. If it would make this drop it would make for an interesting run at the end of of this month. Let's watch this.
We actually might have much bigger left shoulder than I expected!
The most important thing is not to panic.
Rinse and repeat!
Taking a loss on v2.4 but the price actually stopped, which opened another LONG opportunity.
50 MA and 200 MA actually split,...
The most important thing is not to panic.
Right not we are in line with 200 EMA and that's fine.
We've been here many times recently (yellow lines).
We got our stop loss so we are safe.
4h Heikin Ashi candles show are still in the bullish so now it's time to be patient
This is just an idea, not advice.
Make your own...
So far we have a confirmation of another H&S so about time to set LONG position for about the next 45 hours.
This is just an idea, not advice.
Make your own research before you place any orders.
This is an update of my idea for BITSTAMP:BTCUSD.
I said I doubt it will do another 2 sets of H&S, but right now it looks like we have left shoulder complete! It also leans up for the head which is very clear on a 15 min. time frame chart.
If it will not go below the level of 10400 we have a serious chance to see a...
This is an update of my idea for BITSTAMP:BTCUSD.
I said I doubt it will do another 2 sets of H&S, but right now it looks like we have left shoulder!?
If it will not go below the level of 10450 we have a serious chance to see a short-term LONG trend to a level of 12450 in next 24 hours.
This is just an idea, not advice.
Make your own research before you place...
Here is a possible scenario of the previous idea for BITSTAMP:BTCUSD. I seriously doubt it will do another 2 sets of H&S but so far it does follow the Three Drivers.
This is an extended version of:
Let me know what do you think about this madness.
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