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.
MMHVW - 1294 could be the area of value in this downtrend on XAU. Once at this level I will be looking for a entry trigger. If the pattern on the chart - 3 drivers - plays out we could see a pullback on XAU price as this is also a Terminal Wave. With terminal the price should break wave 2 & 4 trendline and retrace most or all of Wave 5 - so this could pullback to...
Chart showing three drives pattern occurring, with all correct retracements. Aiming for entry at 1.272 as per harmonics. Potential for a 5/1 reward-risk trade. Confirmation depends on price action inside area, in which you can see a confluence of pivots and fib levels.
Hey guys.
First of all, we have " SEA PONEY " pattern from point X to D.
Also, it can be three attack
When the chart receives to D, a bearish market begins.
we have very powerful Fibo lines above D and it can not Pass them.
base on...
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We may have a Three Drives scenario with Jun CAD. USD was looking like a Head and Shoulders this past two weeks. CAD caught in sideways action. S1 at .74545 would become support for this move. Could also use S2 at.74090. Will have to wait and see.
All the choppiness was with the intent to create this perfect pattern and very symmetric 3 Drives TOP.
Money Flow Index = Overbought level (Last time that happened was a very violent breakdown.)
RSI = Overbought Levels
This movement marked the beginning of 1 Week + 1 Month candle building the upper part of it. Which means it will remain to build the down-part of...
Previous analysis we have bullish flag pattern with projection at 4158, but we take short sell at channel up resistance at 4100 without have to wait flag projection hit.
Our short decision base on bearish 3 drives pattern resistance at fibonacci 1.272 at 4100, and also channel up resistance.
(Bearish 3 drives perfect ratio if we hit resistance at fibonacci 1.618...
Today we have 3946 as previous support become resistance (classic support and resistance). This level also as Fibonacci 618 resistance.
If this level able to hold bullish, it will confirm bearish with a new lower target at 3807 (fibonacci 1.618)
This pattern still unconfirmed as bullish 3 drives, and it will complete as bullish 3 drives once we reach 3807 with...
EURUSD still inside channel down,
we can see 3 drive pattern perform here.
Bearish target for this pattern at 1.1152,
after target reach bullish will perform with target 1.13755
This pattern will failed if channel down break up (stoploss)
EU and DXY vice versa
It feels that the dollar is losing steam and the three drives pattern could push the price back into the 1.15x area.
Trading Plan:
Long, entry 1.1320-1.1370, TP1: 1.1405, TP2: 1.1470, TP3: 1.1520
Short (high risk), entry 1.1400-1.1420, TP: 1.1378
On the daily levels we see a head and shoulder being formed. Currently on the third touch on the support level looking to retest and break out. I'm looking for a move to the 142.452 level
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