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.
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
BINANCE:QKCBTC is getting ready for a massive up trend we have seen positive indication from
-RSI
-Aroon
-EMA
and also have witnessed increasing volume and happy to mention that BINANCE:QKCUSD is expected to inflate in coming days as backed by studies.
Event updates on Quarkchain:
QKC has ended its Bounty program as promised rewards would be sent after the...
At previous analysis, we have target at fibonacci 1.414, but bitcoin only able reach fibonacci 1.272 and have pullback after that.
This price action trigger a new harmonic pattern perform.
Drive 1 (black)
Drive 1 already complete with 1.272 as projection.
Drive 2 (blue)
After reach drive 1 projection, drive 2 perform.
If bitcoin able to reach and bounce at drive...
Every EURUSD dip was re-bought. The price could be heading to complete the third wave of a potential three drives pattern as illustrated on chart. Buying this for the short term. Will be watching if we reach potential reversal zone around 1.1920-1.1930.
Best
Technician
Good morning Traders!
On intraday chart, we saw a nice rally about gold, this swing could develop 3D PATTERN (bearish) with resistance around 1.236, we'll see....
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Thank you for support and trade with care!
Looking for an hourly candlestick rejection as a final confirmation to short GOLD for a quick bearish reversal.
The price has completed a three drives pattern at the previously broken support and potential resistance now around 1264
Best
Technician
Watching few pairs closely next week for potential trades, one of them is the AUDUSD as the price forms a bearish three drives pattern(symmetrical waves). The potential reversal zone of the three drives is also near the main long term falling trend line. Slightly above that there is a cluster of horizontal resistance area. Finally, there is a clear bearish...
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
BINANCE:DGDBTC has been too low in past two weeks. Massive bull run is anticipated once the figure of 0.0004292 is achieved, highly likely to take place in next 10 days.
Kindly Trade With caution and Always use stop loss. in the Market of Crypto Sometimes you win and sometimes you learn. Good luck!
PRZ was tightly formed with the DE 1.272, the BC 1.618 and the 1.00 CD projection from point E. The PRZ is pretty tight and after trading a few three-drives patterns I expect a reversal in that zone. Before placing a trade, I'd watch price action to confirm the reversal before entering the trade. I have 3 price targets specified all based off of the Fib...
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![XAUUSD: [GOLD] POTENTIAL 3D PATTERN](https://s3.tradingview.com/n/N8hO2ely_mid.png "[GOLD] POTENTIAL 3D PATTERN")
