About meI'm a Commerce college student who enjoys studying the flows of the market and the economics behind them.
I follow my trading plan in a disciplined way in order to achieve a consistently profitable state.
Potential bat pattern identified on the 4 hour time frame on the NZD/USD.
With completion at the 0.886 retracement and 1.618 extension of the X-A move and C-D move respectively.
The completion point also falls on a major support level from the higher time frame; and we can also see some RSI divergence occurring in comparison to the latest market lows.
On a higher time frame we can see that the market has broken below a significant level of support. Hinting a strong medium term bearish trend.
There is a potential opportunity to jump on this trend with this gartley pattern completing at the ratio confluences of 0.786 and 1.272.
The RSI is also signalling a strong divergence with the market.
Stops and targets...
Another opportunity to jump on the underlying higher time frame short trend. I would enter short at the D completion on the 0.786 retracement and 1.414 extension.
Stops would go above X with targets at the 0.618 retracement of the C to D move. The reason why targets are less conservative, is due to the potential trade position agreeing with the overall trend.
Harmonic formations have been proving to be very profitable on the USDCAD and USDJPY these last few weeks.
On screen we have the current completion of a potential Gartley Pattern (Blue); which could go down to the completion of a Cypher Pattern (Yellow).
If these two patterns become invalidated, we could also have the completion of a bearish Cypher above the...
The market is consolidating in this area of previous support and resistance on the higher time frame. I already had a short bias based on harmonic moves in trend continuation.
This bat pattern adds up to the bearish bias. Will keep monitoring for the D completion at 0.886.
I was able to benefit from a short term shorting opportunity last night on this pair, when I spotted a Gartley pattern (green) finishing at previous structure, along with RSI divergence.
I decided to enter at the 1.272 extension of the A to B move, as the 0.786 retracement of the X to A move offered a bad Risk/Reward ratio.
I am now waiting on the completion of...
Potential short term shorting opportunity on this pair. The D point of the Cypher has just been touched at the 0.786.
RSI is showing divergence and the area also lies at point of higher time frame structure.
Stops are going above X with targets placed at the 0.382 of the C to D move
Price action has broken below a significant level of support and resistance. Following the retracement of the initial break, support should become resistance.
Looking for a third harmonic A to B impulsive move since the market has respected the previous two. The market has also been continuing the trend at the 0.618 retracements of the impulsive moves.
This opportunity could be great to jump on the bearish underlying trend.
Looking to short at the 0.886 D point of the X to A move; which also meets with the 1.618 extension of the A to B move.
RSI is also showing strong divergence.
Stops are going above previous structure, with targets set at the 0.618 retracement of the C to D move. The reason for choosing less...
Potential Bat Pattern on the EURUSD with the finishing point at D, the 0.886 of the X to A move and a 1.618 extension of the A to B move.
The area also lies on a strong previously tested price of support and resistance.
On the lower 1 hour time frame we can also see strong RSI divergence taking place.
Stops are going one ATR above previous structure, with targets...
I won't execute this trade as it is not within my trading timeframe and I'm also late to it. This is useful for overall market analysis though.
Expecting the market to bounce off this resistance area, at the completion of this Cypher pattern.
If the prediction is correct, the market shouldn't close above the previous high (X point).
We can also see some major...
Looking for a Bat completion at the 0.886 retracement of the X to A move, along with the 1.618 extension of the A to B movement and the inversed extension of the B to C move.
The target area is also a strong area of previous support and resistance.
*The B retracement reached 0.500 but didn't close above 0.618*