About meNorwegian part-time currency trader. Getting trading education from TradeEmpowered 12WT course.
Currently full-time employed in the IT industry while growing my account.I therefore mostly trade 4H as it fits my lifestyle best at the moment.
3 potential patterns forming on AUDCAD 4H.
We just completed the C-leg of a potential bullish Gartley.
If price goes lower, it would make the Gartley invalid.
However, there's a bullish Gartley completion waiting a bit lower if price goes down there.
Then you can ride that up, and potentially get filled on a ...
I just spotted 3 perfectly valid advanced patterns (2 Cyphers and 1 Bat), and theoretically one could trade them all. But does that mean you should? Not necessarily in my opinion.
This is a situation I still haven't defined a rule for in my tradingplan, so I guess it's about time that I implement that. In that ...
A bearish gartley is about to set up on AUDUSD.
It's a deep one as well, so it provides a good risk/reward.
D-completion is close to a structure level as well providing a nice little protection there.
I use a 1.131 fib inversion from X to A for stops, and it's conveniently above structure.
Price is about to form a potential double bottom at structure. We also have a 38.2 fib confluence with the structure level.
Would've liked to see an ab=cd and/or more fib levels confluencing, but this is all I can spot at that level.
Should the double bottom fail, we also have a Gartley pattern forming a little ...
EURGBP seems to present a nice long opportunity if price reaches a bit lower.
My bias is bullish, and we have a potential bullish BAT forming with a 1.618 fib extension and an AB=CD pattern completion near the BAT completion. Nice risk/reward on this one too.
Today is NFP, so be careful out there.
And always ...
I guess my text on the chart explains most of it, but here's a short opportunity on AUDUSD.
I've set my pending order exactly at the 1.618 fib to ensure a 1:1 risk/reward according to my rules.
At the moment price just missed my entry, but hoping for another push up to get me filled.
Should my stoploss get hit, ...
There's a potential double top with RSI divergence forming on USDCAD 4H near our structure zone, and around an AB=CD completion. Also have a 1.618 extension confluence with the double top, and the trend is currently bearish.
Waiting to see if candle closes as a valid double top before selling this.
Will be using ...
I guess my notes on the chart explains for themselves.
If I get filled, I will manage this by trailing my stops
If you don't trade advanced patterns, you could also enter on a double bottom if price action provides one.
Always conduct your own analysis before executing a trade.