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.
Long time since I last posted a trade idea here as I've been busy working on massive amounts of backtesting.
There's a potential bullish Bat forming on EURUSD 60M chart. If you count the spike from B-C as a leg that is.
Beware though, as we're coming down from a daily decision point (reistance) after a double top on the 240.
I would go for conventional targets on...
I was waiting for price to enter my potential reversal zone (yellow box) according to my trend continuation rules. Then I would have to wait for RSI to go overbought and price to put in a higher high higher close candle, and then enter long IF that were to happen. Price decided to tag my zone, and has now started to move to the upside.
Price did however retrace...
Potential bullish Gartley forming on EURUSD providing an aggressive entry for a trade continuation trade. The pattern completes in my already defined killzone where I wanted to enter anyway.
This way, I can just set limit orders instead of monitoring price waiting for an entry signal.
We now have a valid C-leg of a potential bat in the direction of the underlying trend.
If we complete, I'm looking to ride this up to retest the highest close of the pattern for my first target, and a 127.2 extension for my second target.
In other words, I'm using this pattern as a reason for entry into a trend continuation trade, and not shooting for the...
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 potential Cypher.
Always conduct your own analysis...
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 regard I am wondering what YOU would do in this...
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 lower.
Always conduct your own analysis before...
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 conduct your own analysis before placing any trade.