You may recall an an idea i posted back in 2016 regarding this pair; we have a bullish head and shoulders and price has broken resistance. However, there has not been enough economic activity to pull these two currencies apart in terms of value, thus, the exchange rate has not found its sense of direction. Resistance has now turned to a pivot point. Price will...
Looks like we're slowly moving from bat week to bear week; yet another bearish harmonic pattern here- a perfect Gartley. We have weekly resistance at 1.024. This should give us a solid position for a bounce at the D point. Assuming price makes it that far- we will enter at between the D and X points with 2:1 risk, then set out our first TP level at 38.2% then...
Ultimately a carbon copy of the USDJPY set up; the strengthening of the yen has produced another bearish 5-o movement. We have a solid support at 112.5 which has now been broken; price action dictates that a retest of resistance at the former support level would produce a bounce- at which we will enter and take profit at the C(4) point. Just like before, within...
After hitting resistance at 118.6, price has been in a downwards trend. Admittedly I have recently been looking for setups that support a bullish dollar and retest resistance at this level. This has not happened and I have decided to look at the potential set up that continues the weakening of the dollar and this trend's downtrend since the beginning of the year....
This set up on the Pound-Frank shows two bullish patterns with the exact same D point! The moves share their A, C and D coordinates. GBP is likely to decline until this level; it has reached this price before but was rejected as you can see by the vast wick (which actually landed at the exact same level as the wick of 2011l take a look back). If price closes at...
Euro Aussie throwing a pair of patterns at us- looks like heading into the weekend we are still knee-deep in bat week. This 4hr chart shows a large bearish bat that agrees with the direction of the daily chart. Amidst the A, B and C points of this bearish bat, there is potentially a bullish bat leading to our D point! The C point of the initial bearish bat could...
Once more this week, the 9-5 has got in the way and I've arrived late to this trade. Gold found resistance at 1218 and has made higher highs ever since. Here we have a bullish cypher pattern that will continue that movement. Cypher B:.382-.618 C:1.272-1.414 xD:78.6%
Below is my recent analysis if a bearish bat on this very pair. This is a 5-0 shape where the O and B points are intact the B and C points un the bearish move. This is a strong position to buy into the D wave of the bat. If price retreats to the security of 113.7 it will, from there, move to the D point to complete the bat movement. Happy trading! Take the Long,...
Price has recently hit resistance at 118.6. After resistance price dropped as impulse to 111.6. Following this drop we see correction waves at 0.476 and again at a respective 0.886. When price reaches an 88.6% retracement of the impulse drop to 111.6 we will see further consolidation with another dip. Keep an eye on this one! Bat ratios B: 0.382-0.5 C:...
After hitting resistance at 0.91496, the following correction waves have given us a Gartley Movement. The PRZ is coming in at 0.896, from which we will enter a short position. TP at 61.8% with 2:1 risk. Look for a stall out/reversal candle on the 4hr chart for a solid entry. Gartley ratios B: 0.618 C: 0.382-0.886 D: 1.272-1.618 XD: 0.786
In this episode of Bat week we have a Bullish Bat pattern on the NZD/USD. This bat formation seems to be reversing bang on the D point, however, this trade is incorrect and has been rendered a FALSE pattern. Reason? the CD extension of the BC wave calculates to 283.20% This does not fall in line with out ratios, but is often overlooked when traders are too busy...
This pair has appeared rather volatile as it enters consolidation. The 5-O movement dictates that there should be a bounce north at 0.74555. As you can see, this falls within pips of the pivot point where price has previously found support resistance! Starting from the top, the points are identified as OXABCD. By buying it at the D point, we are holding the trade...
Looks like I got here 24 hours too early. Considering the dollar-cad is a major, there really is no excuse- I'll take whatever abuse comes my way! No harm in pointing out the bearish bat that has formed on the 4hr chart. All points agree with the certified ratios- price was overbought when it hit the PRZ and it looks like it's on its way to the (would-be) TP...
Bats everywhere so far over the past month. This pattern is ALMOST complete; I will NOT enter until price touched a PRZ at 1.20667. Around 1:2.5 Risk:Reward. This is a great set up as price for the pair is still on consolidation after Brexit. Hopefully price gets closer to the D point so we can enter!
The EURO/USD as of recently has been in a clear ranging market. Inside the barriers of support and resistance we have a bearish bat formation. If the ranging market is to continue we will see a successful pattern here. BAT Ratios B: 0.382-0.5 C: 0.382-0.886 D: 1.618-2.618 XD: 0.886
Here we have the beginning of a correction wave from the recent rally of the Aussie-Yen (or, at the very least, consolidation). A pivot area can be seen at 85.47. The pattern on the left shows the potential the crab formation with the PRZ just above 85.62, while the chart on the right shows general movement around a rough directional trend line. Should this...
Back on that aussie yen. Bullish Gartley formed right on that rough directional trend line. The chart speaks for itself. Once again, price being rejected at all retracement levels. Too late to get in? Probably. Gartley ratios AB: 0.618 BC: 0.382-0.886 CD: 1.27-1.618 XD: 0.786
Forex markets throwing bats across the board this month- here's the layout on the pound-frank. The pair isn't really going anywhere, gallivanting aimlessly sidewards since the turn of the year. That said, lows have been getting ever slightly higher over the past 3 weeks; shall this continue, we should see another low at 1.243. A reversal at this price would see a...