About meNovice trader trying to get the best out of harmonic patterns and price structure analysis. Interest in trading started about mid 2014. You can find me often in the Forex chat where I share more ideas.
Joined 2 years ago
Trading is all about finding probabilities that give you an edge. A historical support/resistance level is such an edge. If you take a look on the daily chart you will see that the current level has been serving both as support and resistance for numerous times in the past. ...
This is basically an addition on my previous publication on this pair confirming the setup and adding additional reasons, building the case why we might see a reversal here.
Previous published idea :
Currently I am trading this pair to the downside, entering at the touch of the trend line with 2 targets : a re-test of 1.63 for target 1 and the bat pattern completion for target 2. SL is currently in profit so I can just let this trade ride down.
When the bat pattern completes at the 0.886 retracement of XA, we ...
Patterns galore it seems this weekend. Although this pattern is not at completion yet, we did already break above the B-point. We might see a retracement into that B-point level before rallying towards the completion of the pattern.
Around the completion level, we have previous structure/support (red dotted line) ...
This pair has been consolidating for pretty much the whole month of February, with a light tendency to break to the upside. Consolidation is a perfect area to look for harmonic (or should I say fibonacci) patterns and this is not an exception.
We are offered a bullish bat pattern that would complete in an area ...
An almost perfect pattern is very, very close to completion and it's a beauty, textbook cypher pattern.
AB leg retraces to 0.382 of XA-leg
BC falls perfectly in between 1.272 and 1.414
CD completion at 0.786 has perfect Fibonacci confluence (see chart)
On top of that we have a previous support level that ...
Personally I do not trade this because the pip distance for the stop loss is beyond my acceptable level but I think nevertheless that this is an excellent opportunity for those longer term traders among us.
I myself might look to get on board of this short using another strategy, based on a potential double top or ...
USDCAD is really becoming my favorite pair !
When you look at my previous idea for this pair in which I predicted the drop to the 1.34 area, you can see that 75% of the drop has already been reached and in my opinion there is not much that can keep it from dropping further to the predicted level.
Around 1.34 we ...
A bullish bat pattern is about to complete in this consolidating price action. Completion aligns with previous structure and the 88.6% retracement of the anchor leg. A potential AB=CD pattern also would complete in the same area
Traditional targets :
38.2% for a > 3:1 RR
61.8% for a > 5:1 RR
Also take a look at ...
After a rather successful trade to the downside on this pair (see link below), price has now retraced to what used to be a support level. I estimate the likelihood of this support becoming resistance now quite high and see it as an opportunity to go short again as a trend continuation trade (TCT).
The risk/reward ...
This EURUSD pair has been putting in a series of Higher Highs and Higher Lows, indicating that the trend on the hourly time frame is in an upward direction. This is also confirmed by drawing the trend line. Furthermore, price bounce off a previous resistance level which should now become support.
The pair is ...
We have a potential bullish bat pattern completion on EURJPY at the previous structure where we might see a nice bounce.
Targets seems very reasonable with Target 1 at the B-point of the bat pattern and TP2 at the structure level of the C point.
Check your trading plan for entry rules !
Like what you see ? Click ...
The overall trend of this pair is very bearish. We recently have put in a high put did not violate previous structure.
Last Friday we broke the structure around 84.0 and are now retracing back into it, a nice opportunity to join the trend.
Stops above 85.25 should be sufficient, and the downside potential is ...
This pair has been very bullish for over a year now if you look at the daily chart. What I am looking for here is a small relief from the recent uptrend, supported by the OIL price rising again. As you all probably know, the CAD is heavily influenced by the price of OIL.
On the 4h chart, I am looking for a little ...
After the nice winner on a long on this pair, I'm now trading a short on the 3 drives pattern that was established and with the weekend gap serving as resistance on the upside.
I am looking for a retracement into previous highs as a primary target and the 61.8 fibonacci retracement as a secondary target.
The stop ...
Reasons for entry :
- Bullish Gartley completion
- previous structure/support
- potential 3-drives harmonic move
- fibonacci cluster around week open
- Higher High, Higher Low indicating an uptrend on this time frame
- excellent RR > 6:1
The week on AUDUSD opened with a gap which is not visible on the ...
The down trend on EURUSD has not come to an end yet. We broke through support this week which now acts as resistance (look at point C). Furthermore the pair is following a nice downward channel.
We also have a 38.2% retracement of the previous move down, which is usually an indication of a trend continuation. If we ...
While I am still grabbing pips from the previous trade I posted ( a bullish bat pattern, see link below), a new pattern is taking shape. A bearish cypher can complete around 0.7130.
If price action reaches the red zone, I will look for a sign to stop and reverse the trade, so at this moment I cannot give you an ...