SharkbaitAl

SharkbaitAl Updated 

Natural Gas seems to be at an interesting level. I am expecting either a continued rally to the .786 retracement from the December high (around 3.678) or a drop from this area which will complete a bearish Head and Shoulders pattern. Reasons to be bullish: NG has broken out of a small bullish flag, the correction of which ended almost exactly at the .382 --...

SharkbaitAl Updated 

I know it is not advisable to try and pick a bottom..I have learned this lesson many times. However when I noticed today price had dipped below the .618...Daily RSI was in oversold territory... and it made a pinbar on the 5 minute chart with decent volume...I decided to take a shot. But I am going to try a different approach to catching a bottom this time. My...

SharkbaitAl Updated 

But which one?? I am not sure yet. I will be watching the price action in these three areas to determine when I would like to enter. It is always tough for me to decide in these situations because the stop loss for one pattern is so close to the entry of the next so it is important to be patient to choose the best set-up based on confirmation of the PRZs. If...

SharkbaitAl Updated 

A nicely formed Bullish Gartley is forming in the 48.50 range, which is right at the .786 of the bullish run from 47 to 53 this March/April. The B point is .617 which is what I have begun to really look for when identifying a Gartley pattern (based on Scott Carney's rules). I will not be placing a limit order but instead plan to watch price action at the PRZ and...

SharkbaitAl

I would first like to give credit to @IvanLabrie for finding this potential double bottom -- his original idea is linked below. In addition to the potential double bottom I found this potential Bullish Crab. The 1.618 XA extension for this pattern is 17.06 -- 6 cents above the previous low of $17 last February. At the moment there is also a slight bullish...

SharkbaitAl Updated 

Looks like a good place to sell high...a bearish Cypher and Bearish Bat with similar entry points. Waiting for indicator confluence and/or other confirmations is always a good idea. Please realize this "wave count" is not very detail-oriented nor is it in sync with price action from prior to what is shown in the main idea...it is just an attempt to show I am...

SharkbaitAl

I have been tracking this pattern for almost 3 weeks (linked below) as I have been interested in buying Gold but wanted to buy it lower. This may be a nice opportunity to do that.

SharkbaitAl

I am still getting my feet wet with waves so take this count with a grain of salt..however I thought it was educational for myself and potentially others. Even though it seems very "convenient" that we are coming close to the end of Wave C, it does align with the view of the bullish Bat pattern. If you see something I can fix please share it with me so I can learn...

SharkbaitAl Updated 

Potential bat pattern which may be a good way to short Gold for a larger correction. I have a bullish Cypher set-up I am watching which completes around where I will be very interested in a longer-term buy.

SharkbaitAl Updated 

In the longer term bullish Silver but this seems like 2 points that it can begin a correction...the trade shown in the chart is an idea for the first bearish Bat pattern which is near completion. The indicators seem to align with this trade as well. The yellow arrows are just an idea :)

SharkbaitAl

My plan is to try and buy low and sell high, so I will be looking for a chance to short the completion of the bearish Cypher and then will begin to watch for bullish patterns on this time frame (so far butterfly, bat and cypher are all possibilities but we will see what develops).

SharkbaitAl Updated 

This idea is in accordance with my larger term view of the very large Bullish Bat which completed last week @2.547 (idea linked below). I missed that entry but patiently waited for a new pattern. Now I have found 2 bullish bat patterns to get me in to the (hopefully) longer term move. One advantage to this method is that the risk is much less than with the...

SharkbaitAl Updated 

I like this set-up. Factors influencing me are: Bearish Bat Pattern (Purple) Bearish Butterfly Pattern (Blue) RSI Overbought Negative Divergence in RSI (RSI making higher high while price making lower highs (dark blue lines)) Trendline from the recent highs I have set a a limit order at 1.0026 for the completion of the bat pattern and will keep it as long as...

SharkbaitAl Updated 

Small chance this actually heads all the way down to the bat entry point some $120 away but hey..it can happen! My strategy is to short 791 with stop loss of 801. I will move stops to B.E. at the TP1 of the bearish Gartley and see what happens!

SharkbaitAl Updated 

Described in chart. In this situation, what would you do? I am leaning towards the bearish Butterfly for now...

SharkbaitAl Updated 

I wanted to show the longer term view. Corn has been bullish but I have patiently been waiting to short at the large bearish bat/2618 trade set-up (linked below). However if you zoom in you can see the potential buy set-up near the trendline based on 2 different bullish Bat patterns (yellow and pink). I will be watching price action near their completion points...

SharkbaitAl Updated 

Shorting at blue line with stops of the red line. TP1 is the green line (I will move stops to Breakeven when it has moved in my favor an eqivalent amount to my risk. I will then take half profit at the green like and attempt to hold the second half for deeper targets as long as no compelling bullish patterns form. Wish me luck.

SharkbaitAl Updated 

I longed NZDUSD based on the Bullish Bat last night (the idea is linked below). I was looking for the completion of this large bearish bat but it appears a smaller one may form first. I will use this point to take profit on my NZD longs and switch to short with a stop of the red line @0.7245. If price hits my stop loss for the small bearish bat I will look to...