About meSnehath is a trainer and author at Harmonicforex.com. His trading strategy is based purely on harmonics and can trade any timeframe based on this methodology. Attributes his trading to the Great Scott Carney who personally mentored him.
The trade I am putting out isn't a harmonic pattern but it is something that I have been working on the past few months. I see a double top forming on H4 on AUDCHF.
The double top is across two weeks and there is massive RSI divergence happening now.
The candle close in 30 minutes will confirm this trade but I am already in at 0.7577.
Stops is just 35...
Happy New Year everyone.
This is my first trade for 2017. I see 0.7300 as a strong resistance and this is further confirmed by a deep crab pattern setting up. The trade is now triggered. My entries are shown below.
I will target the 0.7150 level for the final ticket.
Entry price: 0.73
Stop loss: 0.7335 (35 pips)
Target: 0.7260 (35...
CADJPY has been on an uptrend and showed a strong correction over the past few days. It just hit a strong support while creating a small M30 bat pattern.
I will wait for a M15 divergence to take a long position on this pair.
AUDNZD created a double bottom around 1.0375. The trend looks like it is changing, but I am expecting a reaction around 1.0515.
The channel is really a good indicator and there is also a shark pattern to short this.
Will wait for a trigger to get into this trade. Targeting around 90 pips on this trade.
EURUSD took a turn for bear land last week. Clearly Draghi said something that upset the bulls (I think it was about QE again) so the bears are in full control.
Here is why I would like to short.
1) The trend is down
2) There is a nice bat pattern
3) Nice structure at 1.0630
I will wait for a reaction on M15 to short this pair.
The CAD has been quite strong last week mainly and now we have a chance of seeing this reverse. The last drop was almost 500 pips and there is a chance to ride this up.
1) I see a Gartley pattern that has already triggered.
2) There is a m15 crab pattern at the last weekly low.
I will look to go long around 0.9855 with about a 50 pip SL.
I have been bearish on the AUDUSD for a while and next week I hope to capitalize on this weakness.
What is going for this trade is the fact that there is a strong double top from last week at 0.75.
There is also a bat pattern forming for a short around 0.7485.
Will wait for a trigger to short this guy. Will aim for the low of 0.7320.
The GBP is moving full steam to November high. There is a bat pattern that has been created but I am not convinced this trade is valid at the moment.
What I would like to see is a smaller pattern to short will happen next week to short GBPUSD. This is shown in green. If the November high is broken then the 1.2575 level will become a strong support.
Keep a sharp...
The EURCHF found very good support at the 1.07 and has moved up 100 pips. It has now come to a level where the bears may come back into the picture. Here are the reasons to short:
1) 1.0800- 1.0810 has a good monthly resistance.
2) 1.08 is a round number.
3) There are not one but two patterns to short here.
I will wait for a trigger on the patterns to short this pair.
I know you must be thinking that it is not a good idea to go against the USD. I kind of agree but there is a very nice pattern setting up.
I see M30 divergence and overall the H4 is showing sellers weakness.
This maybe a slow trade as it is thanksgiving in the US but let's see how this pans out.
The AUD has been bearish for a few weeks and has shown some strength in the last few days. I plan to stick with the trend and short this pair at the completion of the bat pattern.
Two strong levels of resistance should keep this from breaking above 0.75
EURUSD has been severely depressed with no respite since the Nov 8th elections.
I see a small M15 bat pattern coming up to short this pair. If this level is hit with the RSI indicator I will sell this pair with a tight 30 pip SL>
The USDCAD has been in a clear uptrend defining new highs. I am attempting to stick with the trend and go long and found a slightly warped Gartley pattern to take this trade.
1) The H4 and D1 trend is up
2) There is the H4 MA supporting this trade
3) There is market structure to support this trade around the 1.3420-1.3440.
Stops around 45 pips.
It has been a good 2 weeks since I last posted an idea. Had to travel to the US for business (not to meet the presidential candidates!) and didn't want to trade during the election week which was a good idea.
Now that the dust has settled, I am hoping to catch a big move on AUDUSD. I see a bat pattern coming at the 0.7750 level on the H1. There is such a strong...
AUDJPY is on an uptrend. It has now retraced and ready to put in a small bat pattern on the M15 chart.
I like this trade because:
2) Trendline support
I will wait for a confirmation candle to enter.
EURCHF is a pair that is a slow mover and maybe moves 100 pips a week. (As compared to 100 pips a day for most pairs). However it doesn't mean you cannot trade this pair.
The pair fluctuates between 1.0800 to 1.10 and it is now approaching the critical support. Here is why I would look to go long next week.
1. Bat pattern completing
2. Trendline support
EURAUD has been falling in September but it seems like there is a bottom out happening.
Here are the reasons this bat pattern may work out.
1) There is a daily inverted head and shoulder forming.
2) There is a trendline support
3) A H4 bat pattern is forming
4) Round number of 1.46 as well.
I will keep an eye on the bat pattern for a confirmation to go long.