About meI look for trading setups with favorable Risk/Return ratio. For each of the trades, I risk 1 dollar to win 2 dollar or a lot more. The patterns are used to support a stable win rate of 40% to 70%.
1. DXY is facing pressure on previous high, it is very likely to retrace in short term.
2. Gold has broken down the range now trade below it, next support level is around1260 to 1270. Consider long at the next support level.
Hello, reader. The Bearish Gartely pattern is broken and SPX is back to bullish territory.
I'm not an expert on Elliot Wave, but clearly the price is following a wave 3 extension, and seems it needs a very small correction(to D) and continue its' up trend to complete wave 3. Then wave 5 is going to retest previous high around 2872.
Potential Double Bottom here, the first bottom at 13.6 provide a nice support level that minimize the stop loss to 5% if you buy now at 14.2.
Long Entry: 14.2
Stop loss: 13.6 or 13.14 (0.886 of previous leg up)
Target: 16 to 18
Previous swing low provide a good support at around $4, where a stop loss can be placed.
If the support holds valid, we can expect a move up to $6 to $7, that is a 4 to 5 times P/L ratio.
The closer to the support level ($4) you buy, the less risk you will bear on this trade.
1. DXY is forming a double bottom.
2. 1.618 extension of previous swing high indicates a potential reversal zone.
3. 0.618 retrace of the big rally from May 2014.
Buy on the neckline at confirmation of double bottom.
We are facing multiple choice here:
1. bounce up and going down forming a double bottom, then rally
2. sharp V reverse, then rally
3. crash, then rally?
Please comment/like/share, let me know what you think.
Bearish AB=CD pattern has formed near the long term resistance zone .
On the hand, this is a double downside pressure which hopefully we will see some correction on the sustained rally since last year.
On the other hand, the long term resistance zone has been tested 3 times since the last failed one on July, 2016. The price accumulates...
Similar to BTC, ETH is forming a Gartley pattern but lagging behind in the timeline, as we know, we need to see the two harmonic "wings" (horizontally X to B, and B to D) develop in same lengths until we consider it full-fledged. Then we will wait for a confirmation of reversal near point D.
However, we don't see any support near the area of...
We can see a bullish gartley pattern formed on BTC daily chart, this is a sign of potential reversal near point D ( CD=1.27AB ).
Harmonica patterns are usually used accompany with other technical indicators to increase the probability of a valid entry, e.g. the 21MA.
However, BTC is running under daily 21MA for 3 weeks now, and there's no strong support under...
My opinion remains neutral.
Empirically if the market has kept reaching new highs, flash mini crashes may happen from time to time. It is caused by the first bunch of buyers who already made profits trying to reduce exposure.
Traders who miss the whole rally will jump in to squeeze the last drop of juice, and yes, it'll push the market up again, in this case we...