Price was fighting with downtrend channel, finally won, but bears did not give up - so testes channel linne once, then again, and now seems Gartley was completed (in the middle of .786 and .886 - but I can see very low RSI(7) - thus I am thinking it was made already) and time for uptrend. There is one concern... What about correlation - is this possible EURUSD...
We are still in nice uptrend channel. My scenario is go to D Gartley's pullback to S/R up to another S/R - maybe for next top test?
Just picture. Difficult to say what would happen. My scenario is go to blue dotted line, pullback to SR2 go to SR1
S/R zone test, strong reject, another tests, deeper test and final rejection cofirmed by flag breakout - now we can go uptrend.
Some arguments for shorts are:- potential Gartley D point within S/R zone and within channel line other analysis I made were uptrend, this one is downtrend. Nothing is black or white in Forex, isn't it?
We had nice breakout of red channel, it was tested and now - I can see two potential harmonic formations Gartley Bat so probably scenario may be up to Gartley's C point, then C of Bat, the move to D and down...
Most probable are long position...
It is difficult to say which if bullish flag is (more) valid… Anyway - we are still in bullish channel (1D/4H) and in my opinion technically probability of up is higher that down…
One picture worth milion words… :) Can you see it?
What I can see here is:- bearish cypher (on daily chart) grey are S/R - now there is RSI(7) diveregence red are so called overbalances - usually pullbacks are not exceeding them So in my opinion potential scenario is pullback then Cypher's D then short to 1.5 (be carefull, this is very 'round' :) Best of luck for everyone!
Why long? breakout of grey box - its up line will act now as kind of S/R (support resistance) this place was also 161.8% fibo (red AB) My idea is price will go to another fibo level (result of measuring orange XA) pullback to S/R up to D point of butterfly then down for a while but no further than c.a. 1.45 Previously my idea was short, but...
On daily chart we have two potential harmonic patterns Bearish bat (brown) Bullish shark (yellow) In my opinion potential scenario (very aggresive one) is wait for D point of Shark go long with SL little below X point (but - observe grey S/R zone and be ready for spike to clear stop losses in D poin close, and short to B point of Bat (B in bat...
My idea is based on Grey boxes are kind of AB=CD which is complete, so this is rather good signal for short here. Additional odd is confluence with 1.618 fibonacci level . Another odd is potential Cypher harmonic pattern (brown) to be complete, and - when completed - long from D point. Orange is potential butterfly harmonic pattern, but do...
What if we start playing 'ahead' like this buy Cypher D point (red) to D bat point (green) short then for a while (we do not know where the C of butterfly would happen) long to potential butterfly D point and short again... I know, this is lottery... simple Sunday's 'what if' :-D
Just study of what Akil Stokes talked about in this video - www.youtube.com . For me - when playing harmonic patterns, B point is usually 1st target. Entry here would be 'manual' - based on price action observation plus not very strong RSI divergence. Further targets - not sure, probably fibonacci levels - 61.8% then 50% (both more probable than 38.2%). Notice C...
Hi All, This idea is based on YuzukiChan's idea (thank you vey much!). Agree with Elliot waves structure - we had 5 waves impulse, then we had abc correction, now we starter impulse and withing this we had smaller correction impulse. Targets are 1st - little below last top (this is also 127.1% of fibo extenstion from small correction move) (RR - ca 7.5 2nd...
Hi all, GBPUSD looks quite interesting in terms of harmonic patterns. There is really big bat (purple), which was complete (at least to B point - see purple line). There is also Cypher pattern (blue), which is ongoing. And there is also another pattern - potential bat (red) - but everything depends on what price will do. Support/Resistance zones are...
Now big chance for long to the D point of bat, then shorts... Very nice, it isn't it?