Yen Bullish Three Drives Pattern
Updated
How to identify the Three Drives pattern?
The three drives harmonic pattern is identified by various three higher highs or lower lows. They gather in a reversal of the existing trend. Every move lower or higher is quantified by using the Fibonacci extension and retracement levels of 61.8 and 127.2 percent.
In some instances, the definition of the 3-drive pattern may be expanded to include various Fibonacci retracement or extension levels, like a 161.8 percent extension rather than a 127.2 percent extension. The pattern also works without Fibonacci levels, but it may be less accurate.
Bullish Three Drives pattern
The pattern begins with a bearish swing to give traders their first drive. Traders can then notice a retracement higher into the 61.8 percent level of the first drive to give traders the A point. From here, the price turns lower again to give the second drive which should complete into the 1.27 percent extension of the first drive.
From here, the price correct higher once more. It goes back up into the 61.8 percent retracement of the second drive to give us our B point. Then there will be one final push lower with price trading down to the 1.27 percent extension of the second drive to give a third drive that completes the pattern and offers a buying zone.
The three drives harmonic pattern is identified by various three higher highs or lower lows. They gather in a reversal of the existing trend. Every move lower or higher is quantified by using the Fibonacci extension and retracement levels of 61.8 and 127.2 percent.
In some instances, the definition of the 3-drive pattern may be expanded to include various Fibonacci retracement or extension levels, like a 161.8 percent extension rather than a 127.2 percent extension. The pattern also works without Fibonacci levels, but it may be less accurate.
Bullish Three Drives pattern
The pattern begins with a bearish swing to give traders their first drive. Traders can then notice a retracement higher into the 61.8 percent level of the first drive to give traders the A point. From here, the price turns lower again to give the second drive which should complete into the 1.27 percent extension of the first drive.
From here, the price correct higher once more. It goes back up into the 61.8 percent retracement of the second drive to give us our B point. Then there will be one final push lower with price trading down to the 1.27 percent extension of the second drive to give a third drive that completes the pattern and offers a buying zone.
Trade active
Yen Charges at 66.8Note
HAHAHA.look at USDJPY
look forward USDJPY
GOOD LUCK
Note
It seems that Yen Is not Ready to Jump upTherefore, it is possible that Yen Fall Sharply to Next golden level at about 60.
USDJPY probably makes a New ATH.
Note
Note
Jxy is approaching 62.3.a strong support level.
Trade active
Note
Trade closed: target reached
Trade active
Note
Trade closed: target reached
Trade active
Note
Note
New update of previous confirmed Idea
JXY and cut rate
Note
JPY harmonic pattern
Trade closed: target reached
Jxy rise up from 65.05
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.