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5-0 Pattern

EURCAD Short: Bearish 5-0 Accompanied by BatEURCAD has been trending upward for a couple of months and has recently shown signs of weakness and a potential reversal. The 5-0 pattern is a great way to enter on the reversal. The entry is placed at 0.5BC which is confluent with the completion of a bearish bat pattern. SL is placed above structure highs and .618BC. Targets are placed at BC terminus, 1.272BC, unhit January 2016 pivot and the unhit pivot cluster from early December.
Short
by glennmercer
TRADE: USDCHF BUY@0.99320I issued this trade call to my members earlier today. I am in on this trade already. The last time I posted on this pair, it was to sum up this trade that I posted on 12/1. Eight days ago. Two days later, this trade generated +321 pips on a mighty drop. In those charts, I had also laid out the possible direction of this pair after it would reach my TP. Right now, it is playing out the direction I had predicted. Let's see if it will follow my analysis. What you are seeing here in the above 1HR chart is a classical bullish PA setup. Prices have hit a low right in a MAJOR SR Structure zone and is bouncing from there. After a small retreat off that SR zone, prices are retesting it again. Should it get rejected again, then can expect prices to rise from there. This is classical bullish PA. 4HR Chart WAVE COUNT On the larger time scale (see the 4HR Chart below), the wave (4) could be complete now at this MAJOR SR Structure level. And the wave (5) could be just beginning. PATTERNS The Shark pattern has been filled and now looking for the 5-0 pattern fill. Here on the 1HR chart above, within the Bullish PA action, there is a COMPLETED Bat but there is also a POTENTIAL Bat that completes lower at the .886 level of the G-Zone. This could mean that prices CAN drop more but should stay inside our stop loss area. MY TRADE PLAN This is a relatively very low risk trade in that my stops go below the wave (4) lows because if prices get below there, then my wave count is wrong and I need to re-analyze this pair. I am projecting that prices should get at least up to fill the 5-0 pattern. So that fulfillment is my TP1. Want more great analysis and pro trading tips like this? Join my faceboook group at www.facebookdotcom/efxselect today (replace the "dot" with a ".")! Want to know how I plan on trading this pair going forward? Want the same BUY/SELL signals my members get? My members get complete REAL-TIME in-depth analysis, trades, alerts and signals on all pairs I cover as well as expert trading advice and tips. They received my TRADE ALERTS as the trade was happening and got the best entry price! Would that help you? Go here now to signup or to get more info: www.efxselect.com *DISCLAIMER: Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading! If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
Long
by EverythingForex
1
TRADE: USDCHF SELL@1.02964 Wave (3) Done. Falling in Wave (4)Taking this trade as if appears to be ready to take a fall in relief of a strong move up. WAVE COUNT This pair has been on a long and sustained uptrend in what should've been a wave (3). This wave (3) appears to be over now and a wave (4) should commence. This wave (4) should be relatively shallow as the wave (2) was deep. Though in GENERAL this is the case, it isn't always. On this 4HR chart, I have counted and marked out the wave (3) advance and its' internal waves. PATTERNS There is a COMPLETED Crab pattern that seems to have marked out the end of the wave (3). What I also have on the chart is a classic Potential Shark pattern with a POTENTIAL 5-0 pattern in the waiting as well. When patterns coincide with structure, it makes them that much more relevant. From my chart, you can see that the placement of the points of the Shark and the 5-0 makes sense in that they coincide with structure. The Shark would complete near a MAJOR Structure and the 5-0 also completes near a MAJOR Structure. There is a POTENTIAL Butterfly pattern as well but that is still some ways away from completing and I have reason to believe that its completion will mark a MAJOR turning point in this pair. But I'll deal with that when the time comes. DAILY CHART MY TRADING PLAN I actually took this trade last Friday and am waiting for it to start to fall. That time could be today. Obviously, my stops go above the point where my wave count on this will be wrong. If this is a wave (4) retracement down, then it should stay below the ending of wave (3). At least for its' wave (A) down. When wave (A) of (4) is done, the wave (B) of (4) COULD pop above the wave (3) high but again, that is to be dealt with if and when it happens. Nothing to worry about now. If that Shark is to be filled, then that will be a TP. But fair warning, there are MAJOR obstacles below. All of which could stop the wave (4) and send it back up. Remember, wave 4's are NOTORIOUSLY unpredictable! Want more great analysis and pro trading tips like this? Join my faceboook group at www.facebookdotcom/efxselect today (replace the "dot" with a ".")! Want to know how I plan on trading this pair going forward (HINT: It ain't gonna be pretty!)? Want the same BUY/SELL signals my members get? My members get complete REAL-TIME in-depth analysis, trades, alerts and signals on all pairs I cover as well as expert trading advice and tips. They received my TRADE ALERTS as the trade was happening and got the best entry price! Would that help you? Go here now to signup or to get more info: www.efxselect.com *DISCLAIMER: Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading! If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
Short
by EverythingForex
3
5-0 pattern completedReading the chart Getting a bigger picture of the pair really shows the failed bearish attempts after point B. After a failed push (B) of only 113% extension of O to X, price almost immediately reversed to the other direction, breaking the secondary bearish trendline. The 88.6% retracement of O to B gave some relief and give me a target 1 hit with the Shark886 pattern. However, after a 38.2% retracement, the pair tried to extend even further but could not extend above 0.7512. This should be marked as the real C point. From here on the pair dropped with the same length of move A to B. This means that the pair has made a reciprocal AB=CD and therefore a 5-0 pattern has completed. Prediction From this completion point at the 61,8% retracement of B to C the pair should extend way above 0.7512! Setup The setup for is too risky for retailtraders, however there has a smaller bullish Shark113 pattern completed at the 5-0 PRZ. See this post for a lower risk setup to go long:
Long
by Mikoxl.