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Abcpattern

GBPCAD SYMMETRIC TRADING AND THE ART OF TIMING THE TRADEHello Traders, Today, we'll be examining GBPCAD, which has developed a symmetric ABC Bullish Pattern on its daily chart. **Pattern Analysis**: The price action on GBPCAD's daily chart has formed a symmetric ABC Bullish Pattern. This pattern suggests a potential bullish reversal in the market. **Entry and Stop-Loss Strategy**: - Entry Level (EL): Consider initiating long positions as the price surpasses the long entry level at 1.70038. - Stop-Loss (SL): Place your stop-loss just above point 'C' of the pattern to manage risk effectively. **Target Levels**: - Target 1: Aim for the 62% Fibonacci retracement level of the AB leg at 1.72522. - Target 2: Consider a secondary target at the 79% Fibonacci retracement level of the AB leg, positioned at 1.73535. - Target 3: For a more ambitious goal, target the 127% Fibonacci extension of the AB leg at 1.76627. - Target 4: An even higher target can be set at the 162% Fibonacci extension of the AB leg, located at 1.78832. Please note that these targets are derived from Fibonacci retracement and extension levels, which often act as important price levels in the market. Happy trading! 🚀💰
Long
by TradeChartPatternsLikeThePros
3
Nike - Bottom or ABC?Nike is close to an important level which will determine if a bottom formation is completed or a further slump will occur. Currently a DBW formation is build after almost perfect a Dopple Top Formation has been finished. Currently we are close to the 4 level, the current local low. The RSI is close to oversell, which support the turn around idea, which may result into a W formation whose execution would probably trigger the 5 and the DBW activation. On the bearish side a potential running ABC pattern can be found fitting perfect into the chart and the Fibonacci patterns.
NYSE:NKE
by NDD46
GOLD👑 (XAUUSD) KEY LEVEL TO WATCH 👀AND WHY 15 MAYTraders, in order to buy and sell, make decisions based on price history and use patterns to identify future price movements. Successful pattern trading requires the acknowledgement of identifying trends, consolidations, support resistance levels and reversal to place stops and targets to forecast price movements. Here i will discuss one of the key reversal patterns and present you examples of them: The basic ABC pattern has been a continually reliable trading signal. The ABC Chart pattern comes into many other patterns. If you look at the Elliott Wave, the beginning form of 0, 1, 2, (0A, 1B, 2C). The ABC is also named 1-2-3 waves. The ABC—exists in other patterns such as Gartley or the AB=CD, and can also be found in pennans, triangles, rectangles, head and shoulders, double tops, double bottoms. Anybody can learn how to recognise this ABC pattern and then trade it. They can actually use this knowledge to create a dozen more patterns because of its basic structure, which exists in a dozen or so patterns. Traders would be able to use the ABC Patterns knowledge in all market conditions across the board. That’s the critical part of trading success. When you identify the ABC pattern, you can embed it into other patterns surrounding it. Those are the patterns. For example, the pattern with the highest success rate that I’ve got in my research is the 121 pattern, which is like two ABC one after the other . The 121 can be a continuous or reversal pattern, and when it forms, the success rate is high. The ABC is one of the superior patterns to trade. ABC BULLISH PATTERN See example below: another example fiferent market Like I mentioned above, we can embed the ABC into other patterns surrounding it. For example: The ABC Chart pattern and its related AB=CD Chart Pattern are prime examples of "Symmetry" in the markets. These "Harmonic" patterns help traders to identify buying and selling opportunities in all markets and in all time-frames. The AB=CD Example below : OK, you may be getting overwhelmed by these patterns. Let's talk about DXY and why? One of the most popular indices to watch for gold investors is DXY. We all know or at last the majority of traders can use DXY in correlation with Gold, this means: if Gold price goes down, DXY price goes up. Let me put this into context... Yes, more patterns... DXY Double Bottom: Gold AB=CD Bearish We have identified our patterns and their correlation with other markets. Here, the analysis of gold could be beneficial in order to forecast the price movement. Let's take it further... what about relative to Gold? What other market could help us put everything in context here? HUI: again one of the most popular indexes to watch for gold investors, but different to DXY. HUI which consists of a basket of 15 gold mining stocks. The index is positively correlated to gold. This means if Gold goes down, HUI goes down. What do we have with HUI in terms of patterns? Well, since HUI relatively correlates in a similar manner, the price structures are very similar. HUI Chart Below: HUI chart we can identify a 121 pattern emerging, basically 2 abcs one after the other, with a price completion zone around 200. ​Let's take it further: Silver 121 emerging below This is my conclusion to look for beariness in gold next week from 15 may 23' Gold AB=CD Bearish, DXY Double Bottom HUI 121 Emerging Silver 121 Emerging
NYSE:HUIShort
by TradeChartPatternsLikeThePros
3
EURUSD SYMMETRY TRADING ABC BULLISH PATTERN Hello Traders! Welcome to Today's EURUSD Analysis. We've spotted an exciting trading opportunity on EURUSD that we'd love to share with you. On its hourly chart, EURUSD has carved out a Symmetrical ABC Bullish Pattern. This pattern is characterized by a swing from A to B, followed by a retracement to the 61.8% Fibonacci level. Currently, the price is trading above our strategically set Entry Level (EL) based on Fibonacci extensions from the previous swings. Here are the trade details: Long Entry Level (EL): 1.08501 Stop Loss (ST): Once the bullish trend is confirmed, consider setting the stop loss below point C at 1.08259. Targets: - Target 1: - 62% AB: 1.09397 - 79% AB: 1.09699 - Target 2: - 127% AB: 1.10564 - 162% AB: 1.11188 Your feedback is invaluable to us. If you find this analysis insightful, please hit the like button to support our idea. Don't forget to leave a comment below and follow us for more setups like this. Let's conquer the markets together!
Long
by TradeChartPatternsLikeThePros
1