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Advancedharmonics

Shark 886 short DailyReading the chart The pair broke a midterm upchannel with a weak extension of 120.9% of X to A. This break of the upchannel sets my bias to short. Also, with a weak extension in mind I would expect a deep retracement back to X. This retracement should end at approx. 0.7189 with a confluence of the dynamic resistance of the current downchannel at approx. 0.7200. Setup entry: 0.7189 stoploss: 0.7284 (95 pips) target 1: 0.7047 (1:1.49) target 2: 0.6962 (2.39) target 3: 0.6716 (4.98) If the stoploss is too big, downsize you positions.
Short
by Mikoxl.
5
Shark886 within 1H consolidation zoneReading the chart After the French election the pair surged higher until it hit a "major" dynamic resistance (reprojected a channel aligned at the 2016-10-06). Now it consolidates awaiting the big news from the UK. As a pattern trader I look for patterns within consolidation with potential to break out. If I loose, I reset and wait for a retest of the broken consolidation zone. Measured from the latest highest low I saw two things: a Shark886 pattern and a Gartley pattern. Both completion points creates a nice potential reversal zone (PRZ) of 3 pips at the most recent higher low. Both patterns share the same stoploss, so it is more attractive to take the entry of the Shark pattern for a better risk:reward ratio. Setup Shark886 Entry: 0.8668 Stoploss: 0.8642 Target 1: 0.8706 (1:1.46) Target 2: 0.8729 (1:2.35) Target 3: 0.8794 (1:4.85)
Long
by Mikoxl.
USDJPY - Profit taking not reveral?HI guys, A few days ago I posted an XABCD which, once we took out the stops, rocketed yesterday. Looking at this chart, I see current profit taking hence that's why we've stalled. Overall I see 118.000 as the big target with maybe a 3 drives to get us up there. I'll closely be watching price action and the over-so important Daily Candle closes throughout the trade. If anyone would like to see my analysis on their chosen pair, please just comment below and I'll break the chart down for you.
Long
by robertdewick
AUDUSD advanced harmonic with strong support and resistanceUsually i am not a big fan of harmonics because of the many levels that are needed to be reached, before a harmonic pattern is complete. The levels should also match the price action of strong resistance and support zones, and i see it very rarely that the levels match the price action of strong support/resistance zones. I use the harmonic in this chart because if you look back you can see some strong support and resistance zones That are in harmony with the harmonic levels of fibonacci The price could go up to the (0.77206) area before the pattern is complete. but because of the strong resistance at the (0.75508) area/ B leg, which are the 50% fibonacci level of X and A leg, we only need a tight stop loss, just slightly above the 88% fibo level (10-20 pips) according to Scott Carney. If the price breaks the (0.75108) area i will put an short position with stop loss at (0.76148) Take profit (0.71934) If the price keeps climbing, i will place a short position at (0.77206) area. with take profit (0.73739) Stop loss 10-20 pips above (0.77206)
Short
by Fx-AlphaStrats
Massive Bearish Bat Pattern EURUSD!I put out a video breaking down this massive potential Bat pattern that is potentially setting up on EURUSD. This Bat pattern will potentially complete at 1.08126. Minimum stops need to be above X at 1.08734 with potential target 1 at 1.06370 and target 2 at 1.05255. Now the really nice thing about this pattern in particular is where it will potentially complete. Not only does it offer an excellent Reward/Risk ratio, but it also lines up with a major structure zone outlined by the red box on the chart. If you scroll back and look, you will see that this level between 1.08000 and 1.0875 has been tested as support and resistance numerous times. So whether you are an advanced pattern trader or a technical scoring system trader, this is definitely a setup to keep your eyes on this week. Here is the link to the video: youtu.be Good luck and Good trading!
Short
by tommyb35