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GBPUSD 1HR - ADVANCED PATTERNS TREND CONTINUATION ANALYSISHi Traders, thought to get this analysis up for those who trade this pair and things we have going on, I have already published the recent 4HR Big Bat Pattern. As price action climbs towards our 88.6% Entry level, we can see some other things forming at the moment. Price action is just sitting at our 1.272 Fib Ext from both the Cypher's X Leg to A leg, and also that psychological price level 1.32000 We can also see a trend continuation trade here as we have created a new structure high, if you follow it down we see NSL New structure low, then a test of that structure, breaking upwards of the NSL Outside return, then a retest creating our Initial Structure High, look left the purple arrow resistance then becomes support. We then break above for another retest, again previous resistance becomes support, and there we have a NSH New Structure high with potential of price action continuing upwards. Trend traders would look for a pull back for the retest looking to enter as previous resistance should become support. If we fall below this retest from the current position where price action is we also have a potential long opportunity for 2 Cypher Patterns. Keeping in mind these 2 patterns are only valid if we do not close above the 1.414 Fib Ext of our Cypher XA Leg - either way if price falls now or continues upwards we have some opportunities. If price action falls below from this current position, closer to our B Legs for the Small Cypher, I will post up the 2 x Cyphers with the Entry and Targets.
by Oztrade
Short Gartley pattern on AUDNZDHi guys, there are some instances where i trade directly at the D point of an harmonic pattern, and this is one of these cases. Reason why is that price has been rejected from a major resistance level and right afterwards it created this simple harmonic formations known as Gartley pattern. As of now, i'm looking to short the D completion point and set targets with the green lines and stop above X (red line). If you have ideas/questions, feel free to comment beneath. Otherwise, see you in the next chart!
Short
by Roker1
2
ADVANCED PATTERNS CYPHER PATTERN BULLISH BEARISH 1HR GBPAUDHey traders, just thought to post up these 2 cypher patterns which have formed on GBPAUD for those who trade these patterns/pair and possibly missed these. As always if we break the C leg on the RED Cypher and close beyond a 1.414 Fib Ext from XA legs this pattern becomes invalid. If either patterns go past the X legs then also these become invalid. Depending on your rules for entry as we see many times X can be breached but the pattern still completes to our targets without being stopped out. As always set your Entries Targets and Stops at the levels used for trading cyphers, or depending on your system strategy for trading cyphers based on your backtest results. Also remember if or when an entry is hit, stops are to be moved to the entry position when price action hits our TP1 which is the 38.2% Fib Ret Stops always beyond our X legs Entry is at 78.6% Fib Ret from the XC Enjoy and trade consistent with no emotions.
by Oztrade
2
usdchf daily - potential bearish gartley pattern After a very active day yesterday the markets were a bit slow for me today. Maybe it was the amount of people watching Mexico blow their group lead to Sweden, only to be saved by S. Korea defeating Germany. Talk about upsets! Anyway, as we ventured off to look at a few pairs outside of my portfolio in the live room this morning, I came across this opportunity on the USDCHF What we have here is a potential bearish Gartley pattern setting up with a deeper than usual projected "D" completion point. Due to the projected completion point being closer to the "X" leg you would be offered a much smaller risk than usual. June as been an interesting month for me. I've had a flood of trades at the beginning, followed by a few weeks of nothing, only to follow that up with another flood over the past week or so. It'll be interesting to see if the month was profitable or not once i crunch the numbers this weekend. Anyway, time to watch some more World cup. Who do you have as the favorites? I said Mexico before this mornings match, but I'd have to say Croatia looks to be the most solid. Akil
Short
by Akil_Stokes
10