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Batterfly

USD/TRY D1 Perspective I had a request from a friend to analyze USD/TRY: On daily perspective I saw a nice classical Elliot Wave with double zigzag till point E correction waves. Before starting the analyze I want you to eliminate the harmonic pattern that I draw there; First we start with trends and the potential of opening trade. PA (Price Action) creates trend and trends give us opportunity to open a position trade by its steep. On S2 line we had 2 potential of Buy and why we do not Sell on R1.2 is because of its upward steep and we will never Sell on upward trend and never do amateurish scalping and we do not close our deal until either S2 breaks or we see a PA TP Signal which we had it on the top and Also a good Sell Signal at the same time. Remember as a good trader how we open Sell Position is not when ever we see double top just sell on it. Even though we have seen a bearish PA on the top we still should wait ti S 1.1 trend to break and then we can open Sell position with SL of above R 1 + Spread. Since price follows our expectation we will sell any time if price touches the R1.1 with SL of above it. (Remember you must first observe that does the price are going to touch and pull back or it will breaks the trend. You never Sell if your trend is broke out. You follow the price till you reach the Future Expected Price A (FEPA) and if price does not change direction; you will follow the same strategy till you reach FEPB. (If R 1.1 dose not break). Since we have S 2 Trend line seems to be stronger than R1.1 you also can expect an uptrend around that area. If we see S 2 Breaks R 1.1 we get ready to see a harmonic pattern in future. Our expected Patterns and Elliot are not our signal, it's just a map and idea that we can look at them some time. We trade based on your best friend (trend) and PA. Any time if the harmonic pattern is completed you can expect for a bullish movement. Remember you will close all the sell position if R 1.1 breaks and will not open any position till you reach on 1 safe trend. Hold is also an option. FEP are found by Orbits strategy that I have explained in many of my previous perspective. If you are new to it please read my previous analysis and if still you have problem with it feel free and email me at farsi.masoud@gmail.com
by mspdash
1
SHORT EURAUD: BAT + 2 TRENDLINES + PIVOTSEURAUD has completed a bearish bat pattern in a PRZ that aligns with resistance provided by 2 significant trendlines. Missed pivots sit below price to add to the bearish bias. SL is placed above trendlines with target at .618CD. Confluence in the PRZ: 1. Bearish bat pattern completion 2. Significant trendline resistance 3. 2BC projection 4. 2.618AB=CD 5. Missed pivots below price Thanks for viewing! Click agree if you found this information useful.
Short
by glennmercer
3RD TRY: ANALYSIS: EURUSD - STILL CONFUSED? LET THE PATTERNS SHO3RD Try at posting this! My apologies as I am working off an Ipad and it's VERY difficult to do this on a touch screen! My apologies.Here's what I really wanted to show: The patterns. SORRY! I posted this previously but in the previous post, I used the wrong chart for the main chart. This is the the correct one ***NOTE TO THE PROGRAMMERS" The "visibility" option is not working properly when publishing charts! Although i selected the visibility option for my chart drawings, they are still all showing in the chart I am publishing causing a very cluttered and confusing display! Up and down. Up and down. Seems the market is as confused as you are lately, right? Not surprising given all the conflicting views both technical and fundamental that everyone has. Well, let my analysis try to shed some light on what's going on and what may happen next. BRIEF SUMMARY For those of you in a rush or just don't like reading through my long detailed analysis, I believe prices are still heading down....for now! But the downside is limited. There are 3 harmonic patterns that all will complete at/near an upward sloping trendline that could be defining the current consolidation wave this pair has been in for a while now. When prices reach this area, I will be expecting some sort of upward bullish price reaction. THE PATTERNS Since my headline speaks about patterns showing the way, let me get right into that. The 3 patterns (all bullish of course) are: 1. a Gartley (better visible on the Daily chart 2. A butterfly (in green on this 4HR chart) 3. a crab (better seen on the 1HR chart) Both the Gartley and the butterfly would complete within the PRZ of the smaller crab pattern. They would also both complete actually somewhat below the lower trendline of the current consolidation wave. But that is not all that unusual as "fakeout breakouts" often happen. Especially since there's been some days of consolidation now down where prices are currently. I imagine this has caused a lot of anticipation of a downside breakout occurring soon. OVERVIEW - BEARISH This MONTHLY chart shows that this pair has been in it's corrective phase for some time now and in my count, it is completing the wave C of the second double zig-zag ABC pattern. Keep in mind that this is a MONTHLY chart and that any price movement is still rather large. Having said that, looking at the "area of focus", you see a possible consolidation pattern. Possibly a bearish pennant forming. Some more downside price movement may be forthcoming as this indicates that this wave C is not yet finished. When this correction is finished, I'll be expecting a very strong impulse wave up that will take prices to new highs. But that is still a ways off. DAILY CHART - OVERALL BULLISH When I say "overall bullish", I DON'T mean to expect prices to head north now. Overall, I am expecting prices to go down to complete the patterns and then head north. 1HR Chart - POTENTIAL Bearish Trend-Continuing Cypher Here's closeup of the bear cypher that may form and head prices down towards completing the 3 bullish patterns. I will focus more on this cypher should it look to complete in a separate post. CONCLUSION: I'm looking to go SHORT if the trend-continuing bearish cypher should complete BEFORE prices head down towards the 3 bullish patterns. Of course, when prices do make it down to those 3 patterns, I'll be looking to go LONG. If you like my analysis and find it useful, please take a second to hit that LIKE button and follow me. It takes some time to create these posts and I would like to know if you find them helpful. As always, agree or disagree, your comments are welcome.
by EverythingForex
5