Likely Elliott Wave Count for BitcoinGreat place to start re-opening shorts with a tight stop-loss. Counts on the lower time-frames support the ending of Wave 5 of 5 of c of 2 of (3)
There's also a big bearish momentum divergence on the AO at this time-frame and a 62% retracement of wave 1 of (3). Since this appears to be a Wave 3 of (3) on the horizon the next drop will be extremely strong. Bulls beware.
"No amount of thinking can accomplish what a small amount of not thinking can."
Extension
EURJPY / 4HR / BULLISH GARTLEY PATTERN (VIDEO)www.youtube.com
Please check out the video above explaining the trade.
Star Prosper
Philip Stewart
GER30: Another Test of StructureOne of my current clients is a big trader of the German DAX so i find myself looking at this index on almost a daily basis. The more I look at it, the more I enjoy breaking it down as it seems to be a pretty technical friendly chart.
When taking a look at it today in my Live Trading Room we noticed a few things. The obvious structure level looking left, the potential butterfly pattern completion at that structure level and a large area of confluence between numerous Fibonacci extensions and inversions. We've also got some AB=CD action thrown in there as well. Yes there's an even bigger potential butterfly that could be setting up on the higher timeframes. But there's no need to worry about that until structure is broken.
Akil
USDCAD: keep watching 1.1917 area for a top.Hi guys,
USD/CAD is the pair that is on my watching list for this week and is very interesting. The level that I am watching is 1.1917 which can a trend line from 07/2013. Also lets keep in mind that the H&S has already hit target and looks like we are in 5 waves up in this pair. Time for correction or reversal? I don't know, but thing is for sure, if he gets around 1.1900 will be very interesting and I am try short with tight Stop loss.
Which one you want to play?Almost everything @ final leg... which one you will trade and please share the idea why you trade?
So everyone can learn some new techniques
Here is my idea :
I will sell this pair between 0.7812 - 0.7839 if i get a bearish divergence in RSI.
If RSI make higher high I will wait for the price to reach @ 0.7900 to complete the Gartley
Happy Holidays!
Bel-AIr Trades
Fibs resistance zone - Can it lead to a correction in Yen? This setup is part of the FX Weekly Markets Analysis goo.gl
The WMA setup was based on a Fib extensions confluence zone and a possible daily Wedge pattern.
My targets are up to 200 pips for this trade but it can be an even bigger move if we will see the confirmation signals I'm looking in this trade.
Today's Ourside Bar gives another potential reversal pattern to support this setup
Read the setup and more FX setups in the WMA, posted in my blog goo.gl
GBPUSD 4h: a short structure-based tradeNew lower low, waiting for retest of previous low.
Sell at confluence with 50% fibonacci retracement of the last swing low.
T1 at structure (blue dotted line) which is 1.27 fibonacci extension of the last swing low as well.
T2 at 61.8% retracement of the main swing high in this chart
After the Fact Cypher; Pound I didn't take this trade, as it was after the fact. I saw this formation and wondered if this was valid or not.
The rules call for the C point to hit the 1.27 extension, which it did.
The rules also call for there to be a close beyond A, which happened, but not a cleanly as one would like.
I'll be sure to keep an eye on future Cypher patterns to determine whether the same bar that hits the 1.27 should also close beyond A. Although this trade reacted nicely, I can't count on all of them too as well.
Tutorial: Fib Extension ToolYou can use it for different things. my main use for it is to project targets based on impuls legs.
not always will price follow the AB=CD target. instead it often reverses before reaching point D.
This tool can help you identify alternative targets.
Technically speaking the shown example of usage isn't called a fib extension but a fib expansion.
you can get fib extensions if you put point A' exactly back to A.
You can find the tool in your drawing toolbar by clicking the third icon and selecting "Trend-Based Fib Extension".
When you click on a drawn fib extension a little options tootlbar will appear where you can customize your fib levels.
Commonly used levels for expansions / extensions are: 0.382 - 0.5 - 0.618 - 0.764 - 1 - 1.272 - 1.414 - 1.5 - 1.618 - 2
Keep in mind though, it is statistically proven that Fibonacci extensions work no better at predicting where price is going to turn than any other percentage.
It's more of a self-fulfilling prohecy than anything else.
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Fib Extension ToolYou can use it for different things. my main use for it is to project targets based on impuls legs. not always will an ABCD pattern have the AB=CD 1:1 ratio. CD will often be in a fib ratio to AB like indicated on the chart. using the tool you can find different levels quickly and even set your own custom level values.
You can find it in your drawing toolbar by clicking the third icon and selecting "Trend-Based Fib Extension"
