A short entry is suggested when the D point of the pattern in confirmed. The stop loss for the order should be placed at the upper resistance level. The take profit for the order should be placed at the 38.2-88.6% fibonacci retracement of CD, depending on the fundamental analysis.
This is 3 star confluence Garley Pattern. D leg is still being formed and will finish forming at 786%. Once the D leg is completed it will retrace ofcourse! I predict it hitting 1st Target at 382%!
This is a 3 Star Confluence.. Garley Pattern! The D is still in formation and I predict that the completion will be at the 786% then retrace ofcourse to target 1 which is at (382%).
After the sharp move down, we see a rising wedge forming on H1/H4 charts. This type of wedge is usually a corrective structure, before continuation of the move (in this case a move down). Short positions could be initiated if the price breaks the bottom trend line (a good idea might be waiting for a confirmation of the break, by testing the broken trend line)....
Starting on the weekly chart we can see last weeks bullish engulfing candle broke the 2/1 level on the Gann Fan and the 55 Moving Average, i will be going long at 1.1110 where the ma currently sits, with a stop loss below the 2/1 level at 1.1020. H4 chart is currently on a pullback and favourable for entry, i am anticipating a break of the 0.23 fib with a tp set...
Looking to see the corrective move complete from the recent Britex burst. Bears are likely to step in at the next level of resistance @1.1168 , I have placed a limit order @1.11603 (I front run my orders). If the Bears fail to step in then i'll look to get in again within the resistance zone. .5% risk on the table as I anticipate this a be a swing point...
Hourly macd about to cross down, TP at the bottom of the Ichi at around 1.107. It may go up a little more to 1.1115 as there is divergence on the 15M. 4HR macd supporting as well, as well as Fib retrace .38 at that point :) Happy trading!
Hi guys, I thought I would share a pattern I am most fond of, the BAT pattern. I admire this setup because it mainly follows the overall trend and takes into account major support and resistance levels. As a strong believer in economics and harmonics, I believe this pattern gives 2 things which most traders strive for: 1) Good risk-to-reward and 2) Good win...
Breakout? Lets see how this candle closes
At first the MA200 and the EMA 50, then the strong resistance at 121.5 is finally broken after 2 close timed touches and successfully tested in a Bounce Back above. The Fibo is speaking a clear Language too. So the Price had enough Time (since late august) between ~121.5 and ~118.5 to collect some new Power for another long journey up. At least till the 1618 Line...