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Harmonicforex

EURUSD > The Best Place for Buy Entry!!Analysis of #EURUSD The EURUSD is currently at a resistance level as you can see on my chart, but the way the market reached this level shows that the momentum is to the upside, it's not safe to short the market here. I will prefer to look at a buying opportunity if the market falls to my support zone near 1.01500 and showed a bullish reaction on the lower time frame before I get in a buy entry, with good reward to risk Thanks for your continued support!
Long
by TheTradersAvenue
13
GBPUSD > The Best Placce for Buy Entry!!Analysis of #GBPUSD We all witnessed what happens last week after the CPI report and how we saw a historic drop in the dollar index, this could continue, and look at the chart I want to start buying the GBPUSD if I see a good setup. I have highlighted for you the previous resistance zone, now becomes a support zone, so I am waiting to see if the market comes to test my support zone, and provide a reversal pattern before I make a decision to buy this GBPUSD Thanks for your continued support!
Long
by TheTradersAvenue
16
A 1:5 Risk to Reward Sell on NZUSD (USD will go up) Hello everyone, It has been a while since we had a proper post and we hope to return back to normal moving ahead. The past 6 weeks has seen a massive weakening in the USD which means stocks has strengthened a lot. This is to be expected as markets swings in both directions. We see all the USD pairs are completely overbought. (AUDUSD, NZDUSD, GBPUSD and USDCHF being oversold). This is the moment USD is likely to strengthen and we see the turning point around here. What are waiting for to pull the trigger on NZDUSD? 1) Hoping for it to get to 0.6120 2) Looking for M15 divergence 3) H4 is already overbought 4) Selling against the high off last week. If you are patient (and lucky) you are looking at 0.5875 as the target.
Short
by JD_TeenTrader
CYPHER Harmonic Pattern - Made Easy For Everyone !The Cypher harmonic pattern is a technical analysis indicator used by traders to identify valuable support and resistance levels based on the Fibonacci sequence of numbers and detect trend reversals. Here, in this article, we explain how the Cypher harmonic pattern works, identify it, and trade it. What is the Cypher Harmonic Candlestick Pattern? The Cypher harmonic pattern is a technical analysis formation indicating a price-action reversal. The pattern was discovered by D. Oglesbee and is known as a relatively advanced pattern formation. In structure, the Cypher pattern is similar to the butterfly harmonic pattern; however, the Cypher is not a very common chart pattern due to its unique Fibonacci ratios. The Cypher pattern, which can be either bullish or bearish, has five points (X, A, B, C, and D) and four legs (XA, AB, BC, and CD). Like any other harmonic pattern, the theory behind the Cypher chart pattern is that there is a strong correlation between Fibonacci ratios and price movements. Eventually, the market is expected to reverse from point D after the four market swing wave movements How to Identify and Use the Cypher Harmonic Pattern in Forex Trading? Much like any other harmonic chart pattern, several conditions must occur so you can identify the Cypher pattern: B point retracement of the primary XA leg ranges between 38.2% to 61.8% Fibonacci levels C point is an extension leg with a Fibonacci ratio that should be between 127.2% to 141.4% of the primary XA leg D point should break the 78.6 retracement level of XC Let’s see what the Cypher harmonic pattern looks like on a trading chart. Cypher Pattern – Set a Stop Loss A reasonable stop-loss level when trading the Cypher pattern is simple and does not necessarily require the combination of Fibonacci retracement. All you need to do is to place the stop loss somewhere below the D level because if this level breaks, the entire Cypher pattern is invalidated. So, the stop would be placed at the next support or resistance level, which is the X-point Cypher Pattern – Set a Take Profit Target The simple Cypher pattern trading method is using its points as profit targets, meaning the A and C levels. How accurate is the Cypher harmonic chart pattern? The Cypher harmonic pattern has been historically proven to be a fairly reliable and accurate chart pattern. According to various studies, the pattern has an accuracy rate of around 70%.
Education
by FOREXN1
31