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Harmonicforex

📉🦇Bearish Bat Pattern Sparks Market Fears on Dow Jones! 📉🦇After successfully bagging over +1000 points on a recent Nasdaq buy, it's time to switch gears and follow the bearish trend on Dow Jones. The bearish setup is crystal clear in the 1-hour timeframe, as price has formed a bearish bat pattern - a proven and reliable harmonic pattern with a high winning rate. The trend reversal has been confirmed by a bearish candlestick: a bearish engulfing, signaling that the late bulls have been trapped and the bears have taken control. The icing on the cake is the impending crossover of the 9 and 21 moving averages, which will intensify the selling pressure. Additionally, the RSI has hit a significantly overbought zone, further indicating a potential sharp fall ahead. I have my sights set on three take profit levels. First, I'm targeting 34150, where I'll be locking in some profits. Next, I'll be aiming for 33950 as my second take profit level. And finally, my target is set at 33650, as I expect a satisfying drop in price. Get ready to ride the trend reversal and make the bears dance to your tune! It's time to capitalize on the bearish momentum on Dow Jones! 📉🐻💰 Feel free to share your toughts in the comments section, follow me for updates. And dont forget to press the like button if you think this insight was helpful !🚀
OANDA:US30USD
by Thomas_Zito
24
BTC : THE 47K TARGET BTC has previously aimed for the significant target of 31K. Given the patterns observed in the last BTC cycle, there is a strong possibility that it will now strive to reach 47K. However, it may take some time for BTC to reach the 47K target. This prediction is based on technical analysis and the current trend exhibited by BTC. The current level where BTC stands has historically shown resistance, and it could play a crucial role in breaking through to $32,800. Once that happens, there will be an open pathway towards the 47K trend.
Long
by Goldenbreakout
🦘📈 AUDUSD: Double Bottom - Get Ready for a Bullish Rally! 🚀📈Traders, buckle up for an exciting bullish setup in the AUDUSD forex pair on the 4-hour timeframe. We have a compelling opportunity to join the uptrend as price forms a double bottom pattern, paving the way for potential profits. Let's dive into the technical analysis and uncover the enticing prospects this trade offers. The key to this setup lies in the formation of the double bottom pattern. This pattern serves as a powerful bullish reversal signal, indicating a shift in market sentiment. With the current setup, we have an opportune moment to enter a long position, setting a tight stop loss just below the key support level. Adding to the bullish case, the moving averages are now acting as support and are poised for a potential bullish crossover. This convergence of the moving averages enhances the reliability of this setup, providing additional security and boosting confidence in the potential upside movement. Our initial objective is to secure some profits as price reaches the neckline of the double bottom pattern, located at 0.71200. This level serves as a significant resistance zone, and a breakout above it would validate the bullish scenario. Traders can consider taking partial profits at this level to lock in gains and reduce exposure. But the excitement doesn't end there! We can set our sights on a larger target based on a harmonic pattern analysis. The completion of a harmonic Gartley pattern at point D awaits around 1.25200. This target aligns with the projected upward move in the pattern, providing traders with a compelling opportunity to ride the bullish wave. Confirming the upward momentum, the RSI indicator has broken above the 50 level, indicating a continuation of the rally. The sustained RSI reading around this level further supports the bullish bias and provides additional conviction for traders to consider joining the uptrend. So, traders, prepare yourselves for an exhilarating ride as AUDUSD embarks on a potential bullish rally. Seize this opportunity, keep a close eye on the price action, and manage your trades with precision. Remember, taking partial profits along the way can help secure gains and optimize your risk-to-reward ratio. Let's capitalize on this promising setup, leverage the bullish formation, and navigate the forex market with confidence. Get ready to embrace the bullish surge in AUDUSD! 🚀📈 Don't forget to press the like button if you think this insight was helpful 🚀🌟💪
Long
by Thomas_Zito
7
BTC Expects a Tiny FUDThe pressure of the SEC on Binance and Coinbase was not only badly received in the markets, but also stopped my bull analysis and we had to close the position at a loss. The first thing I saw when I looked at the chart from afar before opening a new position was that Bitcoin was on the eve of creating a second shark pattern. Bitcoin, which repeats the pattern it made in August 2021, can move towards the $18400 target if this upward trend is broken. Even though I see no reason not to make this move when an extraordinary FUD is swirling in the markets and fear prevails, I still keep my positive mindset and will start sharing pessimistic scenarios only if it retests after breaking the resistance. Even if uptrend continues, this risk seems to continue as long as the $30700 level is not exceeded.
INDEX:BTCUSD
by YavuzAkbay
From A to D:How to Use the ABCD Pattern to Forecast Market MovesAre you familiar with the ABCD trading pattern? In this article, I will provide a comprehensive explanation of the ABCD trading pattern, including its characteristics, how to identify it, and how to use it in trading. So, sit back, relax, and enjoy the information provided in this article. The ABCD ( AB=CD ) pattern , It's a harmonic pattern that is easily recognizable on a price chart and is composed of four points. This pattern follows a specific sequence of market movements that traders can use to predict potential price swings in the future. The ABCD pattern can be applied in various market conditions, including both bullish and bearish markets, and can be used to speculate on the movement of different forex pairs by simultaneously selling one currency and buying another. However, it's important to keep in mind that the ABCD pattern should not be the sole basis for making trading decisions. It should be used as a tool to inform your decisions. The first step in opening a position using the ABCD pattern is to identify the pattern on a price chart. Multiday charts can provide insight into the behavior of forex markets over an extended period. You can use daily, hourly, or minute-by-minute charts to spot the pattern, but it's crucial to choose a time horizon that aligns with your goals. For instance, traders looking to hold positions for days or weeks may prefer daily charts instead of minute charts. Once you have selected the appropriate chart type, you can search for the ABCD pattern to identify bullish or bearish signals. Let's now take a closer look at how the AB=CD pattern forms and how to spot it: When identifying the ABCD pattern, traders focus on the legs or moves between points. The moves in the direction of the overall trend are denoted as AB and CD, while BC represents the retracement. Once you think you have identified an ABCD pattern on a price chart, the next step is to use Fibonacci ratios to validate it. This process can also help you pinpoint where the pattern may complete and where to consider opening your position. The "classic" ABCD pattern follows a specific sequence of market movements, with the following rules: In a "classic" ABCD pattern, the BC line should ideally be 61.8% or 78.6% of AB. To determine this, traders often use the Fibonacci retracement tool on the initial move from point A to point B. The BC line should end at either the 61.8% or 78.6% Fibonacci retracement level of AB. This helps confirm the validity of the ABCD pattern and gives an idea of where to potentially open a position. Once the BC leg of the pattern is complete, traders would typically look for the CD leg to reach the 127.2% or 161.8% extension of the BC leg. At this point, traders might consider entering a sell position if the pattern is bearish or a buy position if the pattern is bullish. The ABCD pattern extension occurs when the CD leg extends beyond the typical 127.2% and reaches 161.8%. This indicates that the price trend may continue in the same direction for a longer period, providing a potentially profitable trading opportunity for traders who have correctly identified the pattern. It's important to note that this extension is not always reliable and should be used in conjunction with other technical analysis tools to confirm the validity of the trade. Note: In strongly trending markets, the retracement (BC) may not reach the usual 61.8% or 78.6% of AB, but only 38.2% or 50%. It's important to adapt to market conditions and adjust your analysis accordingly. Moreover: During the move from A to B, the market should not exceed either A or B. During the move from B to C, the market should not exceed either B or C. During the move from C to D, the market should not exceed either C or D. For a bullish ABCD, point C must be lower than A, and D must be lower than B. For a bearish ABCD, point C must be higher than A, and D must be higher than B. To identify an ABCD pattern on your TradingView trading chart, follow these six steps: 1 ) Log in to your TradingView trading account and open a market chart. 2 ) Locate the AB line. Remember that this move should be completely contained within points A and B. 3 ) Locate the BC retracement. This should reach either the 61.8% or 78.6% level of the move from A to B. 4 ) Draw the CD line. Using the AB and BC lines, you should be able to predict where point D will fall. CD will generally be equivalent to AB and either 127.8% or 161.8% of BC in both price and time. 5 ) Keep an eye out for price gaps and wide-ranging bars in the CD leg. These can indicate that an extension is forming, implying that CD may be longer than AB. 6 ) Trade the possible retracement at point D. If you've identified a bearish ABCD pattern, consider opening a sell position. On the other hand, if you've found a bullish one, consider buying. And here are a couple of examples: I hope you found this guide on identifying the ABCD pattern useful. Let me know your thoughts in the comments section below, and don't forget to like and follow me if you found this guide helpful.
Editors' picks
FX_IDC:XAUUSDEducation
by FOREXN1
44
GBPUSD The Pullback Here it is, after a long couple of weeks, GBPUSD has finally gone bearish. This is a long shot, but this particular area could serve as the next potential reversal point. Along the way there could be some setups that can support price using this area to rally up, at least to the LQP. The 38.2 take profit is near the LQP so there's some level of interest in case price doesn't have the momentum to continue rallying up. However, this D point could also be the orchestra to start a new trend, resume the bullish trend. On the daily, we have a Wyckoff Distribution lingering, maybe this could fuel the 4th hit to be higher?
Short
by BeaucoupPips
SELL BEARISH CRAB ON NZDUSD 15MinNZD/USD has formed a bearish crab pattern on the 1h chart, providing a trading opportunity with a 1:4 risk to reward. The measurements for a valid crab pattern are detailed below. XA Retracement: 0.382 - 0.618 AB Retracement: 0.382 - 0.886 BC Projection of D leg: 2.618 - 3.618 XA Retracement of D: 1.618 Confluence: We can see an Elliot wave completion on H1, ABC reversal is anticipated on the 5th impulse wave. All 3 measurements form within close proximity in the potential reversal zone. as you can see, the shooting star reversal candle formed on 15Min TF confirmed the PRZ. The price has already been pushed lower to confirm the 3.14 measurement, and as such entry is feasible. Have a good week everyone!
Short
by TheGreatCapital