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Larrypesavento

GBPUSD - Extended into the 61.8% area. OANDA:GBPUSD Has extended higher into the 61.8% level @ 1.2720. Now with other USD pairs we look at the DXY to see if its going to hold these levels or break in which case we will see higher Indices, Gold & USD Pairs. Big couple of days ahead. If it breaks these levels then the 78% & 1.2900 would be the next target.. With other straight line moves its best to wait for a top to come in and break then Sell the first 382 PB. Will be keeping an eye on this one.
Short
by L_F
2
Profitable Patterns: Fibonacci RetracementsLarry Pesavento is a 50 year veteran trader. He began his career trading full time in 1967 while in graduate school getting an MBA in Finance following a BS in Pharmacy. In 1982 he became a member of the Chicago Mercantile Exchange where was a local in the S&Ps currency pits. Following this he worked for a commodity corporation in Princeton New Jersey from 1985 to 1986. ''Pattern One and Two are reaction patterns. The move from point B can be 38%, 50%, 61%, 70.7%, 78%, 100% ( double top or bottom). The only time I use the 38% retracement level to find a trade entry is when the move from A to B is one of tremendous thrust (three to five times normal trading range bars). The market will give you strong clues as to what it will do next if you watch the retracements in new moves. If it reacts only 38% on the first reaction swing, then a high probability exists that the next swing or two will also be 38% reactions.'' - Larry Pesavento, Profitable Patterns for Stock Trading Found this post valuable? Make sure to LIKE and FOLLOW for more!
Education
by MikulovicFOREX
''The Great Gartley Controversy''Here is a link to Scott Carney's own web-page, supposedly something he has written himself: harmonictrader.weebly.com I want to outline something interesting here. I quote from the article above: '' It is important to note that there are others who have assigned different Fibonacci numbers to the framework of the Gartley Pattern. However, they have used a variety of Fibonacci numbers at the D points, essentially labeling any AB=CD pattern as a Gartley if it completes at a 0.618 or 0.786 without regard for the precise alignment. This has created much confusion among the technical community and it has challenged the reputation of the pattern. '' Before going further into this, I also want to note a key takeaway from this quote. When he says that there are ''others'' who have assigned different Fibonacci numbers to Gartley patterns, he is talking about Larry Pesavento. Before ''The Harmonic Trader'' was released by Carney in 1998, Pesavento had already published books on the subject in 1997. It did not take Carney long to trademark harmonic patterns thus eliminating Pesavento's chances of ever mentioning it again. In the article above, Carney talks about people spreading misinformation, when in fact it turns out he's actually the one doing it. He went on to market it, and of course the brokers loved it! So enough about all this controversy.... Lets look at the chart! Here we see what appears to be a Gartley pattern formation with a completion at the 0.618 retracement! I wonder what Carney has to say about that? Should you wait for the 0.786 retracement to enter as the mainstream harmonic trading strategies suggest? Pesavento simply explained that what we are looking for is golden triangles Carney makes it very complicated. What are your thoughts on The Great Gartley Controversy?? Leave a comment below
BITMEX:BTCUSD.P
by MikulovicFOREX
1
EURAUD: Technical BreakdownThis chart appears to be forming a H&S pattern, but the bearish bias is not confirmed until the neckline has been breached. Until then I will be looking to long the Double Bottom pattern. Considering the 76% retracements there is high probability that price will rally up to complete the Butterfly. Trendline break from ''XB'' indicates bullish momentum. A break above B confirms the butterfly. If any bullish wide range bars occurs from ''CD'' and/or at ''D'' it would be safe to target 162% XA. Please leave a like and make sure you comment below with any idea regarding EUR/AUD Thank you for reading God bless and happy trading!
Long
by MikulovicFOREX
3
EURCHF: Bullish Harmonic Butterfly UpdateAccording to world recognized trader and author of several books, Larry Pesavento, if price closes below 162% XA expansions in the butterfly pattern , the trend is generally going to continue. A close below 262% XA confirms the continuation of the trend. The CD leg thrust is the first indication wether or not price is going to exceed the PRZ at 127% XA expansions. Another indication could be if any wide range bars occurs around ''D'' point, which signals a potential breakout from the initial PRZ formed in any harmonic pattern. We have some confluence at the 162% XA expansions such as the lows 10/04-17. This low happened to form a tweezer bottom in the following weeks closing prices on the weekly timeframe . Place close attention to any reversal candlesticks that could potentially be forming around 1.065xx or the 162% XA expansions as another PRZ. Make sure to check the related idea for more information Please dont forget to leave a like and make sure to comment with any idea regarding EUR/CHF in the section below Thank you for reading this short analysis God bless and happy trading
Long
by MikulovicFOREX
1