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PRZ

GBPJPY: Harmonic SetupHello traders! Today we have a very nice setup on FX:GBPJPY . As we see on the chart the market has broken the neckline of H&S, resistance is now a support; which means we are not in a bullish trend. Currently we have 3 potential harmonic pattern. 1. Big cypher 2. Little cypher 3. Bat According to my analyzes the best reversal zone is "PRZ 1" which is a completion levels of little cypher and bat patterns; plus OR zone. Besides there is an opportunity that price will reverse at the neckline level. -- Avto_T Financial Analyst www.rcpforex.com
Short
by RCP
USDJPY Short: Using Harmonics to Catch Wave-((5))USDJPY has completed wave-C-of-(iv)-of-((5)), which means the consolidation phase may be temporarily complete and further bearish price action may be forthcoming. In order to catch the fifth wave movement, it is best to enter at a point which minimizes your risk and maximizes your reward.. This setup shows one way to utilize multiple strategies to supplement your wave analysis. The double top created by wave-iii and wave-v allows for the 2618 entry after the 61.8% retracement. This entry also falls in the PRZ of a bearish bat, which adds to the probability of this being an important level and we may see price continue to drop. SL is placed above wave-(iv) terminus with target at ((1))=((5)) level.
Short
by glennmercer
5
EURNOK - 2H - SharkFirst potential setup for the week ahead. I think its likly that will come up further. The real question is whether or not we will make it all the way up. Sometimes sharks still tend to reverse at the 786 cypher reversal zone - but the risk reward wouldnt be that great if youd enter at the 786 straight away with all that upside reversal potential a shark has. but ofc i will watch for doubletops on lower timeframes even in the 78.6 area as well as the 88.6 area to maybe catch the reversal if its happing before my prevered PRZ-zone
Short
by SergeantPringles
GBPNZD Wave Count: Bull Bat ABC Continuation to Gartley TargetOn the daily time frame, price has been rejected at the PRZ of two larger harmonic bullish patterns (Bat + Gartley). The rejection was swift with a 5 wave bullish impulse, followed by a triangle correction and another small impulse to complete a 3 wave pattern (labeled here as (A) of a possible zig-zag correction). Now we are nearing the completion of a bullish bat pattern near previous corrective wave support (B in this case). The bat PRZ may also be supported by the weekly pivot and the 200 period moving average. The (A)=(B) level is confluent with .618CD on the higher TF patterns, so we may see these higher TF patterns meet their targets with this ABC zig-zag correction. With entry at the bat PRZ, SL placement at 1.13XA and target taken at the confluent target level, this is a low risk high reward trade with a R/R of 8.14. Confluence in the PRZ: Bullish Bat (1D TF) Bullish Gartley (1D TF) Bullish Bat (1HR TF) Previous corrective wave support 200MA support EW Count suggests upcoming bullish impulse .618CD & (A)=(B) target confluence Weekly pivot support Structural S/R Zone
Long
by glennmercer
2
GBPJPY Short: TCT + Bat + Gartley + EMA100GBPJPY is nearing the PRZ of two bearish harmonic patterns. The PRZ is tight at about 4 pips and falls in a nice S/R zone. EMA100 may also add resistance in this area. There has also been a slight bearish trend preceding the patterns to add to the bearish bias. Entry is placed at the base of the PRZ with SL above structure highs and target at .618AD. Confluence in the PRZ: Bearish Bat Bearish Gartley EMA100 Resistance Structural Resistance TCT
Short
by glennmercer
SUNE Outlook: Bullish Cypher to Bearish GartleySUNE is nearing the completion of a bearish cypher pattern after breaking the bullish Wolfe wave confirmation line and retesting. This presents an opportunity to place a long position. The next pattern to look for if this is filled and completed is the bearish Gartley pattern. Depending on price action, I may be taking both of these trades. I will update the idea accordingly. Cypher PRZ Confluence: Bullish Wolfe Wave on larger TF .786XA 1.272BC Projection 2.5AB=CD MA200 Support Gartley PRZ Confluence: .786XA AB=CD 1.272BC Projection
S
by glennmercer
Long NZDUSD: Cypher + Shark + Pivots + Divergence + Oversold +TLNZDUSD has entered the PRZ of two bullish harmonic patterns. The PRZ is supported by two weekly trendlines and a series of missed pivots sit above price which may help add to bullish bias as well. Divergence can be observed on both MACD and RSI oscillators, in addition to an oversold RSI. Entry is placed at the base of the PRZ with SL below the second weekly support trendline and targets at .5CD and the unhit pivot cluster near the BC terminus. Bullish Confluence: Bullish Cypher Bullish Shark 2 Weekly trendlines Missed pivots above price MACD Divergence RSI Divergence RSI Oversold 1.618AB=CD 1.272BC Projection
Long
by glennmercer
4
Short EURGBP: Bearish Crab at TL ResistanceEURGBP has entered the PRZ of a bearish crab. Long-term trendline resistance may add to the probability of reversal in this area. MACD has printed bearish divergence as well as RSI being overbought to add to bearish bias. Entry is placed at 1.618XA with SL at 1.786XA and target at .382CD. Bearish Confluence: Bearish Crab Long-term trendline resistance 4AB=CD 5BC Projection Bearish MACD Divergence RSI Overbought 1.272 structure projection
Short
by glennmercer
USDCAD Short: Bearish Gartley in S/R ZoneUSDCAD is nearing the completion of a bearish Gartley pattern. The PRZ falls inside of a significant S/R zone, adding to the probability of a reversal at those levels. With a potential upcoming rebound in oil this could provide a nice entry for a larger bearish move toward the missed pivots sitting below price (see related ideas). This would of course depend on price action at the target if TP is achieved. Entry is placed at .786XA with SL above X and target at .618CD. Confluence in the PRZ: .786XA (Gartley completion) 1.272BC Projection AB=CD S/R Zone Many missed pivots below price Potential long setup in USOIL
Short
by glennmercer
Long EURJPY: Bat + Wolfe + AB=CD + Divergence (2X) + TL SupportEURJPY is nearing the PRZ of a series of bullish patterns. A medium term bullish trendline may add support to the reversal zone. To add to the bullish bias, MACD and RSI have both printed bullish divergence. Entry is placed in the center of the PRZ with SL below structure lows and Bat X point and target at .618CD. Confluence in the PRZ: Bullish Bat Bullish Wolfe Wave Bullish AB=CD Bullish MACD Divergence Bullish RSI Divergence Bullish Trendline Support
Long
by glennmercer
Long GBPJPY: Bat + Crab Complete at Weekly Trendline SupportGBPJPY has entered the PRZ of two bullish patterns on the daily chart. The PRZ aligns with both horizontal and trendline support which may add to the potential for reversal at this level. Multiple unhit monthly and weekly pivots sit above price and may help pull price toward target. To add to bullish bias, MACD has produced bullish divergence and RSI is oversold. Entry is placed at crab completion with SL below horizontal support and targets at the unhit January, 2015 pivot and the 50% retracement of the bullish bat CD leg. Bullish Confluence: Bullish Bat Bullish Crab Weekly horizontal support Weekly TL support Multiple missed pivots above price Bullish MACD divergence RSI Oversold
Long
by glennmercer
Long CADJPY: Crab + Bat + AB=CD + Fan + Pivots + SR + DivergenceCADJPY has entered the PRZ of a series of bullish harmonic patterns in an area of strong support. The PRZ, which is formed by the combined reversal zones of a bullish bat and crab, may also be tested near the .5 Fibonacci speed fan line for an added level of time-based support. On a larger TF, a bullish AB=CD pattern is complete in the center of the PRZ. There is also a weekly .618 Fibonacci retracement level from structure low to structure high in this area. Five missed weekly pivots and one missed monthly pivot sit above price to add to the bullish bias. In addition to all of these factors, bullish divergence is printed on both the MACD and RSI oscillators. Entry is placed at the .618 retracement level with a stop loss below the S/R zone. Target is placed at .382CD (AB=CD pattern) which coincides precisely with the nearest missed weekly pivot and significant structure highs. This setup yields a R/R of about 3:1. Confluence in the PRZ: Bullish AB=CD pattern completion Bullish bat pattern completion Bullish crab pattern completion 2.5BC projection (bat + crab) 2.5AB=CD (bat + crab) .5 Fibonacci speed fan support Strong S/R Zone .618 weekly fib retracement level 5 missed weekly pivots above price Missed July, 2015 pivot above price Bullish RSI divergence Bullish MACD divergence Thanks for your continued support and don't forget to follow for future updates and more trade ideas!
Long
by glennmercer
8
Long AUDUSD: 2 Cyphers + Crab + TCT + EMA/SMA Support + PivotsAUDUSD is nearing the PRZ of 3 harmonic patterns presenting us with an opportunity to trade in the direction of the trend. The base of the PRZ coincides precisely with last week's missed pivot in addition to a fib cluster from a series of structure lows to structure highs. The 500 bar SMA and EMA lines may provide added support around the reversal zone. To add to bullish bias, the new weekly pivot will be printed near the .618CD retracement and may help to pull price up toward target. Entry is placed at the base of the PRZ with target at .618CD and SL below structure lows. This trade yields a risk to reward ratio of 2. Confluence in the PRZ: 2 Bullish Cypher Patterns Bullish Crab Pattern 500SMA Support 500EMA Support Underlying Bullish Trend New weekly pivot above price Entry confluent with missed weekly pivot S/R Zone Fib cluster centered in PRZ If this long position is successful, the next level I will be focusing on is .74:
Long
by glennmercer
10
Long EURCAD: Gartley + Shark + Crab + Pivot + DivergenceEURCAD has entered the PRZ of three confluent bullish harmonic patterns within a tight PRZ and fib cluster. The .382 Gartley and Shark target aligns precisely with the new weekly pivot and the .618CD target for the bullish crab. To add to bullish bias, divergence has been printed on both the RSI and MACD oscillators. Entry is placed at the center of the PRZ with target at the .382 retracement of the larger CD leg and SL below .886XA on the Gartley pattern. Confluence in the PRZ: Bullish Gartley Bullish Shark Bullish Crab AB=CD (Gartley) 1.5BC Projection (Shark) 3.382AB=CD (Shark) 2.786BC Projection (Crab) 2AB=CD (Crab) Bullish RSI Divergence Bullish MACD Divergence Unhit weekly pivot above price
Long
by glennmercer
4
Long USDCAD: Bat + Butterfly + S/R + Trendline + PivotHappy New Year, traders! Here is a trade to consider after the holiday. USDCAD has completed 2 bullish harmonic patterns at week-long trendline support. The PRZ falls in a S/R zone and the new weekly pivot for 1/3/2016 coincides with the 50% retracement of the CD leg, making this a nice level at which to take profit. To add to bullish bias, RSI has printed bullish divergence. Entry is taken at the base of the PRZ near trendline support with SL at 1.13XA and target at .5CD and the weekly pivot. Confluence in the PRZ: Bullish Bat Bullish Butterfly 2BC Projection 1.272AB=CD Unhit weekly pivot coincides with .5CD S/R Zone Trendline support Bullish RSI Divergence
Long
by glennmercer
2