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Rsibamm

GOLD/JPY: Bearish Bump and Run Reversal TopXAUJPY after sharply rising from the long term Lead-In trend line and Horizontal Support Level, is now currently testing the supply line of a local Right-Angled and Ascending Broadening Formation it has developed at the highs and seems to have completed an RSI BAMM and is now looking to do an impulsive move down. If the impulsive move down is great enough, we will see XAUJPY break down below the Lead-In Trend Line and confirm it as a Bump-and-Run Reversal Top, which could take us to the measured move that happens to just about align with the 61.8% Retrace overall. The JPY overall has been setting up and getting quite Bullish against other currencies recently too, such as the AUD, GBP, CAD, and EUR. I suspect this trend of the Yen gaining value against assets will continue in Gold as the USD continues to rise and the JPY maintains its USD value relative to other currencies and assets.
OANDA:XAUJPYShort
by RizeSenpai
Google: Bearish Deep Crab Dark Cloud Cover Type 2 Return EntryGoogle, after its initial bearish reaction to the PCZ, has returned to the PCZ as the RSI managed to make a 3rd lower high and is set up to give us an impulsive move downwards in the coming days. We also confirmed a textbook Dark Cloud Cover today after the rejection of the ascending trend line. I think we will see extreme downside from Google pretty soon that will undo most, if not all of its 2023 upside price action.
NASDAQ:GOOGLShort
by RizeSenpai
RSI BAMM AUDJPYAs I'm currently back testing this concept, I've decided let this concept go out for spin. The 1.618 level was triggered right on the opening of Asian session before heading bearish as the RSI indicated this pair is overbought. This is potentially one of the ideal scenarios you'll want on the RSI readings. Again it's imperative not to treat this as a holy grail and must have multiple influences to increase the probability that price has reached the turning point.
by BeaucoupPips
Bullish ab = cd AUDJPYFrom the failed Bullish Butterfly pattern, I've realised an undercover bullish ab = cd hiding within the pattern. Looking at the the higher time frame, I see the pair is sticking with the predominate uptrend with some minor corrections along the way. I've started to back test a new strategy that has taken the harmonic approach to a world of unprecedented accuracy and precision. Some only utilise this system, where others may use difference concepts, nobody is wrong and each is to their own to determine how accurate and precise they can be. But it is imperative to use a multitude of systems to give higher chance of probability and accuracy to take a position.
Long
by BeaucoupPips
AUDUSD - Bearish Shark completion 0.7030 - 0.70352 days back, I outlined my strategy for trading Aussie, I was expecting a bounce if price breaks the down-sloping trendline. it finally broke above the trendline last week and AUDUSD is now completing the C-D leg of the shark pattern. PRZ1 is around 0.7030-0.7035. PRZ2 is around 0.7060 Shark has multiple PRZs, the critical part is about when to execute the trade. A simple trigger I use is to wait for a break of up-sloping trendline connecting the lows along C-D. Once it breaks below this trendline, i will go short. If RSI shows a divergence or a RSI bamm, this short trade will likely have a higher chance of success. Stops has to go above XC 1.27, targets will be at CD 0.50 and 0.886. Good luck and good trading everyone!
Short
by TerryHarmonicTrading
USDCAD - BAMM breakout trade to 1.3035This is also known as a RSI BAMM harmonic breakout trade, where price breaking the B point of a Bat pattern will magnetically move the price towards point D at XA 88.6. This strategy is documented in Harmonic Trading Volume 2 written by Scott Carney. Note that for this kind of trade setups , the R:R is not fantastic, usually just 1:1 or slightly below it depending on where point C is. For this particular setup, it is on the H4 chart, and the SL might be too wide for some of you guys to stomach. I highly suggest not risking more than 2% of your account when taking this trade. EP: 1.3235 (Market Price right now) SL: 1.3470 (235) TP: 1.3035 (200) Am doing testing on this kinds of setup, will collate my results and share with you guys in due time. Keep learning and be great in trading!
Short
by TerryHarmonicTrading
2
EURUSD - RSI BAMM bullish setupHey guys, happy weekends. Just browsing around for high probability setups today. I saw something interesting in EURUSD and I would like to share this setup with you guys. Pattern Identification This is a RSI BAMM setup with a POTENTIAL buy around last week's low at 1.0567. How to execute this trade? I will wait for 1.0567 and the RSI OS level to be tested first. These are 2 setups I will be watching out for before execution. 1. False breakdown of this level: A breakdown followed by a "regret" impulse buying to push it back above this level 2. A nice long pinbar on H4 followed by a move up from the RSI OS level. EP: Around 1.0567 SL: 1.0510 (57) TP: 1.0760 (193) When will this setup be invalidated? If price closes convincingly below the 1.0567 level, this setup will no longer be valid.
Long
by TerryHarmonicTrading
(Education) EURJPY - How to trade this RSI Bamm on EURJPY?Hey guys, this is an update to the EURJPY setup I posted last week. We are right there at the bottom of the triangle. What is interesting to me is the formation of an RSI bamm at Friday's closing price. Pattern Identification RSI Bamm at bottom of triangle. RSI Bamm is the formation of a W/M structure at RSI oversold/overbought where this is considered a prelude to a potential end of trend. A W/M structure, followed by a retracement to the 50% level of the RSI indicator and a final retest at oversold/overbought will be considered a potential buy/sell opportunity. Trade Execution Next week, I will watch out for a move up out of the RSI oversold zone for EURJPY to initiate a buy. SL will be below the low of Friday. I am aiming at 119.50 for TP where the higher boundary of the triangle is at. If EURJPY continues lower on Monday, this trade trade will be invalid and we will look for other opportunities to trade this pair.
Education
by TerryHarmonicTrading
6
RSI Bamm on USDCHF - What does it mean?Hey traders, my last post on RSI had alot of subscribers asking me questions. This post will be about the RSI bamm again. Take a look at the H4 chart of USDCHF. Configure your RSI, 14 days, 30 oversold , 70 overbought. You can see that there is a M structure that completed at the overbought area of the RSI. This usually means that the trend has not ended and it will likely continue to go up. In situations like this, I will personally not trade on any bearish patterns as the trend is very very bullish. I will go down to the h1 or m15 timeframe to find patterns to go long with the trend. In this example, I spotted a AB=CD completion around 1.0080. I also use a simple moving average band of 34 high and low to tell me when is a good area of support. EP: 1.0080 SL: 1.0050 (30) TP: 1.0160 (80) This will likely happen soon, will enter when I see a rejection or doji candlestick at 1.0080.
Long
by TerryHarmonicTrading
2
Gold - What is a RSI bamm? How to trade it?Hey guys, after an uneventful 2 weeks, I am hoping next week the market sets us up with some quality harmonic patterns. The top of my list for next week is gold, where I see a bullish bat completing with a few other key criteria. 1. RSI Bamm present, W structure at oversold, retest the 50 lvl and now back at oversold 2. Bullish bat completes at channel extreme I will monitor the H1 chart for a double bottom/ rsi divergence before I go long on it. I seldom trade Gold, but when I see a good setup I will take it. Do not use a pending order, wait for the clues I shared above and enter with precision. Good luck and good trading guys! Will be glad to explain anything.
OANDA:XAUUSDLong
by TerryHarmonicTrading
22