VLCN: Bullish Gartley with Bullish Divergence at a Double BottomVolcon is potentially forming a Double Bottom with Bullish Divergence and is doing so at the potential HOP Level of a Bullish Gartley on the Hourly with Bullish RSI BAMM Confirmation. If this Gartley plays out we would expect a move towards $3.00 this move towards $3.00 could then lead to a Double Bottom breakout which would take the price up to around $7.00
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.
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.
EURUSD: Bearish Reentry with a Potential Bearish ButterflyThe previous .786 entry got stopped out at much lower prices with a tight stop and now we are showing potential for reversal again at the 1.272 Fibonacci Extension and PCZ of Potential Bearish Butterfly as the RSI goes well above the last overbought reading. Given the scenario, I'd say it's worth trying again with a stop above the next Fibonacci extension.
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.
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.
Bullish Shark at Support Line with MACD Bullish DivergenceFrom the looks of it AXS would like to see one more bounce before it resumes it's Bearish Trend. I suspect close to a 50% Retrace of the Prior Highs before an Ultimate Reversal back to the downside.
For now the trade is Bullish and Profit Taking Targets range from 80 dollars to just over 100 dollars.
Bullish Crab Looking For Bids to the UpsideWe have a double bottom here at the pcz after reaching oversold multiple times this my be the indication of a temporary bottom.
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!
That's BITcoin for Now - RSI BAMM DivergenceIn my HTVol2 book, I outlined what HARMONIC DIVERGENCE and CONFIRMATION are all about. Bitcoin completed a 113 Harmonic RSI BAMM Divergence and has put in a top for now. I expect a serious retest of lows under 2350 and more BEFORE any uptrend can resume. All markets have their limits! RESPECT HARMONIC DIVERGENCE in cases like these.
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!
EURGBP AB=CD RSI BAMM ContinuationIn my VOL3, I outline a critical AB=CD situation with COMPLEX RSI formations. Look for a minimum AB=CD thrust @ 0.8415 PRZ while looking for RSI to rollover. These situations seek to capture a retest of the initial RSI test @ 0.83. Trend still down until retest completes.
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.
(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.
USDJPY LONG Bullish Alternate Bet + RSI BAMM 2Hr ChartWait for price to hit Point D of the Bullish Alternate Bat and For RSI BAMM to be Confirmed with divergence and go long on this.
RSI have to go lower than the 30 level marked with a green line but not lower than the previous low marked with a red circle on the chart.
CADCHF - Immediate sell on RSI bammHi guys, this is a counter trend trade on CADCHF.
I just went short on this.
Price is at h4 resistance zone.
RSI bamm setup complete on H1 timeframe, target key support area for profit taking.
EP:0.7576
SL: 0.7630(54)
TP: 0.7370 (208)
Good luck to those who are following me on this trade.
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.
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.
EURCHF coming to test the highs again ?I see a bearish Deep Gartley completing at around the 1.0905 level.
Will see how the price reacts to the levels.
Still bearish on the GBPJPYGBPJPY already completed a bearish Bat earlier last week, now a smaller bearish Shark pattern has also completed. Looking to short on the quick retracement.
All ready to short at 162.60 with stops above 163.00
GBPJPY - Bearish Shark with RSI BammI see a bearish shark completing on GBPJPY H1.
There is also an RSI bamm setup.
EP: 162.6
SL: 163.2 (60 pips)
TP: 160.2 (240 pips)
