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Scottcarney

BitCoin Harmonic PatternsAfter reviewing various intervals, I have found a number of distinct harmonic patterns that provide clear structural reactions. After last week's 3.14 reversal, the price has formed successive harmonic patterns - Bullish AB=CD@1880, Bearish Gartley @2240 and now a Bearish Bat @ 2280 on the retest. It looks like another bearish execution at these levels. The Bullish AB=CD @ 2050 IS the immediate harmonic support holding for now. However, the corresponding rally has resulted in two bearish harmonic formations. These immediate Gartley and Bat patterns are capping 2300 as upside resistance. In fact, the Gartley has a PERFECT AB=CD (0.618/1.618) @ 2310. This is setting up for a nice a 3:1 to execute 2280-2290 PRZ, stop +2350 and initial target 2040 for 1st half then see if we can bust down to 1700 (after AB=CD failure). Crypto Harmonic Trading Notes - First, this is a trade. Harmonics are all about providing proper expectations at the correct measures. Harmonic patterns serve as a basic framework. I have seen many critical AB=CDs, 88.6s and 61.8s mark critical levels in particular. Keep an eye on these measured situations when they develop. Up, down...it doesn't matter - this thing is moving and that's what counts! The digital future is bright but only at the right price.
BITSTAMP:BTCUSDShort
by ScottCarney
1
Bitcoin Final ThoughtsI started watching Bitcoin nearly a year ago. I have watched harmonic patterns and related measures pinpoint price levels in this market with precision. Today's 3.14 bearish extension was one example of a larger understanding of HARMONICS at work in even the crypto-fx mkt. I updated the original post a few times today stating to cover 1/2 of the original 2730 entry at the 618 target @ 2290 while moving the stop to 2370. Target 1 was good for 440 and the other 1/2 hit the stop for 260. Final Thoughts - Today's swings were insane! I am looking for another sell opportunity against a retest of the 3.14 target @ 2700 but it is always important to define all aspects of any trade in advance. For now, I am out entirely as I waiting for the next clear harmonic opportunity. No doubt, the current run in BitCoin is unique and decidedly bullish. I always want to keep a realistic perspective about all trading opportunities. Regardless, all opportunities must be measured in advance with risk:reward parameters understood. I will be monitoring this market closely and look for the clearest harmonic situations that can pinpoint more trades like today's Pi 3.14 Bearish execution.
BITSTAMP:BTCUSD
by ScottCarney
2
I Like Bitcoin Pi(e)Here is a HARMONIC SECRET: Always act on Pi projections! When you hit a 3.14 measured level in any parabolic move, the counter move is near. Mr. Bit is on an insane run and now hitting a 3.14 extension on the hourly chat. I don't care how great the future might be for King Crypto, as traders we must respect a measured framework. For now, I am RESPECTING the 3.14 just above $2700 as a pause. No matter what, be patient and there will be plenty of opportunity to catch the next BitRally!
BITSTAMP:BTCUSD
by ScottCarney
23
NDX Dip and Rip AB=CD @ Gap Fill - Harmonic Trading StrategyNDX Dip and Rip AB=CD @ Gap Fill Towards the back of my book "The Harmonic Trader" (Harmonic Trader Press 1998) on page 254, I outline situations when pattern completions coincide with price action that fills a prior open gap. FREE ACCESS to "The Harmonic Trader" pdf: harmonictrader.com This chart in NDX 15min is a situation day traders need to look for as a clear harmonic pattern continuation opportunity. The 50% retest (yes a 5-0) and the RSI impulse on the 5-minute were PERFECT confirmation as well! Simple AB=CD patterns are excellent harmonic continuation situations when multiple technical factors identify the same levels of support and resistance. Check out how I identify, execute and manage trades like these in live sessions each week. See you Monday! LIVE Harmonic Trading Access 8a EST: global.gotomeeting.com
TVC:NDQLong
by ScottCarney
SPY RSI BAMMIn Harmonic Trading, RSI + HSI Confirmation make the difference in understanding Reaction vs. Reversals. SPY now attempting to complete WEEKLY RSI BAMM DIVERGENCE @ the 2.0 (1.902 main#) but it is already acting strong. This runaway SPY train has 250 as the make-or-break target. I am looking at this area for a Q1 peak and pause at the natural harmonic resistance level. It is all about the RSI formation out of the Overbought extreme reading after it rolls over. Look by end of March for this to be resolved.
AMEX:SPY
by ScottCarney
Financial ETF Bearish Deep Crab w/ Warning SignsHere is a perfect example of a harmonic pattern but not a harmonic pattern opportunity! An ideal Deep Crab that has many WARNING SIGNS. The Terminal Bar (the exact completion point in the PRZ) and RSI condition are less than ideal. Also, Harmonic Traders must understand that the EXECUTION PHASE of any harmonic pattern OPPORTUNITY does not begin until Terminal Bar+1. So, we look for a potential short next week but with much skepticism for the bears! Anyone who promotes a "set&forget" strategy dismisses the discipline required to make the critical assessments that can avoid flawed harmonic patterns. 80% of all harmonic pattern losses can be avoided BEFORE the trade is even executed.
AMEX:XLF
by ScottCarney