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EUR/USD - Three DrivesHello traders, following up from my previous post on EUR/USD with a bullish BAMM setup (chart is shown below), price is now forming a bearish three drives pattern on the 4h chart. Price completed the 2nd price drive at 1.23 and we're now beginning the 3rd price drive which I plan to capitalise on. You will need to pay close attention to price action and candlestick formations in the current area for the perfect entry point. A clear break and close below the trendline would indicate a move lower, therefor invalidating the pattern. This is a great trading opportunity with almost 1:4 risk to reward. Thank you all for your continued support, don't forget to add me on social media :)
Long
by LewisGlasgow
60
USD/CHF - Bearish 5-0Hello traders, following up from my previous post on USD/CHF with a descending channel (chart is shown below), price has now formed a perfect bearish 5-0 pattern on the 4h chart. The measurements for a valid 5-0 pattern are detailed below. B: 1.13 - 1.618 C: 1.618 - 2.24 D: 0.50 I consider this pattern to be perfect as both B and C points come in a 1.618. Currently price is stalling at the top of the channel, I'm expecting a sell-off right down to support. I hope you all have an excellent week. Here's to your success!
Short
by LewisGlasgow
10
Why You're Failing as a Harmonic TraderWhy You're Failing as a Harmonic Trader There is an overwhelming amount of traders out there who are using harmonic patterns in the completely wrong way, I would like to address these issues individually to help all of the new traders out there who may not be aware of these mistakes. 1. Using the wrong ratios for each pattern. The most common issue with harmonic patterns, using the wrong ratios. It's scary, search the pattern you're trading and I guarantee you end up with 5 different sets of ratios, and you're left asking yourself which ones are correct? 2. Contradicting signals on multiple timeframes, going against the bigger picture. Harmonic patterns, which develop on different timeframes, may show conflicting signals. You may see a bullish and bearish pattern on two immediate timeframes, this may create confusion for a novice trader. 3. Misplacing stop loss levels, therefore increasing the likeliness of being stomped out. Common stop-loss rules are prone to easy manipulation by major players and can become a major drawback, this is why I have defined my own rules for stop loss and take profit targets. 4. Wanting the market to see your pattern. In your head, you want the market to see your pattern and you force it onto your chart. You try to make it fit the market rather than letting the market fit the pattern. Please understand, the market does not care how you think or feel, when you show up you need to bring your A game. 5. Not going with key support and resistance levels. Most novice harmonic traders assume that if they find a valid pattern it will automatically reverse once it reaches the potential reversal zone, however nothing else is indicating a reversal at that level. Always go with the key level in the market, if your D point aligns with a weekly level of support or resistance this provides strong reasoning for a reversal. I am available via private message for any questions you may have. Here's to your success!!!
Education
by LewisGlasgow
13
GBP/USD - Bearish BAMMWow this is huge! Today we have GBP/USD on the 1h chart with a bearish BAMM (Bat Action Magnet Move) setup. The measurements for a valid bat pattern are detailed below. B: 0.382 - 0.50 C: 0.382 - 0.886 D: 1.618 - 2.618 Final X to D: 0.886 This looks good to short from the current level with a stop loss set above previous resistance. Green area displays the profit zone. I understand the BAMM theory will be relatively new to most traders, this style of trading simply focuses on a breakout of the B point. Feel free to connect with me on social media below :)
Short
by LewisGlasgow
6
ETC/USD - Cup and HandleUpon finding this cup and handle pattern it reminded me of a brilliant idea by www.tradingview.com The graphics are just for a bit of fun :) but this is the structure I'm currently watching for ETC/USD. Less than 24 hours ago I posted my view on the 1h timeframe featuring an ascending channel (chart is shown below). This provides us with an excellent scope on future price direction, which I will use to my advantage for an ideal entry point. In addition to all of the above, price has formed a valid bearish bat pattern on the daily timeframe (chart is shown below). This correlates with the cup and handle pattern as it indicates a move lower before we breakout of the $3 range. I've got plenty more analysis on the way, keep supporting my ideas and don't forget to add me on social media!
KRAKEN:ETCUSDLong
by LewisGlasgow
38
ETC/USD - Price StructureWhat's up everyone, here we have ETC/USD on the 1h chart with a very distinct ascending channel. Price has been trading within this area for one whole month testing both support and resistance various times, with no sign of a clear breakout. The purpose of this post is to highlight the key price structure within the market... Refer to this chart whether you're going long or short. I expect price to create a new all-time high in the near future. Connect with me below for more trading inspiration :)
BITFINEX:ETCUSDLong
by LewisGlasgow
1
Powerful Daily Affirmations to Transform Your TradingPowerful Daily Affirmations to Transform Your Trading Daily affirmations are a widely practised method for attaining success and accelerating your ability to achieve goals. The following affirmations are not stated for a sudden spark of inspiration, I want you all to take action and keep this positivity flowing throughout your entire trading journey. I want you to write them down, pin them to your wall or print them off right now... Make sure you place them somewhere in view of your trading desk and read them every single day. 1. I believe in my trading strategy. 2. I naturally make smart investments. 3. I am not emotionally affected by my profits or losses. 4. I have a very healthy relationship with money, I treat money with respect and handle it with confidence. 5. I will do whatever it takes to reach my objectives, my goals and my vision. 6. I will only take trades that give me a reward which clearly outweighs my risk. 7. I will surround myself with successful, positive people. 8. My finances are always in order, I am always in control of my spending. 9. I invest in my trading education and in myself. 10. I will only trade what I understand, and won't allow anyone to manipulate my trading beliefs. If you want to become a successful investor, you need to change your way of thinking. What are your daily affirmations? Leave a comment below.
Education
by LewisGlasgow
28
CHF/JPY - Three DrivesHello traders, this is an early prediction for CHF/JPY which I will update as the trade progresses. Today we have a potential bullish three drives pattern on the 4h chart with several trading opportunities, long and short! Price has now completed the 2nd price drive at 1.44, but it could drop to a maximum of 1.618 therefor altering the entire pattern. I'm going to trade this differently, rather than waiting for the entire pattern to complete I will be going short from the 0.618 or 0.786 retracement level. To back up the price move we have a valid AB=CD within the three drives structure, with a similar amount of price bars although the time completion is slightly off for the C to D leg. As always, trade safe everyone.
Long
by LewisGlasgow
AUD/JPY - Bearish 5-0I'm back with another 5-0 pattern but this time on the 4h timeframe with AUD/JPY. Price is currently completing the C point at the minimum 1.618 but it could drop further to 2.24 before making a move towards the PRZ. The measurements for a valid 5-0 pattern are detailed below. B: 1.13 - 1.618 C: 1.618 - 2.24 D: 0.50 The 5-0 structure has a perfect reciprocal AB=CD pattern within it, which completes at the 50% retracement level at D. I hope you all have a great week, don't forget to add me on social media!
Short
by LewisGlasgow
2
USD/CHF - AB=CD + Fibonacci Retracement + Moving AverageHello, traders! Today, we are looking at TONS of confirmation with the USD/CHF on he 1D chart After the completion of the Bullish ABCD pattern, it looks as though price will be reversing at the 0.618 level. This is also confirmed by the Moving Average Indicator set to 50. Price will continue to go down in the days to come as long as price doesn't break out of the descending channel . Risk Ratio 1:2 The measurements for a valid ABCD pattern are detailed below. AB: 0.618 - 0.786 CD: 1.272 - 1.618
Short
by cdschultheis15
2
XAG/USD - A Short Review of the 5-0Harmonic patterns are a very precise way to trade, if executed correctly. BUT... The 5-0 is my all time favourite pattern to trade, my accuracy with this pattern across all financial markets is absolutely mindblowing. Two months ago I posted a 5-0 pattern on the 4h timeframe (chart is shown below), I'm using the same timeframe today and now that the move has finished I'd like to give you guys a short review of this trade from top to bottom. I encourage you to click the play button (load new bars) on the chart. The measurements for a valid 5-0 pattern are detailed below. B: 1.13 - 1.618 C: 1.618 - 2.24 D: 0.50 This setup offered an excellent risk to reward of 1:3. The C point formed just below 2.24, creating an opportunity to short as it formed a valid bearish shark pattern (chart is shown below). Most shark patterns turn out to be 5-0's, providing a double trading opportunity like the one shown. The outcome was absolutely perfect, the reversals were extremely precise and it's the main reason why harmonic patterns are becoming the most popular way to trade. I am available via private message for any questions you may have. Don't forget to add me on social media :)
OANDA:XAGUSD
by LewisGlasgow
5
How to Use Fibonacci RetracementsHow to Use Fibonacci Retracements I'm back with another educational post after receiving a lot of requests and today's lesson is on how to use Fibonacci retracements. I've used a recent market example with NZD/USD to break this down for you. Let's get straight into the finer details before breaking down each section of the chart shown. Fibonacci retracement levels are amongst the invisible levels of support and resistance within the market, providing objective price reference points. Essentially where the flow of buying and selling is likely to change. The main Fibonacci retracement levels used are shown below. Fibonacci Ratios 0.382 (Indicating a strong trend) 0.50 0.618 Where can I find the tool? You can find the Fibonacci retracement tool in the chart section by going to your left sidebar, third section down and the icon is three horizontal lines. Upon your first use of this tool, you will want to edit the settings and add in the three ratios stated above if they are not already there, make sure you tick the boxes to use them. How do I use it? To apply the tool on your charts click from high to low to measure the full price swing. OR Draw in your tool from low to high depending on the market situation. Breaking down the charts If you're basing your trades off Fibonacci retracements they work at best in trending markets, but if it's used as a part of your strategy it can be effectively applied to any or most types of markets. Now let's look at the chart for recent examples of price reversals using Fibonacci retracements. If you look at the example on the left-hand side, I measured from high to low and price hit bang on the 0.618 retracement level. Your question right now will be... How did you know it was going to reverse? I personally go off the retracement level that is causing the most activity within the market. Have a look at price history and see what is happening at the particular level, is there a lot of stalling? Is it a key support or resistance level within the market? If so, price will more than likely reverse there in comparison to the other retracement levels. To validate the reversal you will, of course, want to analyse price action, what are the candlesticks telling you? Any signs of indecision or stalling at a certain level will help you make a solid choice whether to take the trade or not. Now let's take a look at the right-hand side, this time I have two examples (again I measured from high to low). You can see from the top example price pulled back to the 0.382 and 0.50 retracement levels not once or twice but three times before dropping. Indicating a very strong resistance level! The bottom example is a similar situation, price spiked up above the 0.50 retracement level (all candlesticks closed below) before heading in the opposite direction. To round of this educational post, I hope you found this extremely useful and you can now use Fibonacci retracements in your own trading. I am available via private message for any questions you may have. Here's to your success!!!
Education
by LewisGlasgow
25