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False BatIn this episode of Bat week we have a Bullish Bat pattern on the NZD/USD. This bat formation seems to be reversing bang on the D point, however, this trade is incorrect and has been rendered a FALSE pattern. Reason? the CD extension of the BC wave calculates to 283.20% This does not fall in line with out ratios, but is often overlooked when traders are too busy counting B, C and D points. Stay Aware! This trade may come in as it has actually hit major weekly support. The .886 retracement just happens to fall on the weekly support. Look bellow for other bat patterns- looks like 2017 is in fact THE YEAR OF THE BAT! Bat ratios B: 0.382-0.5 C: 0.382-0.886 D: 1.618-2.618 XD: 0.886
Long
by KyleMcQuade
1
Aussie-Yen Bullish CrabHere we have the beginning of a correction wave from the recent rally of the Aussie-Yen (or, at the very least, consolidation). A pivot area can be seen at 85.47. The pattern on the left shows the potential the crab formation with the PRZ just above 85.62, while the chart on the right shows general movement around a rough directional trend line. Should this pattern complete itself, price will edge closer to the pivot area before bouncing into the impulse. Although RSI on the 1hr chart shows an oversold pair, the 4he chart is yet to break to an oversold level. I suspect that price may spike before the bounce. Crab ratios are all being met- the wicks show price being rejected at every retracement level.. brilliant. TP1@86.3 TP2@86.7 Crab ratios AB: 0.382-0.618 BC: 0.382-0.886 CD: 2.24-3.618 XD: 1.618
Long
by KyleMcQuade
Bull/Bat GBP/CHFForex markets throwing bats across the board this month- here's the layout on the pound-frank. The pair isn't really going anywhere, gallivanting aimlessly sidewards since the turn of the year. That said, lows have been getting ever slightly higher over the past 3 weeks; shall this continue, we should see another low at 1.243. A reversal at this price would see a reach to 1.256. Although this is a bat, the ratios alone would dictate that this could also be a crab. The red ray shows where a 161.8% extension would find itself. I thought this would be worth noting, since somebody else has probably already picked that up as well. However, general security levels and recent lows favour the bat motion. As always, keep it at least 1:2. Bat Ratios AB: 0.382-0.5 BC: 0.382-0.886 CD: 1.618-2.618 XD: 0.886
Long
by KyleMcQuade
1
Bullish Butterfly AUD/JPYThat long term down trend on the yen across majors/crosses has broken and price for a while was on the up. We have since saw price enter into a consolidation phase with unconvincing candles on the daily chart. on the 8th of February, price burst with a bullish impulse wave- the following correction waves made a solid and successful Gartley movement (which I previously posted; see link below). Now with price still retracing from that impulse, we see a butterfly formation. The D point sits bang on the resistance/support pivot point from which the impulse wave originally bounced. This makes for a great long entry point! Stop loss at 50 pips of the D level of 85.413; the first and second take profit levels will land at the 0.382% and 0.618% retracement levels (respectively) to points A:D. One can either wait for the whole .618%, or take profit at .382% then re enter with half of their position! Butterfly Ratios: AB: 0.786 BC: 0.382-0.886 CD: 1.618-2.24 XD: 1.272
Long
by KyleMcQuade
2
XAG/USD - Bearish Shark (Continuation)Hello traders, just an update on XAG/USD with a bearish shark pattern on the 4h chart. Price has now reached the bottom trendline of the ascending channel, I'm expecting price to breakout and hit the 0.382 retracement level at 17.40000. If we see this move occur, it will more than likely be followed by a pullback to the trendline providing us with an excellent area to short. The measurements for a valid shark are detailed below. C: 1.13 - 1.618 D: 1.618 - 2.24 Final X to D: 0.886 - 1.13 Keep an eye on this going into next week, I hope you all have a great weekend!
OANDA:XAGUSDShort
by LewisGlasgow
2
The Power of Compound Interest“Compound interest is the eighth wonder of the world. He who understands it, earns it... He who doesn’t... Pays it” . The idea of compound interest is simple, use your profit to make more profit instead of spending it... You can do this whilst making small regular withdrawals! BUT Too many traders try to get-rich-quick and in turn blow their trading account. Instead of focusing on medium to long term returns and make their profits do the work. Every trader knows that it is possible to turn a small amount of capital into 6 or 7 figures if they trade patiently. However, most of them always look for a faster way to become wealthy by oversizing positions to seek out a lottery win. In fact many traders repeat this process multiple times, with the exact same end result... Blowing their account. This is why I have written this post, which is primarily aimed at all of the traders starting with a small amount of capital £1,000 or less... You need to start setting monthly % targets. Everyone wants to make a million, that's a common fact but how are you going to get there? What monthly % do you need to grow your account at and over how many years? You need to start mapping out your journey, track your progress and be measurable. The illustration shown highlights the potential growth within a 12 month period using a starting capital of £1,000, growing your account by 20% per month and withdrawing £50 every single month. If you can maintain this level of growth throughout the year, you will have withdrawn £600 and have a trading account value of £6,937. And it all started with £1,000 :) To round off this post I truly hope this explained the power of compound interest. I am available via private message for any questions you may have. Here's to your success!!!
Education
by LewisGlasgow
19
XAU/USD - Price StructureFollowing up from my prediction over 2 months ago (chart shown below), I'm almost ready to sell XAU/USD. Since predicting the bearish 5-0 price has reached $1248, therefor completing the pattern. I am now looking at additional analysis to confirm my position. If we take a look at the main chart, price has been trading within a rising wedge since December 2016, we are now showing signs of a potential breakout to continue the long term trend. I'm expecting price to break the trendline and pullback before I enter my long term short. Please feel free to leave your opinion below.
OANDA:XAUUSDShort
by LewisGlasgow
8
EUR/CAD - Bearish Bat (RSI BAMM)There are some amazing setups forming on the charts, here we have EUR/CAD on the 1h chart with a potential bearish bat pattern. Excellent opportunity with almost 1:3 risk to reward! 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 In fact price has almost formed a "perfect" bearish bat pattern. I'm seeing strong signs of divergence, indicating an RSI BAMM setup which confirms the reversal at 1.40900. I hope you all have a great week of trading :)
Short
by LewisGlasgow
18
AUD/CAD - Bearish CypherWe're looking at another CAD pair but this time on the 4h chart with a complete bearish cypher pattern, this is an excellent shorting opportunity with over 1:2 risk to reward... Don't miss out on this one! The measurements for a valid cypher are detailed below. B: 0.382 - 0.618 C: 1.272 - 1.414 X to D: 0.786 This idea was previously posted over a month ago, check it out to see how price developed. ...BUT I thought I would update everyone on the current situation. Don't forget we have the BOC rate statement at 3:00PM. I hope you all have a great week :)
Short
by LewisGlasgow
2
USD/CAD - Bearish BatHello traders, it appears USD/CAD has now completed a bearish bat pattern on the 1h chart. This is an excellent opportunity with a potential 200+ pip return! The measurements for a valid bat pattern are detailed below. B: 0.382 - 0.50 (Price closed above the 0.50 retracement but I still love the look of this setup) C: 0.382 - 0.886 D: 1.618 - 2.618 Final X to D: 0.886 If you take into the consideration the daily chart below, we have major potential for a large move now that price has pulled back to the trendline. I'm seeing strong signs of divergence on the 1h chart, indicating an RSI BAMM setup like my previous chart EUR/CAD. Don't forget we have the BOC rate statement at 3:00PM. If you want more trading inspiration be sure to connect with me below :)
Short
by LewisGlasgow
6