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Terryharmonic

GBPAUD - Daily Bearish Shark completedThis is a setup shared with me by naiveme, one of my trading buddies in tradingview. Check out GBPAUD guys. Pattern Identification Daily bearish shark completed at 1.7340. Trade Execution The H1 chart has nice explosive volume at the PRZ level. As this setup is on the daily chart, I want this level to be tested at least one more time. It could flow over a little higher than 1.7340, it is totally fine. However, if a big green candle closes after the retest, this setup will be invalidated. Any above average selling(RED candle close on H4) after the secondary retest, I will go short. Somewhere around EP: 1.7340 SL: 1.7440 (100) TP: 1.6630 (710)
Short
by TerryHarmonicTrading
2
AUDUSD - ABCD move at channel bottomHey guys, last week we had a setup on AUDUSD which was invalidated as price broke below PRZ. This week, I see a potential bounce off this ABCD pattern. Pattern Identification ABCD pattern completion at 0.7460. Trade Execution Price is currently trading within this H4 channel. I drew a trendline connecting the lows. If price retests the trendline connecting the lows, we might have a low risk long. EP: 0.7460 SL: 0.7420 (40) TP: 0.7550 (90)
Long
by TerryHarmonicTrading
AUDCHF - Short Term HNS counter trend moveHey guys, alot of currency pairs are trending heavily. This week I cannot find enough Harmonic pattern setups to share. However, I might consider this AUDCHF HNS setup on the h1 chart. Pattern Identification Head and shoulders with a potential buy at right shoulder at 0.74. Trade Execution I will wait for a green candle with nice body to form near 0.74 before I go long. If price goes straight up to 0.747 next week, this pattern will no longer be valid. EP: 0.74 SL: 0.7370 (30) TP: 0.7470 (70)
Long
by TerryHarmonicTrading
2
USDCAD - Bearish Shark CompletedThis is the bearish shark pattern on USDCAD which I spoke about 2 months back. Finally it has completed the pattern. Pattern Identification USDCAD completed a bearish shark at 1.3680. Trade Execution I love that nice pinbar that happened at the PRZ. It is accompanied by a nice explosive volume, which means that level is likely respected by big traders. Next week, I will wait for a pullback to 1.3680 for a short. EP: 1.3680 SL: 1.3770 (90) TP1: 1.3325 (355) TP2: 1.3055 (625)
Short
by TerryHarmonicTrading
1
AUDUSD - Bullish Shark CompletionHey guys, I just got back from my vacation and am excited to get back to chart time. Pattern Identification Bullish Shark @ 0.7485 Trade Execution I will monitor for price rejection at 0.7485 first before entry. I would want the volume when it reaches the PRZ zone to be lower than the volume when it initially tested that zone at around 19/4/2017. My entry will be at the close of the first green bar after the PRZ zone is tested. SL will go at 0.7455 TP1: 0.7547 TP2: 0.7595
by TerryHarmonicTrading
2
USDJPY - ABCD Completed, 2 ways to trade itHey guys, the USDJPY chart just completed an ABCD pattern on the daily chart. It is also resting nicely on the 200ma. This is how I will trade it going into next week. Trade Identification ABCD Pattern has completed at around 108.40 Trade Execution There are 2 ways we can trade this. 1. Wait for retest of 108.40. Trading this way will give you a better risk to reward, but your patience might be tested. I will enter only when price retest 108.40, after the first green candle close. I want the volume to be average or low when the green candle closes. 2. Wait for breakout of the downsloping trendline. This is a way where we ride the momentum of the trade and enter on the breakout. Profits can come almost immediately after execution. At the breakout candle, price should be above average but not excessive(Black). EP: 108.40 SL: 107.30 (110) TP1: 112 (260) TP2: 114.90 (650)
Long
by TerryHarmonicTrading
4
GBPCHF - Right at the PRZ! Be Patient.Hey guys, keep an eye on GBPCHF. Price has fully tested the PRZ betwen 1.2592 to 1.2605 Pattern Identification Bearish Bat completes at 1.2605. Trade Execution Price has bounced away from the PRZ on the H4 chart. However, I note that the RSI OB zone has not been tested. I will be patient and wait for a final retest of the RSI before executing my shorts. It might spill over a little higher than 1.2605 and that is perfectly normal. If price just falls from current level, I will miss this trade. EP: 1.2605 SL: 1.2690 (85) TP1: 1.2460 (165) TP2: 1.2370 (235)
Short
by TerryHarmonicTrading
4
EURGBP - Bullish Bat Completion at 0.8440Hey guys, sorry for the long time away from tradingview. About a week since I last posted as I had some family issues to handle. All is fine now and I can now be back monitoring the markets. Pattern Identification Bullish bat completes on EURGBP at 0.8440 EP: 0.8440 SL: 0.8370 TP1: 0.8570 TP@ 0.8650 Trade Execution Will look to buy when RSI leaves the OS zone when price reaches PRZ. Expect some spillover slightly below the PRZ Price should reverse and get out of PRZ by T+2 to T+5. Do not enter with a pending order Good luck and good trading!
Long
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
United Airlines - Coincidence or the magic of Fibonacci?Hey guys, I'm sure many of you heard about the United Airlines incident which is all over the media. I had some time to spare today and I decided to check out the charts of the company. This is my observation Pattern Identification Bearish shark completes at $75. If one were to trade UAL based purely on harmonic patterns. EP: $75 SL: $83 TP1: $57 TP2: $41.65 The value zone to buy low for UAL will either be at $57 or $41, depending on whether there is a nice bounce off the RSI OS zone. This makes me really question the effectiveness of Fibonacci numbers, are these numbers really that magical or could it be just a coincidence?
UShort
by TerryHarmonicTrading
3
CHFJPY - Bullish Shark completes, long ONLY after this happens!Hey guys, CHFJPY has an interesting setup. Pattern Identification CHFJPY 0.07% completes bullish shark at 110.87, this is the XC 113 and BC 1618 zone. Trade Execution Price tried to close below the PRZ but failed to close below it on the h1 timeframe. I will be monitoring for above average volume on a green candle close in the next few hours to go long on this. Wait for a hourly candle close where the volume is above the black moving average line in the VSA volume indicator. SL will go at 109.60 and TP could go at 111.35, which is a good SNR zone.
Long
by TerryHarmonicTrading
4
AUDJPY - Bearish Shark at 87.45Hey traders, I am preparing myself for my webinar tonight. This is what I see on AUDJPY Pattern Identification AUDJPY will complete bearish shark at 87.45. Trade Execution I will wait for a reaction at 87.45 before going short. The reaction is typically a pinbar candlestick or an engulfing candlestick pattern. Close to the reversal zone, I hope to see a black stopping volume on this volume indicator which I am trying to pair it together with Harmonic Patterns. A stopping volume will usually happen before price reaches the PRZ. Am still testing and observing, will write about it once I get some concrete statistics of the effectiveness. SL will be at 87.90 and TP will be at 85.35
Short
by TerryHarmonicTrading
3
CADJPY - Bearish Shark at 84.60 - 84.80This setup is pretty correlated with my analysis on USDJPY. Pattern Identification Bearish Shark completes around 84.63. Drawing in my strong S/R zone, I will not be surprised to see it going slight higher to 84.80. This will be my zone of interest Trade Execution I hope to see a nice rejection around the zone I mentioned above. EP: 84.60-84.80 SL: 85.10 (50) TP: (CD Fib 50%)83.45 (115) This setup will be invalited when price goes above 85.10 or if it continues falling without coming up to my zone of interest
Short
by TerryHarmonicTrading
USDJPY - Bearish Shark at 112.55Hey traders, I had a tough trading week. It was packed with SL and missed profits. Will be talking about my struggles last week in my video. Nonetheless, I have been through worst and now is the time to recalibrate and only take the best textbook setups. Pattern Identification Bearish Shark at 112.55. EP: 112.55 SL: 113.15 TP: 111.15 Trade Execution Will only short when price rejects the 112.55 level. No reaction at this PRZ, no short. This pattern will be invalidated when USDJPY crosses above 113.15.
Short
by TerryHarmonicTrading
2
AUDUSD - Bullish Shark completes at 0.7634I am training my skills to trade H1 setups. I plan to spot type 2 entries only for H1 setups. Trying to do my forward test of the success % of trading type 2 H1 entries. For type 2 entries, I will use pending orders to enter my trades. Pattern Identification AUDUSD completes bullish shark at 0.7634. I will be long once price retest 0.7634. SL will be at 0.7625(9) and TP will be at 0.7665(31). This trade will be stopped out once price closes below 0.7625.
Long
by TerryHarmonicTrading
2
A review of DXY combining Harmonic Trading with Supply & DemandHey traders, I am going through a course at OTA conducted by a friend Jeff Manson right now. I am reviewing some setups which failed for me last week. Dollar Index Daily Chart Upon reviewing the chart, I realised that this should be the right way I should draw my shark pattern. Always choose the deeper B leg as your correct B. (Compare this to the other Shark Pattern I have draw earlier) Mapping in my PRZ, I realized that price tried to close below the PRZ but failed. Based on something new I just learnt, it happens to be also a demand zone which happened back in February. *I am still learning and I could be wrong about the way I map the zones* This is a pretty interesting concept and I am absolutely confident that DXY will hit at least 100.73 based on the TP1 rules of the Shark pattern. By combining S&D with Harmonics, I guess it should be safe putting my SL just below point D with a small buffer. Redoing this trade can easily net me a 1:3 R:R on my trade. Another lesson learnt today and I am definitely gonna read some more books on this way of trading.
INDEX:DXYLong
by TerryHarmonicTrading
8