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Terryharmonic

GBPNZD - Bearish Shark CompletionThis is an example of Harmonic patterns working perfectly on less traded cross pairs. This is the GBPNZD, a super volatile currency pair which can easily move 300 pips in a single day, it might not be for everyone. Pattern Identification Bearish Bat completes at 1.7820 - 1.7840. This is a pattern to sell. Trade Execution Wait to enter short at PRZ zone (1.7820 - 1.7840), jumping in at market open can be considered, but be aware of the worse R:R ratio. SL will be at 1.7980 (160 pips risk) TP is at 1.7450 (370 pips) Trade will be invalidated if price breaks above PRZ convincingly and hits the SL level at 1.7980.
Short
by TerryHarmonicTrading
2
DXY - USD rebound finally confirmed with this shark pattern?Hey guys, sorry for the lack of updates this week, alot of offline workshops and meetings for last week. Good news, next week, my schedule looks empty and I might be able to squeeze in more time here on tradingview. Last week was about waiting for the USD to reverse. Clues were everywhere, GBPUSD hit resistance, audusd and eurusd completed bearish pattern. USDCHF also completed a bullish shark. However, the best gauge to determine strength of the USD is the DXY dollar index. Pattern Identification DXY completes bullish shark at 99.60. The 4hr candlestick during market close showed some strength. This or USDCHF could be great buying opportunities on Monday. Trade Execution Long entry will be within 99.50-99.70. SL will have to go at 99.05. Initial TP is at 100.90(XC 50%) with extended targets at 101.95(XC 88.6%). This setup will no longer be valid if price fail to stay above PRZ and closes convincingly below this zone.
TVC:DXYLong
by TerryHarmonicTrading
USDCHF - Shark Pattern completedHey traders, am preparing myself before my webinar at 9pm tonight. I see a nice setup that just completed on USDCHF Pattern Identification Bullish shark completion at 0.9895. Trade Execution I missed the entry price around 0.9895, have put in a pending order to buy on any retest. There is USD news tonight, hoping for a retest downwards for me to get in on my order. SL will be at 0.9860 (30 pips) with initial TP at 1.0030. (135 pips) This pattern will be invalidated if it breaks below 0.9860.
Long
by TerryHarmonicTrading
2
GBPUSD - Post FOMC Update (Bat still valid)Hey guys, this is an update to the previous GBPUSD chart I posted before FOMC. That chart had some junk in it and was not clean enough, so I am re-posting it together with updates. Pattern identification I see a bullish bat pattern completing around 1.2050 - 1.2070. Trade Execution Post FOMC, I am still waiting for GBPUSD to hit my entry level before going long. Before it hits my entry, it could actually go higher and hit trendline resistance before dropping. Pound is volatile, but I choose to trade with my charts and not be affected by all the news events that is circulating online regarding the UK. It will be awhile before it hits my entry level, will keep you guys posted in here. Trade will be invalidated once it clearly breaks up above 1.25 or below 1.2050.
by TerryHarmonicTrading
8
USDJPY - Shark buy near 112.12Hey traders, USDJPY might be completing a buy setup near 112 this week. Keep a lookout. Pattern Completion Bullish Shark pattern completes around 112.12. This shark PRZ is made up by BC extension 161.8 and XC 0.886. Trade Execution Will lookout for pinbar or candlestick reversal at PRZ for long. This setup will be even better if the RSI shows either divergence or RSI BAMM. Target will be the CD 50% retracement around 113.80 with my stops at 111.50. This setup will be invalidated if price closes convincingly below the PRZ
Long
by TerryHarmonicTrading
18
AUDUSD - Bearish Shark Completion at 0.7720Hey guys, hope you guys had a great trading week. I was away for work in Vietnam but I still had a great trading week. This is what I love about trading, being able to be anywhere in the world and still have a chance to make some profits for myself. Will be looking to short AUDUSD next week. Pattern identification AUDUSD completes a bearish shark on the H4 chart at around 0.7715 - 0.7725. Trade Execution This can be a short on Monday open with SL right at 0.7760. For those who are more cautious, I suggest waiting for a nice rejection of 0.7720 with a pinbar candlestick before entering. Profit target to stretch till the prior strong H4 support zone at 0.7520. This is easily a 1:4.8 R:R setup that could pay off nicely. When is this likely to happen? Looking at the economic calendar, there will only be high impact Aussie news on Tuesday, so I expect this trade to either move us heavily into the money on Tuesday or towards our SL on the very same day. Every trade is just a probability game, do not risk more than 2% on any single trade. This trade will be invalidated when AUDUSD goes beyond the PRZ and hits the SL level at 0.7760.
Short
by TerryHarmonicTrading
21
GBPUSD - One final sell-off before Bat pattern completesHey traders, just prepping myself before the webinar starts tonight. I see a nice bat pattern completing on GBPUSD. This pattern aligns with the GBPAUD I shared over the weekends. Pattern Identification Bat pattern to buy at 1.2050 - 1.2070. Very tight confluence at this zone, DO NOT use a pending order. Trade Execution Will wait for a pinbar, candlestick reversal at PRZ before entry. If price bashes straight beyond the PRZ, this pattern will no be invalidated. PRZ stands for potential reversal zone, we always have to watch this zone for signs that it wants to reverse before we execute our trades.
Long
by TerryHarmonicTrading
2
EURUSD - Bearish Shark completionHey guys, NFP is finally over and we have many good Harmonic setups coming up. The 1st I want to talk about is on EURUSD which has a Shark pattern completing. Pattern Identification The bearish shark pattern completes at 1.0790. Based on the rules of the pattern, I will be looking to go short on EURUSD when the pattern completes. Trade Execution A few simple rules I use when I execute my trades. 1. No reaction at PRZ --> No Trade 2. The best setups usually has a long pinbar candlestick at PRZ. I will execute either on a long pinbar or a engulfing reversal candlestick pattern. 3. I do not use pending orders to enter my trades, I prefer to set an alert and monitor the price reaction at PRZ before I enter my trades. Trade will be invalidated if price does not react at PRZ and goes straight above 1.0840. I will be covering this in my weekly video, do check out my site and get on my youtube page if you are interested to listen to my analysis in video.
Long
by TerryHarmonicTrading
7
GBPAUD - Reaching Shark PRZ at 1.5930Hey guys, watch GBPAUD, the shark pattern is about to complete at 1.5930. Trade Execution I will look for a bounce off the PRZ before considering whether to go long. A good rejection can be a pin bar candlestick or a nice engulfing bullish candlestick reversal. No reaction no trade. SL will go be at 1.58, targeting 1.67 for a nice daily swing trade. This trade will be invalidated if it does not bounce off the PRZ and closes strongly below the zone.
Long
by TerryHarmonicTrading
19
USDJPY - Bearish Shark completed, short on retestHey guys, this is a great setup on USDJPY. I am expecting it weaken next with a retracement on the USD. Pattern Identification USDJPY has completed a bearish shark last Friday at 115.37. It has since fallen about 60 pips. Trade Execution At this current price, I will only go short if it retests the zone between 115 to 115.30. I will monitor for reaction at PRZ zone, which could be pinbar or engulfing reversal candlestick pattern at that zone before I go short. SL has to go around 115.70 and TP will be right back at 112.80. This pattern will be invalidated if it goes above the PRZ and hits the SL level.
Short
by TerryHarmonicTrading
3
Gold Update - Bullish Shark on Daily chart2 months ago, I talked about this bullish shark setup on Gold. (See related ideas below) It has yet to reach our entry level, but we are now very close. Some minor updates include buying slightly higher at the 1083-1092 zone instead of the 1045 area as I am following the strict rules of the Shark pattern. Further explanation will be in my weekly video which will be out today. Pattern Identification Bullish shark pattern PRZ at 1083-1092. Trade Execution Will be looking for reaction at PRZ before deciding whether to go long. A good reaction is a pinbar/candlestick reversal pattern. TP will be at 1204 and SL will go at 1030. This trade idea will be invalidated if price fails to react at PRZ and continues to go lower.
OANDA:XAUUSDLong
by TerryHarmonicTrading
1
CHFJPY - Bearish Butterfly completes at 114.50Hey guys, this is a setup I talked about in my weekly webinar which just happened yesterday. This is CHFJPY on the 4hr chart. Pattern Identification I see a bearish butterfly completing at 114.50. The B point is slightly higher than 78.6, it is still a valid butterfly as long as it does not hit the 88.6 retracement. Trade Execution I will look to go short on CHFJPY once it hits my PRZ at 114.50. At the PRZ, I will lookout for candlestick reversal and RSI divergence for me to decide on my short. The SL will be at 115.20 and the TP will be at 112.20. I will make 1:3 R:R on this setup if this trade is successful. This setup will be invalidated if price does not react at PRZ and just goes straight to the SL level.
Short
by TerryHarmonicTrading
USOIL - Shark PRZ violated, sell on retestHey guys, this is a follow up on my view on USOIL after my webinar yesterday. Pattern Identification I see a bullish shark completing at 51.20 yesterday. Trade Execution I was telling everyone to watch for a reaction at the PRZ before any longs. Because we do not trade with pending orders, this is a trade that we did not get to execute and I am glad this way of execution has prevented so many losses for my followers. Going forward, violated PRZ zones usually become very good S&R levels. I will be looking to short USOIL upon a retest of 51.20 preferably after a pinbar/hammer is formed at 51.20. Will keep you guys posted!
TVC:USOILShort
by TerryHarmonicTrading
USDCHF - Bullish Shark completes at 0.9850Next week, I am predicting early week weakness for USD. USDCHF completed a bearish shark(blue triangle) on Friday and started to fall. In the upcoming week, we have NFP and we might see USD continue dropping before NFP. Pattern Identification We have a bullish shark pattern completing on the H4 chart on USDCHF around 0.9850 - 0.9860. This is a zone of interest where Shark pattern traders might be interested to go long. Trade Execution Before entry, I will have to see a rejection of the PRZ in the form of a pin bar of engulfing candlestick pattern. SL and TP are indicated on the charts, this is a potentially a 1:2.3 Risk to reward trade. This pattern will be invalidated if price does not react at PRZ and goes straight to the SL level.
Long
by TerryHarmonicTrading
EURUSD - Bullish Shark at 1.05Hey guys, some updates before I end the week. Took a loss on a USDJPY trade yesterday. This morning I saw a bullish shark formation on EURUSD. Pattern Identification Bullish Shark at 1.05. Price has bounced off the PRZ last night, moving about 20 pips north. Trade Execution Currently I am waiting for a retest of 1.05 and I will only execute a buy if I see a nice pinbar rejection at this level. Trade will not be executed if 1. Price just bashes below 1.05 2. Price just goes up without retesting 1.05 I like this trade, it looks alot like the USDJPY bullish shark setup where I skipped the 88.6 XC PRZ and missed the entire move up even though it completed a type 2 trade. (See related ideas)
by TerryHarmonicTrading
6
NZDUSD - ABCD pattern completes, bulls coming inNZDUSD just complete a ABCD pattern on Friday. Bulls are likely to come in when market opens tomorrow. Pattern identification ABCD pattern completes at 0.7. This is a bullish ABCD pattern where my bias is to go long upon pattern completion. Trade Execution This is a buy at the open on Monday. For conservative traders, you might want to consider going long only when price retests 0.7. I will keep you guys posted at this is likely gonna be my 1st trade of the week. I will set my SL at 0.6950 and my TP at 0.73. This setup will no longer be valid if price breaks below 0.6950 early week.
Long
by TerryHarmonicTrading
18
CADJPY - H4 channel sell around 87Hey traders, just want to share my thoughts on CADJPY Pattern Identification Currently, price has been respecting this ED channel on the H4 chart for the past 3 months. There is currently no Harmonic patterns that is completing. Trade Execution I will personally wait for a rejection at the upper boundary of the H4 channel before I think about executing a short. No rejection no trade! Stops have to go above previous high, I will set it around 87.90. TP will be at 84.90 This trade will be invalidated if a breakout upwards occur at 87.
Short
by TerryHarmonicTrading
6
AUDJPY - The Importance of an ABCD pattern in the Gartley Hey traders, just sharing more information about trading the Gartley pattern. New traders who just got started in Harmonic trading often ignore the importance of an ABCD pattern within a Gartley Pattern. Pattern Identification The Gartley pattern completes around 85.60 where an AB=CD pattern completes close to the XA 88.6 lvl around 85.60. Trade Execution This is a setup where we might have missed the boat. However, through my years of trading, I realized the importance of the AB=CD pattern for a high probability Gartley trade. If AUDJPY continues going higher, this trade idea will likely not trigger. If we get one final selldown towards the 85.60 zone, I am likely to enter a buy order on this Gartley pattern upon a reaction at PRZ. A good reaction will be a pinbar or a engulfing candlestick pattern at the PRZ. SL will be at 84.90 and TP will be at 88. When will this trade be invalidated? In the event that the 85.60 level is not respected and price just bashed straight through it, this trade will be invalidated and I will expect AUDJPY to continue heading lower.
Long
by TerryHarmonicTrading
20
EURGBP - Bearish Bat completion at top of channelHey guys, I am monitoring EURGBP. Pattern Identification I see a potential Bat pattern completing at 0.8570. This pattern completion level is great as this level is also at the upper boundary of a down sloping channel. Trade Execution Based on the rules of the bat pattern, I will look to execute my short around the PRZ at 0.8570, once I see that price action reacts at this zone. Typical signals I watch for is a hammer or a candlestick reversal at the PRZ level. When will this setup be invalidated? If price does not react at 0.8570, and the PRZ is broken above with strong green candles, this pattern will be invalidated.
Short
by TerryHarmonicTrading
2