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Terryharmonic

USDCAD - Big Bearish Shark in play at 1.3680Hey guys, over the weekends, I wrote about a potential long on USDCAD at 1.3. It did not hit my entry level and now I am looking at this bigger pattern on H4 to sell instead. Pattern Identification Bearish Shark Pattern completes at 1.3680. This level is nice as it will also complete a bull trap for those trading breakouts. Trade Execution I will wait for a reaction around 1.3680 before I initiate a short based on the shark pattern. A good reaction will be a hammer or a nice candlestick reversal around that zone. When will this pattern be invalidated? If I see a big candlestick breakout above the 1.3680 level, it will mean that this pattern has failed and we will likely see USDCAD heading much higher.
Short
by TerryHarmonicTrading
SPX - Big retracment finally here?This is a followup to my post on SPX last week too. The price action for the last 2 days hints to me that this could be a bull trap scenario that will kill lots of retail traders. I expect a bigger correction for this, for bitcoin, for Dow Jones and most indices. This could breakdown further next few days, does a little move upwards to complete a HNS pattern before dropping further. The big picture for 2017 is still up, but the next few weeks/months could be tough. The value zone to buy low for SPX will be around 2200. Before it hits this zone, I am not interested to long the SPX. Remain bullish, buy low on fear!
TVC:SPXLong
by TerryHarmonicTrading
2
(Education) EURJPY - How to trade this RSI Bamm on EURJPY?Hey guys, this is an update to the EURJPY setup I posted last week. We are right there at the bottom of the triangle. What is interesting to me is the formation of an RSI bamm at Friday's closing price. Pattern Identification RSI Bamm at bottom of triangle. RSI Bamm is the formation of a W/M structure at RSI oversold/overbought where this is considered a prelude to a potential end of trend. A W/M structure, followed by a retracement to the 50% level of the RSI indicator and a final retest at oversold/overbought will be considered a potential buy/sell opportunity. Trade Execution Next week, I will watch out for a move up out of the RSI oversold zone for EURJPY to initiate a buy. SL will be below the low of Friday. I am aiming at 119.50 for TP where the higher boundary of the triangle is at. If EURJPY continues lower on Monday, this trade trade will be invalid and we will look for other opportunities to trade this pair.
Education
by TerryHarmonicTrading
6
Bitcoin - Bearish Butterfly completes at 1240Hey guys, this is a follow up to my post on bitcoin written a few months back. I predicted a drop so that I could buy around $600 but it did not happen. Going forward, it has broken up to an all time high. This is how I will potentially trade this Pattern identification I see a bearish butterfly completing around 1240. This is a level where sellers are likely to come in. Before that happens, I expect bitcoin to continue heading higher. Trade Execution I will wait for a false breakout at that 1240 level before considering whether to go short. Usually, a bearish candlestick reversal or a nice hammer will be a nice cue for me to execute my order. This is the correct way to trade Harmonics, stop killing yourself by doing pending orders all the time. To prevent stop hunting, I will recommend a stop around 1310 with profit targets around 1055. When will this setup be invalidated? The setup will be invalidated when price breaks strongly above XA 1.414 level which is 1295. No reaction around this level? No trade on this.
BITSTAMP:BTCUSDShort
by TerryHarmonicTrading
Gold - ABCD pattern completes at 1280Hey guys, this is what I think about Gold for the upcoming week. We have been on a 3 month uptrend now, but take note that the daily chart is still on a downtrend. 1280 is the higher boundary price of this channel which I mapped out. Pattern identification I identified a ABCD pattern completing around 1280. This is a bearish pattern where sellers are likely to come upon pattern completion. Trade Execution There must be a false breakout around 1280 for me to initiate my sell order. This is a critical level and I will not short Gold unless this level is tested. SL will go just above the high of the false breakout (If it happens), or around 1320. TP will be around 1040 where the Bullish shark on the weekly chart completes. When will this trade idea be invalidated? A huge breakout above 1320 will invalidate this pattern, where it will be considered a real breakout and we expect Gold to go much higher.
TVC:GOLDShort
by TerryHarmonicTrading
2
CADCHF - Ready for short on ABCD and Deep Gartley completionHey guys, just woke up and saw an amazing setup on CADCHF for a short Pattern identification 1. Deep Gartley completion at 0.7700 2. ABCD completion at 0.7700 Execution Price has rejected the PRZ zone, I have just entered short at current price of 0.7690. SL is at 0.7740 and TP is at 0.76. Almost a 1:2 R:R on this. Good luck and good trading all!' On a side note, I am still waiting to short USDCHF just a little bit further north at 1.01. Bullish on CHF in both cases.
Short
by TerryHarmonicTrading
14
(Education) How to trade this bullish shark on USDJPY?Hey guys, first of all, thank you for the follow and all the praises you guys showered on my analysis. Having a great start to 2017, growing confidence with trading harmonics year after year. I am glad to share my knowledge here having learnt directly from Scott Carney. It is Friday now and I am expecting further bearishness for USDJPY. Pattern Identification Based on the rules of the shark pattern, I expect the USDJPY to continue heading south due to the weakness of USD and the measurements of the pattern. The shark pattern PRZ completes at 111.60 - 111.80 with the XC 100 level terminating nicely there with horizontal support. That is the zone of interest where harmonic traders might look to turn bullish at. Trade Execution Strategy Based on the rules of the pattern, one will look for a rejection of the PRZ before taking a position. It is very important not to use a limit order to execute your trades, as that could considerably lower the probability of winning with Harmonics. ALWAYS wait for the market to show that it is reacting to the reversal zone at that level before taking a position. Based on the Shark pattern rules, stop loss orders should go below 111.20 and initial targets should be placed at 113.40. Secondary target will be at 114.70. Good luck and good trading guys!
Education
by TerryHarmonicTrading
14
GBPUSD - Bat pattern completion at 1.24Hey guys, welcome to my weekly update once again. This week I will talk about the pound. Pattern identification Bat pattern completes at 1.24. This a bullish bat pattern where the bias is to buy low around the XA 88.6 fib retracement. Execution Idea This is a type 2 execution, where the PRZ is tested the 2nd time round. With further weakness on the USD, I will not be surprised if GBPUSD goes up next week. Based on the pattern, SL should go below the X level around 1.2370. Profit target will be the B point of the pattern around 1.2470. Feel free to drop me any questions! Good luck and good trading!
by TerryHarmonicTrading
5
EURJPY - Bat pattern coming in at 119.60Hey guys, I am also watching EURJPY next week. Pattern Identification Bat pattern completes around 119.60. Euro seems to be still strong and this pattern could bring EURJPY back higher. Execution Idea I will be setting an alert to watch the charts when price hits 119.60. There MUST be a reaction at this level before the bulls will come in to buy this. A huge candlestick breakdown of this zone will send EURJPY much much lower where my bias will turn bearish. If price reacts around 119.60, the SL and TP will be 119.10 and 120.70 respectively due to the rules of the pattern. Good luck and good trading all!
by TerryHarmonicTrading
12
EURUSD - Bullish Shark to buy after NFPHey guys, another follow up on EURUSD. There is NFP in a few more hours. Right now we see a potential bullish shark completing on EURUSD. The zone of interest is between 1.0580 - 1.0620. The reason for this big zone is because shark pattern has 3 different PRZs. 1. XA 88.6 2. XA 100 3. XA 113 The gameplan will be to go long if price rejects this zone after the NFP news is out. If the price just bashes through the whole zone during NFP, this pattern will be invalidated and there will be no more trades on this.
Long
by TerryHarmonicTrading
4
EURNZD - One week laterObservation EURNZD followed my analysis perfectly, breaking out and retracing down. It is almost at my entry zone now which is at 1.4710. Execution Initiate long at 1.4710 with stop loss at 1.4650 TP will be at 1.5 Easily a 1:5 R:R trade/ Do not risk more than 2% on all your trade setups, I will not be in any way liable for your losses. Thanks you for all the kind comments you guys showered on my postings, glad to continue serving and sharing ideas with all of you. Terry
Long
by TerryHarmonicTrading
2
AUDUSD - Bullish bat or Bullish Alt-Bat?Hey guys, if you have been following my analysis, there is a trend you will see. 1. I always follow up on my analysis 2. It is systematic with a proven trading system which is Harmonics + Price Action Observation 1. NFP failed to push AUDUSD to my short target around 0.7750. 2. It created a nice double top which also has a bearish divergence in RSI Pattern identification 1. Bat pattern at 0.7560 2. Alt-Bat pattern at 0.7540 The way patterns play out, this pattern could complete at the 2 prices I listed. Execution 1. Wait for price to come down and enter 1/2 my usual trading position at 0.7560 and 1/2 and 0.7540. (Risk 1/2 percentage each) 2. SL will be at 0.75 with profit targets still at my longer term short target 0.7750. 3. Great R:R trade for your consideration
Long
by TerryHarmonicTrading
3
EURNZD completes Bullish SharkHey guys, I am back in the markets. Just wanna update you guys on some of the charts on my watchlist. First up is EURNZD, which finally completed a bullish shark pattern. 2 ways to trade this 1. Buy at retracement to value zone - 1.4650, set SL around 1.4580. Target 1.5. Hope to see a false breakdown of this zone, followed by a reversal then I will go long. 2. Wait for breakout of trendline, pullback to pink zone around 1.47 then buy. SL and targets remains the same. Good luck and good trading guys!
Long
by TerryHarmonicTrading
Google - Sell this Bat pattern?Hey guys, google or Alphabet is gonna report their earnings next week. With the S&P at a critical resistance, and a bearish bat(blue) on the daily chart of google, I expect a less than stellar earnings report from them. If you decide to go short, do it before Jan 25th around current market price with your stop loss around 825. Hopefully, a bad earnings report can kick start a correction for google back to 680 where Harmonic traders can go long on a bat pattern. I do not try to predict news, I only trade based on Harmonic patterns and vanilla support and resistance. If the earnings report comes out fantastic, price will breakout to the upside and this pattern will fail and hit your stop loss. I will then continue to buy upon any retracement to this resistance turn support zone at 815.
NASDAQ:GOOGShort
by TerryHarmonicTrading
3
Gold - Upside limited, sell between 1260-1280This is my view on Gold. We had a nice relief rally from 1125, price is currently at a strong SNR zone around 1200. If price can get resisted here, I see it going towards 1050. If it breaks above this level, I see it going towards 1260-1280 where the trend-line resistance is the last line of obstacle for it to clear before it can fly any higher. I will say that the upside is limited with a smoother ride towards 1050 where it will complete a bullish shark. I plan to execute my shorts around 1260-1280. Stops will go above 1300 (40) Profit targets will be at 1050 (210) netting me a 1:4 R:R.
TVC:GOLDShort
by TerryHarmonicTrading
GBPAUD - Bullish Shark completion at 1.58Hey guys, I see a nice shark completion on GBPAUD. Will be waiting for a reaction like a bullish candlestick reversal at 1.58 before I will go long on this. Early week, this is likely to head lower. Have set an alert on this and will look at this pair again once it reaches my desired entry zone. EP: 1.58 SL: 1.5450 (350) TP: 1.68 (1000) This is a daily chart setup, hence the wide stops and targets. If you are uncomfortable trading huge stops, you should avoid trading this. Good luck and good trading all!
Long
by TerryHarmonicTrading
AUDUSD - Bearish shark in play, sell zone around $0.7750Hey guys, this is my view on AUDUSD. It is likely that USD correction continues next week sending XXX/USD pairs higher. Based on harmonic patterns, I expect AUDUSD to continue moving up to 0.7750 to complete a bearish shark pattern. I will enter short on AUDUSD if price rejects the sell zone at 0.7750 in orange. 0.7750 is a great level to sell as it also coincides with the high of November 2016. Do not use a pending order. This trade might or might not complete next week, in the lower timeframe, I will look for buy setups all the way to 0.7750. EP: 0.7750 SL: 0.7850 (100) TP: 0.7320 (430)
Short
by TerryHarmonicTrading