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Three Drives

SPY looks like either a really short 3 Drives Pattern or BatFrom the chart we can see a possibly 3 Drives Pattern (dropping two successive short 1.618 statistical markers) or a larger Bat pattern that stopped at .886 on the uptrend. We are still in a larger uptrend from the original Fib extensions. The larger daily doesn't extend to 1.2168 until 370.x range so we are not greatly overextended. But the concern is the smaller pattern inside. If it confirms a 3 drives then we could see 370. If it confirms a Bat (not reaching above .886 again) then we are in a for a long term downtrend all the way statistically to 302.x That is my take it as you will. Right now I am neutral on SPY until after the election.
AMEX:SPY
by swimmax
EURUSD: 1DHere we have a 0.618 triangle in price & time preceding a Three Drives pattern at the top. Prices printing lower highs with the RSI forming higher highs, indicating hidden bearish divergences. The stops for this pattern is 2 pips above the 0.786 retracement. At the 0.786 there is a another chance to sell short, this time with protective stops 2 pips above the triangle highs. Furthermore we see divergence appearing on the chart with resistance coming in at a 1.618 extension. Supply can be observed coming in just below the resistance:
Short
by MikulovicFOREX
Bitcoin - Goldilocks and The Three BearsThe number one thing to understand about what's about to happen is this: Bitcoin is not bullish. Bitcoin is not bullish, but price is going to go up. It goes up for the same reason that the knife on a guillotine goes up before it drops and severs heads. You shouldn't have faith in cryptocurrency. Whatever brought it to this world, it is not what it once was. If you were around during the 2016 bubble, you would understand the dirty things that happened in the sphere and what the installation of CBOE/CME regulated futures meant for the market. In short, crypto was given the gift of being embraced and having a hand extended to it before it ultimately is extinguished. There are many asset classes that actually have real world use and real world value. There is silver, gold, oil, natural gas, forex, stocks, bonds, ETFs... why waste your time "HODLing" a fantasy that exists only in the minds of people who don't and can't hold functioning jobs, people who aren't respectable and contributing members of society. Digital currency has a lot of drug running, human trafficking, and mob connections to it. Much of it is also connected to the Chinese Communist Party, and if you don't do your part to do something about the Red Scourge of Chinese Communism, you'll find yourself in an unbearably cold winter that you cannot endure and have no hope of redemption from. Regardless, Bitcoin never sees $12,000 again. Where the real bullseye is is under the $3,500 double bottom, but it won't get there in a straight line. You will be given many dips to buy and many false moons to buy the top on. If you can get long around $10,500 again, then excellent, but I wouldn't count on it for much of what is about to happen is designed to injure short sellers, especially those who didn't take profits at $9,800 and $10,200 and are waiting for the big short to pay off so they can brag to their friends. What's hard about getting long anywhere else is where do you put your stop? On the way to $11,600 there's going to be more than one shattered floor wick meant to help you "manage your risk". Never forget: Bitcoin is not gold. Bitcoin is even less valuable and useful than iron pyrite. Make sure you dump your spot bags before regret torments your heart.
BITMEX:BTCUSD.PLong
by LordWrymouth
2
GBPJPY Long - Trade entry explained from recent post We are updating the bullish trade idea we posted on GBPJPY on the 9th September 2020, price came right to this level and started to bounce higher. As we mentioned in the original post, if price dropped to this level we wanted to go down to our lower time frames and look for additional confirmation for a bullish trading opportunity which occurred nicely. As you can see from the 15 Minute chart we have zoomed in on the price action to see more detail and how we would look to enter the trade by being patient and waiting for price show us it could move higher. We saw two bullish price patterns form right at the level, the first one being a bullish 3 drive pattern and right after that a bullish reversal head & shoulders followed. Once the 3 drive pattern completed right at the level we posted previously about, we drew an inner diagonal trend line in pink and waited for this to break as our means for execution in the hope that price would rise. Once we entered the trade our stop loss would go just below the 3rd and final drive low protecting you from having the need for a larger one. On the upside price has already made an intraday high around the 136.23 level allowing a possible 50 pips to manage a profitable trade or giving you the ability for a percentage scale out depending on your trading style.
by DavidVillagra
11