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Three Drives

USD/JPY Bullish Wolfe Wave and Bullish 3 Drives PatternBullish Wolfe Wave pattern with a projected Bullish Three Drives Pattern could potentially - if realized - finally break heavy resistance at the 115.600 level. For the moment a bearish a correction looks very likely - look at my previous post with a bearish White Swan Pattern on the 4 hour time frame - as a Doji was formed on Friday. Even if price breaks and closes below the initial support trend line formed in 2016, price will only be bearish if it closes below the 106.60/50 level as well as below the Wolfe Wave support trend line. Look to go long again once price reaches the 107.70 level, which is the 61.8% retracement level and target the 113.500/600 level above with stops below 106.80/70. From there, we will have to wait and see if price adheres to the projected Bullish Three Drives Pattern and look for new trade entry opportunities. Happy trading
Long
by AMTrader
3
I like curves.. Noobie messing around. >:)Greetings everyone! I hope you're all having fantastic trading luck recently with all these random opportunities popping up all over the boards! I'm no specialist with TA and frankly I don't know how much of it is legit, but it's fun to mess around with charts and see what you can find. I personally am going to stick buying below or right around $8,000. I feel like there's a good chance we could just have some sideway action on that bottom curved line, and fall to $5,000-$4,000 within the next couple months. Please feel free to give your opinion in the comments whether it be criticizing my post or your personal opinion on the matter!
BITFINEX:BTCUSD
by frostyflakeds
GBP/USD Bearish Three Drives Pattern and Bullish ReversalA three drives pattern for GBP/USD, illustrating future price action. At the moment, GBP/USD is obviously quite oversold and last weeks Doji formation on the weekly time frame was most likely a signal for a bullish correction move. Price formed a double top above and the projected measured objective of the double top reaches just beyond the 50% level, as well as just above the yearly pivot point. Thus the 1.3000 level will be crucial in determining if price will reverse from there and continue its bullish path, and this will be determined if price closes above 1.3567. If price gets rejected at 1.3657 expect further decline to the 61.8% Fibo retracement level below, or slightly below it. Between the 1.2850 (61.8%) and 1.2589 level price should find enough support to reverse to the upside. The measured target objective is 1.5104 which is the extension of the initial bullish leg, and would clear the Brexit high. This is a projection and should be used as a road map if and when price reaches the designated levels. Happy trading
Short
by AMTrader
Bitcoin Violent First Pullback from Leg up from LowsExtremely violent price action indicates that we have more downside on the 4H and, on higher timeframes, that there is significant likelihood that the move from the lows was a bull trap. Whether we ultimately move to fill the gap from the short squeeze and/or form an equilibrium pattern, complete an ABC correction from the $9.76k highs, or move to new lows since all time highs, there is still more downside to come on the 4H. A bullish three drives pattern visible on the 15min and significant hidden bullish divergence on the 4H indicate to me that we should form a higher low on the 15min and consolidate between $8.9k-$9.3k for some time (potentially up to $9.4k, but I don't believe the market is bullish enough to get there). Getting to the $9.2k-$9.4k region will likely result in significant lower time frame bearish regular and hidden momentum divergences. Breaking new lows with good volume before this would paint a very bearish picture for higher timeframes. The amounts of Bitfinex Bitcoin longs and shorts are significantly bearish .
BITFINEX:BTCUSDShort
by petermh
1
Three Drives Patternhere are basically three ways that you could enter a trade: Put in a pending order at the last 1.272 level, with a stop loss guess Wait for the market to print a strong rejection bar, like a Pin Bar or Outside Bar, then enter the trade, with a stop loss on the other side of the bar Wait for the market to break through the 1.272 level, then put in a pending order if the market drops below the 1.272 level and use the previous swing high/low as the stop loss. Most resources will tell you to wait for the level to be rejected, then put in a trade (#2). So let's go with that method for now.
Long
by slrocheleau
Three Drives, RSI BAMM, ABCDThe Three Drives Pattern™, Although it was not specifically identified, one of the first references to a Three Drives pattern™ was outlined in Robert Prechter’s book, “Elliot Wave Principle.” He described the general nature of price action that possessed either a three-wave or a five-wave structure. Adapted from this principle, symmetrical price movements that possess identical Fibonacci projections in a 5- wave price structure constitute a Three Drives pattern™. In “The Harmonic Trader,” the patterns importance of other larger retracements and projections improved the accuracy of the pattern in real trading situations. The book was one of the first to emphasize the the critical aspect of this pattern that each drive complete precisely at consecutive harmonic ratios – either a 1.13, 1.27 or a 1.618. Also, the price legs should possess clear symmetry with each drive forming over equivalent time periods.
BITFINEX:ETHUSD
by slrocheleau