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Three Drives

ABCD & THREE-DRIVE EXPLAINEDHi Traders, Please find below three basic trading strategy's that can be implemented to any market on a daily basis. I have only given out basic information on the ratio's and fibonacci's of the two strategy's, should you need anymore in depth information don't hesitate to contact me. ABCD Rules Of Engagement: 1. Point C must retrace to a 0.618 of the A - B move 2. Point D must be a 1.272 projection of the B - C move 3. Buy/Sell at the D leg completion. Three -Drive Rules Of Engagement: 1. Point A should be the 0.618 retracement of drive 1 2 Point B should be the 0.618 retracement of drive 2 3. Drive 3 should be the 1.272 extension of the B correction
Education
by UnknownUnicorn180388
35
GBPAUD: Potential Bat Formation w/ Equal Measured MovesHey traders, looking at the GBPAUD here for a potential bullish advanced bat formation. In very similar fashion to the EURJPY trade from a few days ago, this started off as a simple look at the market putting in equal measured moves combined with fibonacci ratio confluence & then morphed into a potential advanced pattern formation as I looked a little closer. The cool thing about this chart is that the equal measured moves are not only on the extensions (in red), but also on the retracements (in blue). Always pretty neat when the market moves like that.
Long
by Akil_Stokes
14
Bullish 3-Drive Idea! Next leg is short, let's see what happens!Appears to be a 3-drive forming here. 4HR closed on a pinbar and we have some bearish divergence up in this ma' trucker. Waiting to see what the market does the next couple days! Looking at the daily view price is still respecting the 50% fib level on the painfully slow correction that has been happening since the bearish impulse wave January of this year! If structure holds we will have a good long opportunity as well. Both trades should have fairly good R/R and can happen over the course of a few days. I'm still learning so please do not copy my trades, if your idea is similar give me a thumbs up, if you think I'm a lunatic drop me a comment with some constructive criticism :) and if you're staying out of fx this week wish us luck! If you have any questions please ask! Thanks for checking out this idea and if you celebrated for turkey day I hope you had a good break from the bulls and the bears!
Short
by adambiers
3
An example of how to spot a good trade #forexFriends, I haven't had time to post any of my trades in recent days. So i thought i would post some of the trades I took recently. I know this is after fact, but the aim is just to share the knowledge and experience. I made 4 trades, 3 winners and one loser. I will post them throughout the week as i am taking a small rest from markets during the election week. This is an example of finding areas of interest on the daily chart then moving to the lower time frame for the trigger. On the left hand side daily chart, by the end of october the price was testing a a key area where the long term falling trend line meets the 200-days simple moving average. At that stage, i was monitoring the pair for signs of a bearish reversal to confirm a rejection of that resistance area, especially that the daily RSI was showing a bearish divergence as well. I moved to the four-hour chart awaiting the trigger. In this particular case, the trigger was a three drive pattern that evolved and completed at 80.54. The price was making new highs but the RSI wasn't yet signalling a divergence on the four-hour chart as well. Afterwards, the price formed a small hanging man candle on the four-hour chart, and accordingly and due to all these signals it was a setup that was worth taking. I initiated a short at the opening of the candle following the hanging man. My target was at the first major daily support level. My stop was above the 1.618 extension for the latest bearish wave(x-y) as shown on chart. That resulted in a 2.7 risk to reward. I hope this example will help you think and spot better trades in the future My best regards, Technician
Education
by Technician
23