Three Drives
Potential ABCD Pattern on EURCAD (600+ pips)Hey all! It's been a pretty quiet week so far but I've been patiently watching several pairs to see if any plans become more viable. EURCAD is one of these pairs and I was specifically waiting to for it to show signs of a reversal off of the 0.618 retracement. Now that it has done that, we can predict a potential bearish long-term ABCD pattern forming here - assuming that the D leg goes to completion. If this happens, we can also predict that the price will hit the 1.272 retracement at the 1.47540 mark sometime in late May 2017 then come back down to any of the 3 fib retracement levels (Drawn in red and based on the A-D leg) in Early June. I'm also expecting minor consolidation on both the bullish and bearish drives between the 1.42993 and 1.43491 price levels that may end up determining which target is most likely to be hit.
As we've seen in previous ABCD and 3-drive patterns, trading the C-D leg is very risky and I wouldn't really advise it. This is more of a proof of concept should the idea materialize.
In any case, we have two plays for both the risky and conservative traders:
Aggressive Setup
Entry: 1.41698
TP: 1.47586
SL: .1.40672
Conservative Setup
Entry: 1.46586
TP: 1.43778, 1.42606, 1.41463
SL: 1.48319
EURUSD 5-OHappy Friday, Troops. I haven't been active in a while- I've been working on those 5-o's. They still aren't doing anything for me, I'm a much bigger fan of the Ms and Ws, but here goes.
As harmonic swing traders we look at the daily chart for direction and use the 4 hour to find a pattern that fits direction (in a nutshell)- I occasionally look at daily patterns with support and resistance from weekly charts but that's once in a blue moon.
If you look at this daily chart there's a ascending wedge; within said wedge we have a 3-drive pattern. I'll be long until the 3-drive is complete. At which point, a bearish 5-o is completing on the daily chart. I'll be looking for a short signal from around 1.095(ish), and entering until the pivot point around 1.06.
Again, I'm new to the whole 5-O game, it was suggested to me by a friend- lets see how this plays out!
Three Drives PatternWe have completed a three drives pattern, now we should short looking for 61.8% retracement of the whole move up.
We have this pattern accompanied by regular bear div in the last three peaks, and a longer term hidden bear div from ATH.
So this should be an easy short.
We still have a 2 points trendline to break, and for now we lack the necessary volume to do it, but i guess volume will eventually come.
Entry would have been ideally 1230, i personally entered in a new short by this pattern on the broken 4 points trendline (1217), an other possible entry for a safer trade, would be breaking the second trendline (1205)
Stop loss new local high (1233)
Target 61.8% retracement of the whole pattern (1164)
EUR/USD - Three DrivesHello traders, following up from my previous post on EUR/USD with a bullish BAMM setup (chart is shown below), price is now forming a bearish three drives pattern on the 4h chart.
Price completed the 2nd price drive at 1.23 and we're now beginning the 3rd price drive which I plan to capitalise on.
You will need to pay close attention to price action and candlestick formations in the current area for the perfect entry point.
A clear break and close below the trendline would indicate a move lower, therefor invalidating the pattern.
This is a great trading opportunity with almost 1:4 risk to reward.
Thank you all for your continued support, don't forget to add me on social media :)
Three Drives EuroApril expiration is finish. On new may-june contracts we finish the three drive pattern and head&shoulders pattern.
CHF/JPY - Three DrivesHello traders, this is an early prediction for CHF/JPY which I will update as the trade progresses. Today we have a potential bullish three drives pattern on the 4h chart with several trading opportunities, long and short!
Price has now completed the 2nd price drive at 1.44, but it could drop to a maximum of 1.618 therefor altering the entire pattern.
I'm going to trade this differently, rather than waiting for the entire pattern to complete I will be going short from the 0.618 or 0.786 retracement level.
To back up the price move we have a valid AB=CD within the three drives structure, with a similar amount of price bars although the time completion is slightly off for the C to D leg.
As always, trade safe everyone.
3 Drives plus DTThis is a good chance to short either we hit double tops and the three drives pattern. First tp 2.82 send 2.55
nice flag + channel structure on gbpusdThis pair seems to be forming a three drive pattern as drawn in the chart.
Very nice and clean movements !!!
First short to 1.2310 and then long for 1.2440 !!!
Short - on three drive completionWatching - This is a follow up to the weekly bullish three drive trade i shared which has now pretty much completed on target, which gives us a good chance of a short at this level please see linked chart for analysis. My overall stance remains bullish but we could see some profit taking around here and get that gap closed up at least.
GOLD/XAUUSD Bearish 3-Drive and Bearish 5-0. Min target 1210Bearish reversal on gold. Lower TF entry short min target 1210 for a Wolfe Wave. 1180 for 3-Drive
Long-term Gold - Gap hunting.Confluence with multiple methods of TA.
Volume shows strength.
Moving Average 50 with -50 offset is the best indicator of trend when paired with structural analysis.
MACD crossing bullish; big divergence and continuation signal.
Bullish Channel established.
This is not a buy signal, this is strategy testing.
GBPUSD H1 Three Drives Pattern Possibilityconvergence of
1.272 projection of this swing
1.128 AB=CD
a possible 3rd Drive leg
3 drives pattern is coming to town?
Potential Three Drive BTCHope to sell here tp at 1.618, buy then to .888 retracement, EMA 150 in 4 hr chart mark here in red is great support, my expectation is to have a bounce down here and complete the 3 Drive,
NZD/USD - Three Drives (Confluence)Hello traders, following up from my previous post on NZD/USD with a bearish cypher pattern (shown below). I have now spotted a bullish three drives pattern that aligns with the D point of the cypher and it looks insane!
This has opened up an opportunity to trade with over 1:4 risk to reward, I'll be selling upon the breakout of the trendline.
Do not forget we have the FOMC rate statement on the 1st of February and NFP on the 3rd of February, this provides additional reasoning for a 600 pip move.
As always, trade safe everyone!
