NGAS THREE DRIVE PATTERN AND INVERSE 1.618 CONFLUENCENGAS THREE DRIVE PATTERN
AND INVERSE 1.618 CONFLUENCE
1.618 Inverse Ext at 3.2850
Three drive pattern also complete at
the same level.
So I will be interested to short NGAS again
@ 3.2850
Three Drives
AUD/USD H4 - Bearish 3D pattern + Bullish Gartley projection- Waiting for divergence + reversal bar pattern inside PRZ
(4h) 3Drives Pattern as Reversal & Major Shark Completion PointFX:USOIL
Major Shark completion point:
NZD/JPY H1 - Big move ahead - 2 patterns overlapOn H1 chart:
- Bearish Bat pattern + 3D pattern at sight.
- Waiting for divergence + revesal bar patten inside PRZ
On H4 chart: Looking for C point, take a look...
Could Uncertainty and Volatility Cause US Steel Corp to 12?Retracing to the 1.618 could double the stock
GBPUSD_ Reaching Major Structure LevelThe market reacted after Britain PM Theresa May confirmed article 50 will be triggered at the end of march 2017 which cased pound depreciation in the open of the market to day , nevertheless potential long position could be executed based on technical analysis mentioned in the chart , as may be short trend would be expected base on uncertainty of the trading between EU union and Britain.
Three drives bullish patternThere might be a reaction on this level buy 1304-1305 SL 1302 TP 1318 or higher if it breaks this level bluntly
GOLD: 3D PATTERN IN FORMATION?1.302-1.340 TRADING RANGE
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(2H) The Three Drives Pattern // Target the fibsFX:CADCHF
PSYCHOLOGY OF THE THREE DRIVES PATTERN by LARRY PESAVENTO & LESLIE JOUFLAS
"All patterns are formed by crowd psychology, and it is interesting and educational to study what forms any particular pattern. The Three Drives pattern is slightly different in its psychology, as it has three tops or bottoms that must form to complete the pattern, compared to most patterns with one (or occasionally two in the cases of double bottoms and tops). It is a natural phenomenon that bulls are the most bullish at the tops of markets and bears the most earish at the bottom. When this occurs there is typically an unusual amount of news that accompanies these tops and bottoms in favor of the excess bullishness or bearishness.
The Three Drives pattern goes through an extended process of bringing in new buyers or short sellers too early at tops with successive waves and new sellers at lows or new buyers who are too early. The pattern generally makes the final wave as the last buyer has bought at the top and the last seller has sold at the bottom. This is the time then the market will appear absolutely the most bullish or most bearish. The last push up or down to form the last gasp in the market is almost like a game of hot potato, and the market has just passed the last hot potato to the last market participant before it changes direction. As the market then changes direction, each new low below the latest
swing low in an uptrend now has more bulls trapped. Conversely, each new high above the previous swing low has more bears trapped. This in itself can add fuel to a rally or decline. Usually it is not until a new trend is well under way that the news media will also change direction. "
You can check all details about this pattern at link below...
Safe Trades;
AUDJPY - 3 drives pattern completing at 76Have been watching the 3 drives pattern playing out in AUDJPY H1.
It is likely to complete at 76.
RSI shows divergence, so it should be one last move down before a big reversal upwards will take place.
Am likely to go long when it hits my target entry price.
Stay tuned for my updates!
AUDJPY - 3 drives pattern completing @ 76Have been watching the 3 drives pattern playing out in FX:AUDJPY0.17% H1.
It is likely to complete at 76.
RSI shows divergence, so it should be one last move down before a big reversal upwards will take place.
Am likely to go long when it hits my target entry price.
Stay tuned for my updates!
3 Drive PatterntThe three drives pattern is a reversal pattern characterised by a series of higher highs or lower lows that complete at a 127% or 161.8% Fibonacci extension.
It can signal that the market is exhausted in its current move and a possible reversal is about to occur on the price chart. The bullish version of the pattern can help to identify possible buy opportunities and the bearish version can help to identify possible sell opportunities.
[H1] Formation of symmetrical structure & "The 3 Drives" patternAbout this 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.
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