Three Drives
Final wave in USDCAD triple three correctionBuy FX:USDCAD into potential wave C to complete triple three correction and form a three drives pattern @ 1.3830. Still, might not complete this one as it looks too perfect to materialize :)
Buy 1.3170
Stop 1.3140
Target1 1.3430
Target2 1.3670
Target3 1.3830
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
Threee Drives again or CUP?After my previous 3 Drives pattern () works, This might be another 3 Drives pattern. It is really 50-50 where Gold can go now. We can go with either CUP pattern, which it can run to 1172 and possible a run to see 12xx handle or break 1146, go with 3 Drives pattern, and get a chance to see 2016 low again.
BTCUSD:Will the Three Drives Pattern Work?The market is moving in a upward wedge and it faces the choice where to go next.
The Three Drives Pattern will complete at 784 level and the 1.618EXT of previous drop is at 780 level.
Meanwhile the upward trendline also works at this zone.
So it may be good to sell short at 780-784 levels when price action gives signals at the PRZ.
SL:above 790
TP1:760
TP2:730 and further more
Will this 3drives pattern work,just wait and see.
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.
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!