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BREAKING NEWS!!! CRUCIAL MOMENTS OK i know bait here. I like to express myself looking at the EURUSD on the daily chart. Definitely in this one i won't be giving you a music production course. The pair is trading a Cup and Handle pattern on its daily chart. The price has formed a price action reversal pattern (Trap) and definitely i don't want to see this formation on a bullish trend, however this patterns are tradable and has the own Fibonacci ratios. I did come across with this formation sometime ago in DXY and the price did resume the bullish trend. The commands for a cup and handle pattern are to long above the neckline breakout with stops below the mid range of the handle. If i have to set targets for this trap would be the 1.06522 still above where the SL for the C&H are. Now C&H Patterns on a daily dont come too often since they take month to form. i have trade C&H patterns successfully with no stops as i remember on the Daily. Could this one be the first? While the price remain above 1.06014 C&H ST this pattern is totally valid with a stop of 130 point from Breakout: 1.07362 to below the mid range handle 1.06014 on the daily chart... is easy pissy. The only thing that am a bit concern is the 1.06522 is where few clusters fibonacci zone has been untouch due to the Trap pattern. This means that my Crab pattern on the the hourly could become a losing crab and i hope am not wrong since price tends also to don't bother to touch those levels and resume trend. Resume: C&H ST:1.06014 Trap reversal pattern could touch 1.06522. Conclusion: if the resume fail i will come out with one.
by TradeChartPatternsLikeThePros
14
USDJPY BUTTERFLY BULLISHPattern Recognition is a trader/investor asset to identify possibles trades setups. The markets demonstrate repetitive patterns where prices oscillate between one set of price ratios to another making price projections possible. Market trends can be defined by geometric relationships as they exhibit harmonic relationships between the price and time swings. Many traders use "cycles" and "harmonic" relationships to project future swing price/times. These Harmonic price movements produce symmetric rallies and declines to give traders an advantage to determine the key turning points. USD JPY Hourly chart We can identify a Pattern Structure ( Butterfly Bullish). The concept of Harmonic Patterns was established by H.M. Gartley in 1932. Gartley wrote about a 5-point pattern (known as Gartley) in his book Profits in the Stock Market. Larry Pesavento has improved this pattern with Fibonacci ratios and established rules on how to trade the “Gartley” pattern in his book Fibonacci Ratios with Pattern Recognition. There are few other authors who have worked on this pattern theory, but the best work to my knowledge is done by Scott Carney in his books of “Harmonic Trading.” Scott Carney also invented patterns like “Crab,” “Bat,” “Shark” and “5-0” and added real depth of knowledge for their trading rules, validity and risk/money management. USDJPY Bullish Butterfly EL: 128.476 ST: 128.111 Wall: 129.360 38% AD: 130.651 Target: 62% AD: 132.230 79% AD: 133.340 BUY above EL: 128.476 following up with a MSL (Market Structure Low) or 2-3 lines breaks Pattern Invalidation 128.111
Long
by TradeChartPatternsLikeThePros
5