Despite its choppiness since the start of this year, the NZDUSD pair has traced out what may be considered to be a respectable impulse wave.
By this count, wave 2 and wave 4 held at their respective 61.8% retracements of wave 1 and 3, and wave 5 is an ending diagonal whose subwave ii retraced a bit more sharply than normal. Additional reasons to believe that the...
The complex correction of the NZD/USD pair has (finally) resolved to complete a Bat pattern that it had been struggling towards since early Feb. While not the cleanest of Bat patterns, there are several good reasons to trade this setup.
1) Harmonics: 2 consecutive Bat patterns are now discernible on the daily chart. The first Bat is slightly imperfect because its...
The NZD/USD pair is on its way to tracing out either a (slightly imperfect) Cypher or a Gartley pattern (or possibly both) on the H4 chart. These patterns are looking to complete at their coinciding 78.6 level, which also happens to be the round number 0.6700.
The problems with trading this otherwise straightforward confluence of patterns are:-
1) The spectre...
The USDCHF pair has been doing lots of harmonics recently. After the most recent down leg, a retracement should be in order.
The entry signal is a completed bullish Gartley pattern on the daily chart, in confluence with a 1.27 retracement of a nestled bat pattern, and a 61.8 retracement of an imperfect Crab before that. It is reinforced by the inverted hammer...
A very interesting setup on the USD/CHF daily chart. A bearish bat has just completed and is retracing, currently being held by the 50% fib level from A to D. A good point to enter would be after price tests and holds either the 38.2% or 23.6% levels (blue arrows on chart).
Stop loss above D leg of Bat at 1.025555.
Profit targets at confluence of Crab and Bat...
An almost perfect crab (0.659 instead of 0.618 on B leg retracement for the crab pattern) after an almost perfect bat (0.858 thereabouts instead of 0.886) on the 1h USD/JPY chart.
Look to short with S/L above D leg of crab, with conservative T/P at 0.618 of crab XA level (117.033). More aggressive positions to possibly scale out from include bottom of crab C leg...
