Profit_Through_Patience

Profit_Through_Patience

If you entered a short based on the Gartley (I missed the entry as I was sleeping), you should be well in profits now, TP1 reached and well on it's way to TP2. According to my trading plan I normally put TP2 at the 0.618 retracement of BD but in this case I would let it run till the 0.786 and attempt a Stop & Reverse to take benefit of the Cypher pattern that is...

Profit_Through_Patience

AUDCAD seems to be very good to learn your pattern drawing skills. I'm not sure if I have them all drawn in here but I guess that 2 Gartleys and 2 bats is largely sufficient. I definitely do not want to overcomplicate things. The presence of so much harmonics poses a problem however, we cannot enter the pattern that is reached first with a limit order, we have...

Profit_Through_Patience

We're presented with a Head & Shoulders formation and the right shoulder has double topped, broke through the neckline and formed a .618 retracement to test the highs again. This might be a good time to short if current candle closes below the neckline which aligns nicely with the .618 retracement. RR is definitely worth giving it a try

Profit_Through_Patience

GBPUSD is an interesting pair that always has a couple of tricks up it's sleeve. But no matter which direction it goes now, we are prepared. We've got a bearish Gartley and a bullish bat here, so go ahead GBPUSD ... :)

Profit_Through_Patience

This pair has been on the move up for a couple of days now, making steady progress with higher highs and higher lows. Projecting this into the future could lead us to the scenario above.

Profit_Through_Patience

CADJPY has reversed the trend and made a considerable move up all through the day. RSI is overbought now and it is probably exhausted and gasping for breath. We might see a +- 0.382 retracement into previous structure before rallying into the minor support level on the daily chart.

Profit_Through_Patience

We have reached the .382 retracement which is at previous structure. If this level holds, I'm looking for an extension into previous structure at the 1.272 and 1.618 extension of the last move up.

Profit_Through_Patience

If the previous support level becomes now resistance, we might be looking at a nice opportunity to short GBPAUD on the lower highs, lower lows structure principle. Watch out though, the overall trend on the daily is still very bullish so we might be looking at a little further gasping for breath before the rally continues. The red line in the chart is a weekly...

Profit_Through_Patience

Two patterns here on the EURNZD depending on what you consider the impulse leg of the pattern. A bearish Gartley is completing around 1.5030's, the Bat a bit lower around 1.4902's. Keeping in mind the even handle, we might even get a little more pips out of it by putting a limit order right under the 1.4900.

Profit_Through_Patience

Depending how the world might react on the failed negotiations between the EU finance ministers and Greece, we could see a completion of this Gartley or not. I will certainly keep an eye on it. I would strongly advise to put the stop above previous breakout - if you don't, stop loss might be hunted and you'd lose out on a nice opportunity. Even with this stop...

Profit_Through_Patience

This pair has been in a downtrend for the last couple of days, but still has not created any lower structure. Looking at the chart I see 2 potential trade setups. If price breaks through the support line we might be looking at the blue bat taking it down to 1.2150's as there is very little in between to stop it. If price fails to break through support, it might...

Profit_Through_Patience

Yesterday this pair broke the last resistance that keeps it from climbing to the 1.55s region. As the RSI is highly overbought now, a retracement into the structure level is very likely, but if this level holds then a hike is very possible. Pay close attention to the news today, there is important news for both GBP and USD and this rally might be accomplished...

Profit_Through_Patience

It's not often that we get 3 AB=CD patterns completing at the same level but here we do. If the completion point of these 3 is then also a structure level on the weekly chart, we can be almost sure that this pair will not pass this point without a fight. Look here for an opportunity to short.

Profit_Through_Patience

Since some people do not know what a 2618 trade is, and the opportunity is there, I thought I'd make an example for educational purposes. A 2618 trade is probably the safest way to trade a double top or double bottom and although the Risk/Reward ratio is a little less favorable, my preferred way to enter a double top/bottom trade. Basically, you wait for the...

Profit_Through_Patience

Explanation is all in the chart, please post a reply if you have questions.

Profit_Through_Patience

Have to make this a quick one as the pattern is almost complete. We are looking at a Cypher Pattern completion around the 0.75 even handle (right on previous support level). Good opportunity to hop on the very recent bull trend. You might even look for extended targets if you believe the EUR will regain some more value as it did in the last 2 days. T1 is a 1/1...

Profit_Through_Patience

The EURUSD pair has been gaining some pips and seems to try to reverse the downward trend. I drew in this bat pattern on a Renko chart because it looks a bit cleaner than on the standard candle chart. Completion as always for a bat pattern is at the .886 retracement of the impulse leg. You'll see that I drew in 2 X-points to show that it doesn't really matter...

Profit_Through_Patience

A quick post (on demand) of a bullish bat pattern that could bring us down to previous structure.