dojitrader

dojitrader

Which trend will resume/continue ??? Wish I new ! Slightly greater probabilities are with the short, maybe, I guess, could be, should be,? Well, the risk is lower with the short setup. Which one would you rather trade ?

dojitrader

5 times now this has tried to break out for new highs and failed. A closer retest of the 1.5365 area should tell the story. In my mind the odds favor another downside run. Risk/Reward is pretty good, but, psychologically a 90 pip risk is very uncomfortable for me to handle. Smart stops, however, must go above the breakout high. Hope the candlesticks really,...

dojitrader

This fits well with traderWgun's update of today: Just depends on how deep wave e develops. e likes to be the joker and fool you whenever it can. (stopping short or going extra long) Stops are also low risk as X is also C wave which would invalidate both patterns.

dojitrader

Inside this chart --- I've noticed 2 other possibilities. Missed the first and second chance at the Gartley, so, perhaps the Cypher will be a reasonable chance to trade inside the channel until it breaks.

dojitrader

A very successful trader once said,"trade the channel until proven otherwise." So, I'll plan on trading the channel - with the help of the candlesticks - and when the channel breaks look for a retest for an entry or just a stop and reverse.

dojitrader

Sell the ab=cd pattern at the 1.618 fib ext of A to B. Small stops just above the top of the short term range. bartosz posted this Gartley, too: OR, Buy the trend continuation thrust from a triangle. I prefer waiting for a retest to enter. Again small stops just below c as that would make the trade invalid. Which hand has the magic ?

dojitrader

A simple a-b-c correction with C wave = wave A subdividing into a normal 5 waves should yield a point of entry for another ride on the trend to the upside. (perhaps a big ride as there is not much resistance until 1.15 {but, I don't want to get my mouth watering = that's always bad for the trade} So, depending on how impulsive the next up leg tracks, I'll...

dojitrader

It's a messy 3rd wave up -- the kind you're more likely to see in an A wave, I think, but, it offers a chance to go long on the corrective retrace: assuming it is in 3 basic waves. Probably a 3-3-3- flat or maybe a 5-3-5 zig zag. OR the whole thing might just fall apart. As always the candlesticks may yield more light on the trigger to enter or not. Pretty good...

dojitrader

And what do you get ? Aah . . . I sweat just as many bullets !!! But, it is a reasonable idea for a final attempt at breaching the current swing high before the downtrend renews. (assuming it will) Stops aren't too bad, considering they must go above the 1.13 fib of the Shark. I'm looking to enter @ the A=C

dojitrader

Slightly less risk than the Gartley. Or, shoot for a double top with divergence for even less risk. Will one pattern confirm another ? Share your experience with double/triple patterns.

dojitrader

This doesn't really qualify as a 3 drive pattern, yet, the harmonics are intriguing, so, I'll call it a 3 step down pattern. A = C @ .8895 so this is active with small stops needed to know I'm wrong. The hourly chart shows a small hammer so entry at this point is still a valid play.

dojitrader

5 of the last 6 times the area at/above 84.00 has been a reversal zone of consequence. This time it looks even better with this symmetrical looking double top @ 84.15/25 I forget who said, but, "the more symmetrical a double top is the more likely it will be a reversal." And that has been my experience as well. So, just one more little run up to 84.15 and time will tell.

dojitrader

This does have the 1.272 fib ext on the last two legs, so, it has some harmonics, albeit, not the best looking symmetry. Just one more minor low would complete the c of the a-b-c to the bottom. What is best about this potential is it would be an entry right on the line of previous support that was resistance. Small risk is also a big plus !!!

dojitrader

This ab=cd is but one pattern that points to a short in this pair IF, it gets high enough before another sell off. The Cypher and Bat are posted in the comments below. Updated from being published last week. (there's a Gartley too but it is ugly) I'm liking the ab=cd @ 103.316 The Cypher hits @ 103.95 The Bat says short @ 104.36 Take your pick or watch the...

dojitrader

This Cypher has been struggling like a rear wheel drive car in a snow and ice storm: It's only 40 pips higher but, I don't know why this would be any better. but, the harmonics are reasonable. {interesting to note that if you put X all the way up to the recent high of 105.43 ~~ daily chart bat ~~ although it really screws up the harmonics it only raises the D...

dojitrader

The main idea of this trade is to catch the end of a 3 wave correction and the big 3rd wave higher. But, if the opportunity to grab the C wave down presents itself I'll give it a ride for +100 pips or so, depending on the end of B. {relying on the candlesticks for a clean entry} I've been trying to catch a 3rd wave for some time so I'm hoping my dry spell is over...

dojitrader

Low risk idea for a pattern that seems incomplete. 1 more wave down for a good potential risk/reward. Alt count will still get me there if this is right.

dojitrader

tcpoh888 saw the potential for this Cypher 13 days ago. As I was looking at the chart I noticed a potential Ending Diagonal for the last swing high possibly unfolding. ED's are 3-3-3-3-3 so when I saw the 3 wave swing up to the 1st wave of 5 I thought just maybe ----- The final waves are breaking down a little but, if this comes to pass it will be a great...