ninjabenja

ninjabenja

Answer: if it's not, it's doing a good job of pretending like it wants to. A re-test of the bottom (>= 550) would be healthy at this point and finding solid support there would only motivate the bulls so we can get the "moon party" started... not to be confused with the "moon-moon" party. This triangle target may seem to be a stretch at first glance, but stay...

ninjabenja

The Gartley was one of the first advanced harmonic patterns ever discovered by Scott Carney and continues to be one of the most successful. This bullish Gartley pattern completion is looking very promising, more so than our previous "horizon" Cypher. As you can see, we're walking down the support line from just shy of $640 heading right to our PRZ at +/- $623....

ninjabenja

I'm still trying to pick up the pieces from last week. It's funny how when something knocks you off your trading high-horse you can start to second guessing the way you trade. No better way to get back in the saddle than with a new chart! We've got two competing AB=CD patterns vying for dominance, Bullish in red, Bearish in blue. Bulls did achieve a higher high,...

ninjabenja

Damn it... duplicate chart :p

ninjabenja

If you're like me and were sleeping (100%) in fiat (like an asshole) when a whale decided to throw up wall after wall of bids and take the price parabolic- here is your *very small* ray of hope for a an entry long. That is, if you were stubborn like me and refused to buy in to chase the price action. Real Talk: If we're being honest here - and I hope we are - my...

ninjabenja

These ABCD *type* moves have been working pretty well and I've identified three total qualifiers for a potential reversal zone (PRZ) at the level shown. Previous analysis as illustrated in previous charts, has indicated a $500 level (or lower) projection. Here we can see the D leg completion of this harmonic move just short of $480; landing just below the 1.618 AB...

ninjabenja

This latest drive down began hours before Mt.Gox's "earth shattering news update", that they wouldn't be providing an update yet on the status of frozen customer withdrawals. Notice, I said *before* the update. While the "insider exodus" totally threw off a sweet ABCD pattern I was watching, it did get going what we've all been waiting for. The beginning of the...

ninjabenja

I have observed in previous recent swings that the market has had a tendency (key word) to want to move harmonically... before lumbering back into consolidation. Everyone is still waiting for some sort of announcement from Gox so I don't expect much, but I am watching to see if this AB=CD Pattern completes for a buy entry at around $612. Initially I was just...

ninjabenja

Just a quick one 'cause I have a meeting to run to. Watch for this pattern completion/confirmation at 1.618 of the BC leg of the pattern. Targets at .382 & .618 of the AD move. UPDATE: This was a bastard of a bat pattern. I shouldn't have posted it being in such a hurry. It did satisfy the 1.618 of the BC leg and the ABCD, but another of the requirements is a...

ninjabenja

Triangle patterns are characteristic of consolidation followed by an accelerated break out of the pattern in the direction of the continuing trend. Triangles form in three basic categories: symmetrical, ascending and descending. Because volume becomes so thin as the triangle pattern progresses to the apex, it takes very little activity to produce a false...

ninjabenja

The answer to the question that I've been asking myself, "When do you know when to give up on a harmonic pattern?" is simply - you'll know, when price action tells you. In the image above I've pointed out where stops should be placed for either of the patterns in play. The Bullish Bat pattern on the left has yet to complete and it's now been almost 2 days since...

ninjabenja

Thanks to this Gartley pattern our previous Bat Pattern has so far failed to complete. I say that this Gartley is "weak" because sticking to a strict definition, this patter failed to attain the precise .618 B point retracement of XA, only reaching .612. (I personally call this close enough for the pattern to be valid but you'll have to make your own judgement.)...

ninjabenja

As previously projected, price was not able to break the trend channel for a bullish reversal and we are now witnessing the decent to retest previous lows. The bat pattern has a D leg completion at .886 of the XA leg. This pattern usually has an extended CD leg which is a 1.27 extension of the AB - providing a favorable risk/reward entry. PS. This is a BULLISH...

ninjabenja

Since February 6th 2014, Price action has continued to encounter severe resistance when attempting to achieve a higher-high, higher close. Despite my eagerness to see prices > 900+ USD/BTC, ( and a bet I made with a friend that BTC would out pace the price of gold by May 1st, 2014) our current down trend persists. Break-out of the symmetric triangle pattern...

ninjabenja

Very happy to see our Cypher pattern was able to complete and retraced quickly to our target #1 at .382 of the CD leg. We're now looking for our target #2 at .618 but pay attention to your indicators as we might not have the steam to get there in this environment. Over-all trend continues to be beariish with price action not able to achieve higher-highs and...

ninjabenja

Short term projection is bearish-neutral. We do have a Cypher pattern forming on the 15 minute chart although we have a good ways to go yet if we're going to get there. If we get completion at the D leg, be prepared for a re-tracement.