Current Status: SHORT Current Profits: +326 pips
In the main chart above, you can see that I am still expecting prices to drop even more.....those who trust and follow me are over +320 pips in profit on this trade so far.
I was sent a question to me by one of my followers asking me to comment and explain a chart posted by another OP here. I hesitated to post...
So this may stir up some controversy but its not meant to be that way. Only that this is my own opinion and not meant to disparage other OP's who post trades based only on support/resistance levels.
First, let me say that yes, I firmly believe that support/resistance levels are important and that they do play a very important part in determining what happens to...
The power of Fibonacci n"ver stops. A harmonic scan often generates strong pitchforks due to the level of "Fibonacci-ness" in the primary swing. The advantage of the fork being that it goes beyond what a trend line can do, in that it projects predictive bounces where trend lines cannot yet be drawn. In this instance (and yes, they don't always work ... but then,...
Hi Traders,
Above Is an illustration of a complete Gartley Pattern and the rules and ratios needed to trade this pattern.
First things first, grab your Fibonacci tool and draw from the X to A leg of the initial move or impulse leg.
The Fibonacci ratio's you are looking for are the 0.618% and the 0.786%, price MUST at least touch or spike through the 0.618% but...
This pattern has brought me great success scalping crude oil.
How to trade it:
Look for an ABCD triangle formation with lower highs and higher lows.
Draw the triangle with extended lines.
Measure the baseline at B and divide it by 2
Add this value to the point of breakout to get a nice padded target to either side
Look out for fakeouts and good luck.
...
Not every pattern will bring money but identifying those more likely and consistently trading them can make a huge the difference. This is an example on how the Breakout Pivotal Bars can come in handy.
Mates, the key to understanding harmonic patterns is understanding different types of ab=cd moves. Actually, these moves are called "harmonic". On the chart above you can see standard and perfect ratios of harmonic patterns. For more info about standard and perfect patterns please consult the Scott Carney's book "Harmonic Trading Vol.1". These ratios are the...
Before this education I teach how to identify the Targets at harmonic Formations
please check them also, click them and scroll down and look for updates also at both 2 chart
Bat Pattern: Is a retracement Pattern and a trend continuation pattern. As market consolidates
Bat pattern gives you a lower price on where to trade with minimal of risk as prior to a continuation
of the market trend.
Rules or Fib Ratio of Bat:
XA point
- impulsive leg - ideal
AB point
- 38.20% to/but not equal to 61.80% XA leg
Price touch 61.80% XA leg...
Rules
1) Tp1 = Fib 38.2
2) Tp2 = Fib 61.8
3) Stop = MAX Tp1 ( as pips)
4) Open order with %2 Risk Management
5) Close Half at TP1, Stop to BreakEven
6) Close all at TP2
Rules
1) Tp1 = Fib 38.2
2) Tp2 = Fib 61.8
3) Stop = MAX Tp1 ( as pips)
4) Open order with %2 Risk Management
5) Close Half at TP1, Stop to BreakEven
6) Close all at TP2
