The similarity between harmonic and basic chart patterns is that, for each of them, the shape and structure are key factors to recognizing and validating a specific pattern. The next price movement can thus be projected with the goal of turning these patterns into profits. However, a key difference is that harmonic patterns are defined more precisely. They are 5-point reversal structures, containing combinations of well defined consecutive Fibonacci retracements and Fibonacci extensions, leaving less room for flexible interpretation.
Harmonic patterns continuously repeat themselves, especially in consolidating markets. There are basically 2 types of patterns: 5-point retracement structures like the Gartley and the Bat and 5-point extension patterns like the Butterfly and the Crab. Trading harmonic patterns requires patience because, due to the specificity of the ratios, patterns that appear harmonic may not be if they don't align with the proper measurements.
My view GBPUSD
D1:
- Tendency: Downward
- The price was test resistance 1.3300 and given pinbar
--> Sell
https://www.tradingview.com/x/8OZ4rZni/
H4: Three candle reversal bearish
https://www.tradingview.com/x/RpccAbIw/
If
- The price breakouts resistance 1.3300
- And on H4 confirmation above--> Buy
https://www.tradingview.com/x/fKvPbXTO/
D1:
- The price is downtrend.
- It is broken triangle pattern and tested resistance 6800 fail and move down to 5500
- Canlde Daily is climax bar , so the price can pulback.
https://www.tradingview.com/x/3GGMHNL1/
H4:
- The price is strong downward.
- Closed below resistance H4 6400.
https://www.tradingview.com/x/GHsJGgy8/
38.2% & POSSIBLE 61.8% Retracement SHORT GWAVE.
FIB Retracement Percentage is calculated in a Higher Euclidean Dimension.
PLEASE ALWAYS WAIT FOR STOCHASTIC CONFIRMATION!!! THANKS
The descending triangle is also a very reliable and easily detected trend continuation figure. It always occurs in bearish tendencies and occurs when the price "takes a break" in its fall.
As happened with the ascendant, to be sure that it is a triangle there must be at least 4 points of contact, two minimums (of the same level) and two maximums (the second being ...
The USD appreciated last week, as expected in my other posts. We had a week loaded with high profile event risk. I believe ECB intentionally announced its dovish policy and just a day before that FED had one its most hawkish monetary policy announcements.
Also the influence of the FED monitory policy caused precious metals depreciating during the Friday session. ...
38.2% & POSSIBLE 61.8% Retracement SHORT GWAVE.
FIB Retracement Percentage is calculated in a Higher Euclidean Dimension.
PLEASE ALWAYS WAIT FOR STOCHASTIC CONFIRMATION!!! THANKS
38.2% & POSSIBLE 61.8% Retracement LONG GWAVE.
FIB Retracement Percentage is calculated in a Higher Euclidean Dimension.
PLEASE ALWAYS WAIT FOR STOCHASTIC CONFIRMATION!!! THANKS
38.2% & POSSIBLE 61.8% Retracement SHORT GWAVE.
FIB Retracement Percentage is calculated in a Higher Euclidean Dimension.
PLEASE ALWAYS WAIT FOR STOCHASTIC CONFIRMATION!!! THANKS
