2 nice harmonic patterns on CHFJPY 0.11% to hop in the trend.
Reason for entry:
Price broke a major support level on the daily TF. That gives me a reason to short any harmonic move's into the previous outside return.
Pattern 1 (blue) - Potential Cypher:
Pattern 2 (pink) - Potential Gartley:
Here is an at market Cypher pattern that has just completed. It's quite a large one so if you're trading this make sure you can handle that much risk!
The Risk Reward is pretty average on this trade, but with such a high win ratio it's a trade worth taking to me.
Will be looking for 2 targets to press lower into next week.
Here is a potential Bat pattern (The one in orange) getting pretty close to completion on USDJPY 4H. Gives us a great Risk Reward on this due to the 'messy' nature of the pattern legs - a 1:1.5 on target 1 alone!
Will be looking for a completion of X later on today. Stops are placed quite nicely as well above the X leg.
another advanced pattern formation i'd like to share with you today. As usual, my analysis starts from higher timeframe: the black line represents a daily structure level that's just been broken to the downside by priceaction. Being that, i know i expect a bearish continuation to the south and i want to get involved in short trades if i can.
I've listed these areas (red) which managed to keep testing the resistance line twice and has worked because price has immediately feel short and dropped quite a bit after each retest.
There is a lot of support as well which rallied the price up but I am confident that it will rally back down.
Looking to short this Sunday evening GMT.
Thank you guys and keep...
in case you don't know this is an harmonic advanced pattern formation that often times occurs in the markets. It is called Gartley pattern and it's made up of 5 different points all responding to certain criteria. The final D point is at the 1.27 extension of the AB leg and you can trade it both by placing your order on that level and waiting for price...
Here we have a bit of a messy Cypher pattern on EURJPY. I entered this late last week and thought I had made a post but must have missed the publish button. Since entering the market has rolled over about half way to first targets, but it will be interesting to see what happens going into next week.
Will be hoping for the volatility to pick up...