Reasons for entry :
- Double bottom
- Rsi divergance
- Harmonic move
- ALT AB 141.4
SL :
- Below PRZ,
TP:
- Retest of structure
Comment : Very good risk rewrad ratio
With the EUR/GBP in a clear downtrend, after a pull back from the previous swing low in the 0.7870 area, a trend continuation short opportunity is brewing up with today's high test bearish reversal bar with a potential close below 50 ema. There is also RSI divergence adding to continue short in trend. Price rejection is seen around 0.8020 with a high test bar...
This pair found support at 61.8% Fibonacci retracement of the last big swing high. This level was also a great bouncing zone in the past. Recently on the first bottom of the pattern, RSI was extremelly oversold.
Action: wait for a double bottom to complete at that level and buy next candle if RSI bullish divergence is in place.
Simply put, the Euro has been declining for virtually all of July. Demand has been weak and support levels have been broken time and time again. From my POV, this is the first Bullish RSI divergence on the Daily in quite some time. The divergence came with some interesting PA as well:
July 30 and 31 presented two Hammers, followed by a Bullish engulfing pattern....
I've been sitting in a short position on this trade since this morning and it hasn't really done much. What initially caught my attention was the fact that I was late to a deep bearish Gartley Pattern. When I looked a little closer I found that price action had moved up a previous level of structure and had refused to create a higher close.
I would like this...
This is a trade I will not be taking if it doesn't meet the test of time.
After taking the time to reread Carney's books, he mentioned with emphasis the use of time in regards to harmonic completions.
From Carney himself:
"Although time considerations are not as significant as the factors of price, an understanding of when a setup should complete can optimize...
This morning I recorded a video looking at a bullish Gartley opportunity that I missed. By the time I got my orders in price action had move well beyond the original entry point offering a much better risk/reward. Hours later we are still holding on tot he very last bit of structure and are attempting to put in a double bottom depending on the close oft his...
Rarely do I see these patterns, let alone trade them.
The Euro has broken some major support levels and trendlines. Whether it's a false break or not, we'll have to wait and see.
Judging from the tick volume I use in Metatrader, there hasn't been any indication of large amounts of demand entering the market, which is why I'm not too excited about this pattern....
The Daily chart has shown a steady, healthy uptrend dating back to early April; longs.
However, since the start of July, we've been in this sideways channel, one in which I'm expecting to hold as we form this Bearish Bat with the PRZ right at former support-turned-resistance. One could take the counter-trend short and place stops just above resistance zone, but...
Price has retraced to the .764 fib, (most recent high) and has remained in a range just below it.
Price is currently bouncing off the .618 fib and the RSI has failed to reach the 70. mark, and continues to move lower, creating bearish divergence (see chart)
first target is horizontal resistance at .9217 which also coincides with the .5 fib level. A break of...
As you can see with the yellow, dimly-shadowed, Bearish Cypher, it took prices some time to finally turn to the downside. Although going short would of been a successful short-term trade, the outlook is still bullish.
The current Bullish Cypher, the green one, is iffy. The top portion that hit the former resistance just barely missed the minimum 1.13 extension,...
AUDUSD was in an uptrend since approx the beginning of the year. In May the pair failed to make a new high and since then began a range, which broke the trendline. The new recent high made at the beginning of July looked to restart the trend, but instead signaled bearish divergence, as the the RSI failed to make a new high as well.
I am waiting on a little pull...
Dow Jones, like the S&P, are destined to rise before the long-awaited correction.
Judging by the volume of the past month or so, large bets have been placed on the long side. As for the past trading day, the large volume bar was a pseudo-indecision bar.
I'll be on the sidelines for right now, as I would have entered at the completion of the Gartley that formed.
Idea is based on a combination of EW theory and median line analysis. The rationale behind this setup is shown on the chart. Unfortunately due to the dynamic nature of my TA I cant give you a fixed stop loss for the LONG setup. Use the RSI and watch price action to determine where to go LONG!. Please zoom out to see the pitchforks which I use.
Idea is based on a combination of Elliot Wave theory and median analysis. The rationale behind this technical analysis is shown on the chart along with specific targets and stop losses. Good Luck!
