Previous post In my previous post () about a smaller shark pattern and a 5-0 pattern completion, the pair confirmed that this smaller 5-0 pattern really just was a retracement pattern after a failed bearish pushes. This bear weakness was confirmed with a strong bullish move! Reading the chart Getting a bigger picture of the pair really shows the failed bearish...
Reading the chart After a failed push (B) of only 113% extension of O to X, price almost immediately reversed to the other direction, breaking the secondary bearish trendline. Now the 88.6% retracement of O to B could not bring any relief from the bullish pressure. Prediction The second level to watch for is the 113% extension of B to O, which could lead to a...
Before I begin, let me first say that playing the NFP is very high-risk and if you do, I STRONGLY SUGGEST to reduce position size to at least half or less. Having said that, any analysis pre-NFP is shaky at best because the NFP price action can easily invalidate it all So take this for what it's worth.... Basically, according to my analysis, I am expecting a...
Alcoa has had the unfortunate circumstance of being thrown in the same group as many companies who are suffering because of the drastic fall in commodity prices. Currently there are two patterns targeting around 8.50-8.80. One is a bullish shark that has a potential PRZ between 8.78 and 8.57. The other is an AB=CD pattern targeting a PRZ at the 1.272 extension at...
Wow! No sooner did I post this and prices reacted almost EXACTLY as I had posted! The spike up filled the first shark, ran up into it's PRZ and quickly dropped down to hit the TP1 (@ 38.2%) and ALMOST hit TP2 (@61.8%) missing it by only a few pips! Banked the +81 pips and now looking for prices to continue downwards and hit that TP2 and beyond! I'll be posting...
In my last update on this pair, PA have retraced back up and have closed beyond the X point of the cypher pattern invalidating it. In it's place, there are 2 POTENTIAL bearish shark patterns waiting to be filled with one of them nearing to being filled. The closer one (grey/pink) one has a termination point that is still under the most recent highs (1.30673) and...
In my last post, I had a bearish shark filling around at the .786 level well within the "Goldilocks" Zone. I've now added 2 bullish bats as well. Both also filling within the "Goldilocks Zone". One also at the .786 and the other one filling at the .886. Together with the bullish shark, when prices reach this area, chances are very good there will be a reversal....
The bearish shark that completed a couple of days ago (see Related Ideas: "EURUSD: A Completed Shark Pattern + Explanation") has hit both TP1 and TP2 targets for a nice combined +264 pips. There is still a TP3 target available but personally, I do not think it will hit. Why? See my last post on this pair that shows a STRONG reversal area that is looming just...
I'm not even sure I'm going to refer you to read my previous recent posts on this pair! Although in general they were correct, my predicted execution was not! When you have a cypher, and two Gartley's all pointing in the same direction among other factors, you'd think you'd have some confidence in the setup, right? But then they ALL get blown away! Tends to shake...
EDIT: See the REPOST for the correct chart. I'm not even sure I'm going to refer you to read my previous recent posts on this pair! Although in general they were correct, my predicted execution was not! When you have a cypher, and two Gartley's all pointing in the same direction among other factors, you'd think you'd have some confidence in the setup, right? But...
While everything has kind paused now waiting on the FOMC, let me post this update real quick.... In my previous post, I talked about a bullish shark that will complete around the same point as the bullish 5-0 pattern would complete: at the 1.09600 area. Recent price action has now also set up a POTENTIAL bullish bat that will also complete right around that area...
And yes, you just....might.....want....to.....get.....LONG on this pair soon! If you follow my posts, then you know that I am bullish on this pair right now and just waiting for prices to take off. So what I am presenting here is that chance! There is another smaller shark pattern here on the 1Hr TF who's PRZ happens to fall right by where the bullish 5-0 pattern...
Now that prices are starting to descend towards the profit targets and the D point completion of the 5-0 pattern, I wanted to provide the profit targets. This time, I have provided 3 profit targets instead of the usual 2. Profit Targets: 1. 38.2% (111 pips) 2. 50% (152 pips) 3, 61.8% (186 pips) I provided 3 because each one of these levels also have a minor...
This bullish shark pattern has hit both it's profit targets. You might notice that the TP1 for a shark is at 50% and not the usual 38.2% retracemernt. This is because a shark is part of the 5-0 pattern and the D point of the 5-0 pattern sits at the 50% retracement level. However, you are free to take profits at the 38.2% level of a shark pattern if you wish. Trade...
I wanted to post this completed shark pattern separately from all the other patterns that are present right now in this pair. Refer to my other post (see Related Ideas: "ANALYSIS: EURUSD Outlook: Pattern Explosion! What Happens Now?") . I did not include this Shark pattern in that post as I didn't notice it until recently and also it gives me another chance to...
UPDATE #1: In my last post, I alerted that a bullish shark pattern had been completed and was now in play. Shark patterns are unique in that they are a "class 2" type pattern as well as an extension pattern. What is typical of all extensions patterns (i.e., crabs, butterfly's and sharks) is that they will usually end to the D point and the PRZ very violently and...