Three Drives

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The Three Drives pattern was originally outlined by Robert Prechter. It is not used often in trading, because it is rare to spot and far less common than other harmonic patterns. It consists of symmetrical price movements with identical Fibonacci projections in a 5-wave structure. The Three Drives pattern is defined by three distinct, consecutive and symmetrical drives to a top or bottom where each drive completes at 1.13, 1.27 or 1.618. Symmetry in both price and time is critical. It is important not to force the pattern on the chart. If it is not really there, the best decision would be not to trade it.

A reversal is likely to happen at the completion of the third drive. Conservative traders look for additional confirmation that price is reversing. Targets can be set at the discretion of the trader but normally extend beyond the last retracement. If the pattern fails, this could point to a strong continuation in the previously dominant direction. The Three Drives pattern can be either bullish or bearish. TradingView has a smart drawing tool that allows users to visually identify this price pattern on a chart.
AMTrader AMTrader USDJPY, 240, Long ,
45 0 0
USDJPY, 240 Long
USD/JPY Potential Bullish Three Drives Pattern

USD/JPY Potential Bullish Three Drives Pattern After the long and medium term analysis for USD/JPY on the weekly and daily time frame, the final analysis for the short term on the 4 hour time frame is ready. As previously mentioned in the other two analysis of USD/JPY, the key level of support is the 110.30/00 level. On the 4 hour time frame however we could ...

AMTrader AMTrader GBPJPY, 1D, Short ,
35 0 0
GBPJPY, 1D Short
GBP/JPY Projected Bearish Three Drives Pattern

GBP/JPY Bearish Three Drives GBP/JPY is hanging, or better resting, on a very thin level of intermediate support formed by a minor bullish trend line currently. However, looking how close price came to closing the gap between 142.20 to 142.60 at the end of May, 2018, it seems very likely that it will now close this gap. The reason why I believe it will, is ...

1885 1 12
BTCUSD outlook

BTCUSD hit second 0.618 fibonacci retracement, inside rising wedge pattern. This price action will trigger bearish three drives pattern. To complete this pattern,, 6449 will be bullish target from 5565 at fibonacci 1.414, and prepare for bearish correction after target reach to 5391. good luck.

135 0 1
EURUSD - Short Opportunity

The Forex market never ceases to amaze me. Price floats like a butterfly but stings like a bee if one doesn't apply an edge with a solid risk management method. The chart speaks for itself... I am short bias, although a break and test to the upside of 1.1000 will present a long opportunity. You have to be quick like the jaguar in order to reap the rewards of ...

Trading_Jazz Trading_Jazz EURUSD, 240, Short ,
640 0 16
EURUSD, 240 Short
(4h) 3Drives Bearish Pattern with Bearish Butterfly @ 141% ext

FX_IDC:EURUSD - Shorting the ABCD Pattern Retracement - 1.07204$ previous structure; Safe Trades;

Trading_Jazz Trading_Jazz USOIL, 240, Long ,
383 0 9
USOIL, 240 Long
(4h) 3Drives Pattern as Reversal & Major Shark Completion Point

FX:USOIL Major Shark completion point:

Trading_Jazz Trading_Jazz AUDNZD, 240, Short ,
351 0 7
AUDNZD, 240 Short
(4h) A Piece of Structure // 3Drives Pattern

FX:AUDNZD Safe Trades;

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