Three Drives

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Three Drives

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.
Pip_Alchemist Pip_Alchemist PRO EURUSD, D, Short ,
EURUSD: EURUSD - Short Opportunity
86 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 TOP EURUSD, 240, Short ,
EURUSD: (4h) 3Drives Bearish Pattern with Bearish Butterfly @ 141% ext
605 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 TOP USOIL, 240, Long ,
USOIL: (4h) 3Drives Pattern as Reversal & Major Shark Completion Point
357 0 9
USOIL, 240 Long
(4h) 3Drives Pattern as Reversal & Major Shark Completion Point

FX:USOIL Major Shark completion point:

Trading_Jazz Trading_Jazz TOP AUDNZD, 240, Short ,
AUDNZD: (4h) A Piece of Structure // 3Drives Pattern
334 0 7
AUDNZD, 240 Short
(4h) A Piece of Structure // 3Drives Pattern

FX:AUDNZD Safe Trades;

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