Henrik-SMCTrading

Henrik-SMCTrading

OMXS30 continues to be bullish and are looking to face two resistance levels ahead. First one is at the level of "X" in the pattern, wich is strong nut we Do see some tests just above lining up with the top of the Sharks PRZ. Expected reaction from the Shark is a 38.2% Fib, but often we can see a pullback down to 50% where w, in that case, have a 5-0 pattern...

Henrik-SMCTrading

If we start by looking at the underlying trend we are on a daily basis in a bullish trend BUT we may have a "Bearish reversal" - that is, a turn is in progress. It is not yet confirmed there though. At the current time resolution (1h) we do have a confirmed. Both of these tell me I should be careful about taking extended goals and also handling my trades...

Henrik-SMCTrading

In a fast move this Bat pattern became complete while I was drawing it. :) I only await confirmation to take a trade. SL at the appropriate ATR or Fib level above X. Targets: 38.2 and 61.8. However, I recommend that you be careful before entering this trade when the bar that made the pattern complete was very "strong". This usually indicates that a continued...

Henrik-SMCTrading

We have not really passed the B point for what appears to be a Gartley pattern of USDNOK yet but, close enough. Looking at higher timeframes, we are more or less in a consolidation, no real trend to talk about. Awaiting test of PRZ and then confirmation of reversal.

Henrik-SMCTrading

We see a retracement up on Gold (XAUUSD) and the B point of the potential Bat pattern is passed - which makes the pattern "live". If we look at, for example, a Daily timeframe (which may be too high timeframe to coincide with a trade on the 30min timeframe, but ...) it is in a down movement right now where the price just closed below a triangle preceded by a...

Henrik-SMCTrading

Duplicate patterns are in progress in NZDJPY 1h timeframe. Looking at 4h timeframe, we see that we have a slight upward trend, although daily shows something else. So little caution and possibly even further confirmation may be desirable. The Gartley pattern is the first to be complete and therefore traded upon given confirmations after tested PRZ. Should the...

Henrik-SMCTrading

This is an example of a trade with aggressive entry on an ascending triangle. Trend is up and this technique takes both that and the psychology of the pattern into consideration. SL just below structure and targets up in higher TF structures. Great R:R but keep in mind that this IS an aggressive entry. Alot of traders, including myself, would like to get more...

Henrik-SMCTrading

Bat patterns with good ratios and momentum down to the D point. GBPUSD is In a downtrend, looking at Daily Time Frame, so we use a tight SL and realistic price targets, since most likely only a pullback is to wait. We also have a strong daily support level just below PRZ, which means I'm expect price movements down there before we see a turn. In other words, PRZ...

Henrik-SMCTrading

Some might allready have taken a trade on the previous test of the structure forming this consolidating zone of range bounde movement. I did not, for reasons not having to do anything with the setup, and therefore (following my plan) I´m waiting for a new setup. We might not see a complete doubletop so a entry just below, from this ongoing pullback, after a...

Henrik-SMCTrading

We are in an underlying down trend, which means that you should be a little extra restrictive with patterns like this. The bat pattern is relatively deep (B-point), which also speaks for smaller profit target(s). PRZ coincides with a smaller support level which can speak for at least a 38.2% recoil to make a small profit. If you run 2 positions you have to be...

Henrik-SMCTrading

AUDJPY has been moving between 2 levels for a while now and once again we can see reaction from the resistance. Just as a additional confirmation I used Bollinger bands on 1hr to confirm that it was over extended there as well. Looking at the lower TF, 15min, we can also see that we have a RSI Divergence. You could go for 2 positions here taking the first one...

Henrik-SMCTrading

XAUUSD is on the final C-D leg and has closed above the B-point, givning it some momentum up for a complete pattern up at D-point and higher TF resistance. The general trend is bearish so extended targets can be used. Look for reversal confirmation in the PRZ or just above.

Henrik-SMCTrading

This H&S isn´t perfect but since we also have a structure level that will be tested at the same time as a break of the H&S neckline will occur - makes it really interesting to me. There is couple of ways to set SL and targets and I´m using the last lower high, + couple of pips, as SL in this setup. For targets I´m looking at a 1.618%-ish move of the right...

Henrik-SMCTrading

One of the most basic and "simple" patterns. However, it should preferably not be traded as the only affirmative factor. Here we have structure that coincides on the same level as the AB = CD pattern 1: 1 point (D point). In addition, we are also awaiting confirmation of RSI. A first target is structure that coincides with 38.2%. Should the AB = CD 1: 1 pattern...

Henrik-SMCTrading

US30 has just landed a AB=CD pattern and is atm testing previous structure. We might se a brief reaction from the structure (double bottom) confluencing with the AB=CD pattern. I´m waiting for a bit more extended move down to a complete Bat pattern and probably a test of daily structure just below. The price action at these levels will be my descission point for...

Henrik-SMCTrading

A really nice 1:1 AB=CD pattern was just completed on EURNOK 4h. The only "warning" is the "fast" fall down to the D-point = Tight SL. RSI is oversold as well but the more restrictive can wait for it to break up over 20 (or 30 for those who use that). The risk is that you miss a large part of the movement. As always - your plan and what you have tested is what...

Henrik-SMCTrading

GBPJPY has just landed both a near to perfect Bat pattern as well as a Deep Crab pattern - both completing at the same levels. Right now we are watching at a first reaction from the PRZ, that I´m personally not involved with, but will probably see a retest of the complete zone before we hopefully get another (Type 2) reaction. We have no clear trend so standard...

Henrik-SMCTrading

Awaiting a complete pattern and test of PRZ. AUDCAD shows no real trend so to stick to standard targets is recommended. Tight SL just below the X point.