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Harmonicsforex

Market Outlook: Bullish Flag and Bearish Shark Patterns in FocusPEPPERSTONE:USDNOK Key Technical Levels for USDNOK Weekly Fractal Resistance: 11.47 Daily Fractal Support: 11.21 Monthly Fractal Support: 10.38 (formed in late September) Breakout Resistance (December 2024): 11.13 These levels have been pivotal in guiding the pair’s movements, and it’s essential to keep an eye on them for future developments. Bullish Flag Pattern in Play One of the more notable formations in the current chart is the bullish flag pattern. This pattern suggests that the pair could see further upward movement, in line with the broader positive trend that has been in place since the formation of the monthly fractal support at 10.38 back in September. The bullish flag pattern typically indicates that the market is taking a breather before continuing in the direction of the prior trend. In this case, the recent pullback to 11.21 (daily fractal support) could be setting the stage for a further rise toward the 11.47 resistance level, or even beyond it, if momentum continues to build. Bearish Shark Pattern Projection While the bullish outlook is present, traders should also be cautious of the emerging bearish shark pattern. This pattern, which began taking shape after the breakout above the monthly fractal resistance at 11.13 in December, projects a potential reversal at the 11.56 level, which coincides with the 224% Fibonacci extension. Bearish Shark Pattern Implications If the price reaches 11.56, this could signal a reversal and the start of a downward move. A pullback could occur, testing the monthly fractal resistance at 11.13 or possibly even moving lower to 10.97, which is considered the default target for the bearish shark pattern. Given the current position of the pair and the technical levels in play, it's important to be prepared for both bullish and bearish scenarios in the near term. Happy Trading, André
by Andre_Cardoso
CADJPY Long Possible 5:1 Entry Reasoning: -82.00 has had strong reactions (Support) -We have two swing lows with bullish divergence -We are approaching a bullish trendline (Support) -We have a bullish bat pattern Take Profit Reasoning: -1.27 Extension of the bat pattern -Strong resistance on the daily Aggressive Buy - Put limit order at 82.02 Conservative Buy- Wait for orange trendline to break, then enter on pullback Stop Loss- 10 Pips beyond the 1.13 of the bat pattern
Long
by elevatedinvestor
1
Harmonics Patterns on USDCADSome of my trading counterparts and colleagues asked me why I am so into USDCAD recently and still holding on to my trade since I shorted this pair during Xmas 2018 on a Weekly Bearish Bat pattern completion. So I decided to share this education segment to the trading community on some insights of my trading strategies. Take a look at my chart on the USDCAD H4 timeframe. I have tried my level best to scale the chart so that all my analysis to identify Harmonic Patterns are still visible to viewers. Can you spot how many patterns are there? There is a potential buy opportunity now as well since H4 Bat is completed. For Harmonic Pattern traders, we know that each pattern completes at Point D, regardless whether they are Bullish or Bearish patterns. Some of the harmonics patterns that I use: 1) Bat 2) Gartley / Deep Gartley 3) Butterfly 4) Shark 5) Crab / Deep Crab 6) 5-0 I also combine other strategies I have learned such as Supply & Demand, Structure Trading, Candlestick Analysis, and most importantly Multiple Timeframe Analysis. Back to the trade I am currently in, at the moment it is running 400+ pips of profit, closing in to 500pips while my TP1 level is at 540pips. This is my big timeframe trade and I know USDCAD has huge potential to go even lower. While having this thought, what else can I do: - do short selling on this pair on smaller timeframes to build up my position. - when a bullish Harmonics Pattern emerges and it fits all my trade filters, long the pair and aim for conservative targets (I am on long term bearish-ness for the pair). - move my stop loss gradually each time a major support level is broken to lock in my profits, you dont want to give back the profits to the market! - check my indicators on big time frame for trend reversal to determine if I should take profit early. After trading for some years now, an important lesson I want to share with you is to stick to the few strategies that has been proven profitable over a series of back-testing. I am fortunate to learn the AUTHENTIC way to trade Harmonics Patterns and hence sharpen my trading skill dramatically. Sure there are many other trading strategies that are also profitable, however let us not go into learning everything there is to offer out there, instead focus on being a consistent and profitable trader. I always think back the very reason why I come into the trading scene about 5-6 years ago - To profit from the financial markets and free up time and life choices to pursue the more important things in life such as quality family time. I am glad that things are working out slowly for me, what about you? Thank you for reading, one final take away I like my readers to have - stay focus on your life goals and stick to your trading plan/rules. Do like and share this post. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
by TradeWithWayneYia
GBPNZD H1 Bearish BatH1 Bearish Bat Harmonics Pattern The pattern will complete at point D however I am entering trade on a deeper price represented by the black dotted line. Reason for this is because this is GBPNZD - GBP cross pair and tend to be more volatile and higher broker spread. I saw bigger Bullish Harmonics Patterns on H4 and Daily on the Higher timeframe and gave me added reason to short this pair at this level. Entry: 1.8965 SL: 1.9032 (-67pips) TP1: 1.8846 (+119pips) TP2: 1.8780 (+185pips) Do like and share this post. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
Short
by TradeWithWayneYia
GBPUSD H4 Bearish GartleyWaiting for price to reach Point D to complete the Gartley Pattern for a shorting opportunity. Gartley completes at price level 1.2740 . Higher timeframe trend is down, hence this trade setup will be with selling with the trend. Do like and share this post. Follow me if my trading style suits you as I will be updating on a more regular basis. We are a community committed to empower individuals to trade profitably and independently in the Forex Market. This is our latest Trade Ideas results for October. Subscribe to us and receive updates on more upcoming trades. forex100academy.com
Short
by TradeWithWayneYia
USDCAD Weekly Bearish BatLarge timeframe traders dont miss this! Clean Bearish Bat Harmonics Pattern with good Risk-Reward Ratio (RRR). Saw how the completion area of the Bat Pattern coincide with previous price points (circled in red) which gives this trade setup added probability boost. These are some of the things that I look out for when looking for trade. Patience is the key for trading, especially when trading on the Daily and Weekly charts, be ready to hold on to the trades for weeks and months! Do like and share this post. Follow me if my trading style suits you as I will be updating on a more regular basis. We are a community committed to empower individuals to trade profitably and independently in the Forex Market. This is our latest Trade Ideas results for October. Subscribe to us and receive updates on more upcoming trades. forex100academy.com
Short
by TradeWithWayneYia