[traden4x]

I wish I had held on. Another 30 mins and still < the 60 mins originally targeted, price moved up +65 for the D leg completion.

[traden4x]

Ready for another week?

Many great harmonic patterns last week but didn't have much time to post them. I will try to show some as examples later.

A call I did make on Thurs was EURUSD to go long. This is the basic setup.

I added the monthly on EU and as you can see, much support @ the 50% retracement, ABCD 100 level from the prior corrective swing and the high from the previous impulsive move.

[traden4x]

GU had a fabulous move short. In the weekly we have the bearish gartley and I also showed it in the daily. These patterns are very nice to find and trade when they are found in the corrective wave before the C wave or other impulse wave begins.

From the weekly and daily you can review the fib levels that were met.

Hopefully you find this interesting and would like to add your comments or observations.

Carl

[traden4x]

In this pic is a closer look at the reversal point from the 30min butterfly pattern. From this pattern and taking the CD leg, price extended to the 223.6 level.

I have been testing where patterns succeed and fail and often I find this off of the CD leg fib values.

The next pic will show the 15min and where a bearish harmonic pattern fails in the long position trade. This is at a fib level off of the CD leg. At that time of failure, I begin looking for 3 Drive patterns for price to extend to.

Carl

[traden4x]

The 15min chart shows a red ABC with the fib expansion (fe) applied to it. Here is a case where price retraces to 78.6 of red AB to C. We can look to trade short here with initial targets being the leg C of any of the harmonic patterns.

Upon breaking the low of red B, I look for the fib extensions and expansion levels. You can see that after the red C in the yellow XA leg was a nice 12345 or 3 Drive pattern. Within this pattern blue d is at the 161.8 extension of the red AB leg and never closed below the fe-redABC 138.2. Final completion of 5th leg of yellow XA came at red fe-ABC 161.8.

The yellow A is also where the 30 min bullish butterfly pattern is now in effect.

Next post will comment on the turn and the following long.

[OAC]

I don't know how many people would agree with me here, your charts are hard to read, you need to get rid of some of the cluttered lines. May be you should use something other than Pevasento Patterns from Ensign ?

[traden4x]

Here are the fibs after the 30 min signaled a reversal butterfly. I will often look to the lower TF's of the 5 or 1min and look for the TL break and enter in. Going against a major trend ai will look for smaller targets.

Price first reversed to the 61.8 of yellow XA. 2nd move was point yellow C where the 88.6 of yellow AB was hit. Now as you know harmonic patterns and that we are in a lrger bullish butterfly, we now have a lower TF harmonic setting up for leg D of a bearhish pattern. We look to trade the higher TF pattern with the lower TF patterns price targets.

In the 1st pic you see price went to 123.6 of yellow XA, 200.0 of yellow AB, 211.4 of yellow BC. This for D completion and a bearish harmonic signaling.

In the 2nd pic you see price retracing to 38.2 of yellow CD. This is where the bears fail and price moves long. I now bagin to look for larger targets both from the 30min pattern legs and from this TF where 3 Drives or extension patterns come into play. Still even the reversal signal was a winner if you played the fibs correctly.

In the 3rd pic we have a fe_CDE to 114.6. This level is past the fe-CDE 100.0 aka, ABCD and yellow CD 161.8 extension confluence. The final price level was from the 30min TF CD leg with 223.6 extension. Remember to watch the higher TF's for targets as that is where the larger signal is from.

Carl

[traden4x]

Originally Posted by OAC »

I don't know how many people would agree with me here, your charts are hard to read, you need to get rid of some of the cluttered lines. May be you should use something other than Pevasento Patterns from Ensign ?

Sorry if they are a little hard at times. Limitations with the platform to delete only single lines.

I hope the message that it is conveying is worth more than the strain on the eyes.

This isn't from ensign.