{quote} Hey alpha Hope you, good Mate. Please note Aud was drawn on D1. Question for you? 1: You mentioned Shark Pattern above in your comment, I'm not seeing a such pattern. Please highlight/elaborate. My understanding of shark patterns from Scotts carney below link Shark Pattern | Harmonic Trader Also, shark / 5-0 Are similar patterns but vary on D retracements. 5-0 | Harmonic Trader {image}
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I am away from my computer. So, I can't illustrate with the aid of a chart but I will explain and hope it helps. From where price is now down to the prz (BC) (see my last image) of the chart is the shark pattern in play, which is bearish. If you buy from the prz when price gets there then you're trading the 5-0 which is bullish. As time goes I will get a YouTube channel to explain things in detail just as CNTrader was doing
Ola ola JPY Crab I'm seeing some loss of viagra on H4 and H1 (I Took a Small risky Short ) lets see how it works out ! {image} {image}
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Lol, the risk on this is so minimal, I almost sold the pair and aj pair, but when I checked uj price has already touched 113 fibo extension level, a bulish candle close above 113 five level invalidates the pattern. As for last night the pattern was still valid, another thing that discouraged me was my conformation. There is always a bullish/bearish rejection candle that forms at a completion of every patterns that I use, If you been following my post then you should know that already.
{quote} I am away from my computer. So, I can't illustrate with the aid of a chart but I will explain and hope it helps. From where price is now down to the prz (BC) (see my last image) of the chart is the shark pattern in play, which is bearish. If you buy from the prz when price gets there then you're trading the 5-0 which is bullish. As time goes I will get a YouTube channel to explain things in detail just as CNTrader was doing
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Alpha
Are you referring to this shark on d1?
Although my positions are derived from Gartley, it would be a good learning experience to see the outcome of the trade.
Alpha, keep bringing wisdom to the table!
cheers
Attached Image (click to enlarge)
We cannot direct the winds but we can adjust our sail.
{quote} Alpha Are you referring to this shark on d1? Although my positions are derived from Gartley, it would be a good learning experience to see the outcome of the trade. Alpha, keep bringing wisdom to the table! cheers {image}
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It's okay, like I said your pattern Identification is valid but your risk is high(you entered too early). How the trade may turn out that I don't know and I hope you make bank
{quote} It's okay, like I said your pattern Identification is valid but your risk is high(you entered too early). How the trade may turn out that I don't know and I hope you make bank
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Salute Alpha
Awesome call Alpha 1 - PB 0
Its a pleasure being underwater in a trade, lesson learned ( Patience, Always have Double lenses to PA)
We cannot direct the winds but we can adjust our sail.
{quote} Hi, It's good but your risk is so hi. There is so much room for this pair to head down and retest the previous support. While you're seeing Gartley which is correct I am also seeing a shark pattern on the daily. If I were you, I will exit this trade with the profit you've got and wait for price at the prz. Please do a top down analysis {image}
Ola Traders Guys appreciate your point of view /constructive criticism of the above Bank! Above AUD H4 Bullish gartley {image}
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Hello Bro. In the above post i called the pattern a shark pattern. That was wrong of me it's actually a Gartley pattern, the message I was trying to pass was the risk involved. You see the image below? I took that trade this morning 4:37am (about six hours after I made that post) and it was just to illustrate what I was trying to tell you above. The AB=CD and the Gartley formation is now completed?
Can someone please tell me what hard drug the dollar is on? If I would have known about this month ago I would have simply bought the dollar against every other currencies and make the bank big time. One thing I know is when the dollar tanks, it will present several sell/buy opportunities because it's clearly over bought and market has to correct at one point.
I'm watching GU, AU, UJ, CJ, EG, and GJ closely and not holding any position currently. Guys what do you think?
Can someone please tell me what hard drug the dollar is on? If I would have known about this month ago I would have simply bought the dollar against every other currencies and make the bank big time. One thing I know is when the dollar tanks, it will present several sell/buy opportunities because it's clearly over bought and market has to correct at one point. I'm watching GU, AU, UJ, CJ, EG, and GJ closely and not holding any position currently. Guys what do you think?
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T share the same sentiment there is no way the dollar is this strong. We just need to position ourselves for the corrections.
NFP dust has settled, I deliberately stayed away from trading since I manually closed my EA trade. I just took EG trade on the daily TF, If price spikes up I will add more positions but for now this is okay. Shark pattern is in play here. Bias: Bearish Risk: Reward 1:2 (61.8 Fib. retracement level) Themes: Both the EU and the UK are in a similar mess {image}
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Just sold EG, I will update later with chart. Main Refinancing Rate data would be out tomorrow I will watch price action closely.
This is my take on EURGBP, from my top-down analysis I do think that there is still room for price to go higher. I would feel more comfortable taking a short close to the horizontal white line. let see how this one play out.
@ alpha I'm on the sidelines EG, Nevertheless, it would be interesting to see your Analysis and trade development. @ Row, I'm keen to see some of your charts and calls. It's been great learning daily from all the participants on this thread. {image} {image}
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The prime market mover today would be the Main Refinancing Rate data, the forecast does not align with my trade at all. leaving this trade especial when price is so close to my stop loss may be a mistake. So, I main take my little gain and join you and row on the sideline, there is always another trade!
This is my take on EURGBP, from my top-down analysis I do think that there is still room for price to go higher. I would feel more comfortable taking a short close to the horizontal white line. let see how this one play out. {image}
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Yeah! at that point the risk would be so low, price may probably test that resistance level or even go above it today and I think that the most logical thing to do is to exit this trade. I will wait for london open, I hope there would be a downward rally before the news so I can exit with more cash for the bank. Thanks guys for your wonderful insight.
{quote} Just sold EG, I will update later with chart. Main Refinancing Rate data would be out tomorrow I will watch price action closely.
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My plan was to add more position if price rally up but with Main Refinancing Rate data due to be out today, the bullish move maybe more that what I'm willing to risk so I may exit this trade before the news and re-enter when market presents less risk. Capital preservation is the number 1 rule of trading so, I will do just that. EG daily TF. Closed
{quote} Shark and AB=CD patterns forming, both sharing a PRZ. Bank holiday is affecting this pair, tomorrow may give us a clearer price action {image}
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Bought AU after closing my EG trade (the huge move down afford me the opportunity to buy cheap), I will upload chart when I'm home. @posterboy did you take this trade? The risk here is minimal.
{quote} Bought AU after closing my EG trade (the huge move down afford me the opportunity to buy cheap), I will upload chart when I'm home. @posterboy did you take this trade? The risk here is minimal.
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AUDUSD DAILY TF. If you're new to harmonic then you should know that where we take trade from is a very delicate zone, It's where the stop hunt occurs. Some call it the whipsaw, swing failure it's also where the false breakout takes place. So, if you are new and you're interested, then try it on demo first before risking real money, just when you think you've known enough by trading demo don't feel over confident by over trading, buying huge lot size that your account can't handle, revenge trading and every other habit that will make you to blow up your account.Update:
{quote} AUDUSD DAILY TF. If you're new to harmonic then you should know that where we take trade from is a very delicate zone, It's where the stop hunt occurs. Some call it the whipsaw, swing failure it's also where the false breakout takes place. So, if you are new and you're interested, then try it on demo first before risking real money, just when you think you've known enough by trading demo don't feel over confident by over trading, buying huge lot size that your account can't handle, revenge trading and every other habit that will make you...
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Well done my friend. I haven't entered just yet, I could be wrong, but I think price might return to test that previous low.
