The similarity between harmonic and basic chart patterns is that, for each of them, the shape and structure are key factors to recognizing and validating a specific pattern. The next price movement can thus be projected with the goal of turning these patterns into profits. However, a key difference is that harmonic patterns are defined more precisely. They are 5-point reversal structures, containing combinations of well defined consecutive Fibonacci retracements and Fibonacci extensions, leaving less room for flexible interpretation.
Harmonic patterns continuously repeat themselves, especially in consolidating markets. There are basically 2 types of patterns: 5-point retracement structures like the Gartley and the Bat and 5-point extension patterns like the Butterfly and the Crab. Trading harmonic patterns requires patience because, due to the specificity of the ratios, patterns that appear harmonic may not be if they don't align with the proper measurements.
The Weekly chart of EUR/USD has formed a Full Elliot waves Pattern
The Pair after completed (12345) Elliot waves now it is the formation of making corrective waves (ABC)
Short after the correction wave B for the another bearish impulse move on the cards.
Harmonic Bullish AB = CD Ext, Where "D" = Fib Ext 1.13 of "ABC"
Confirmation: If in Pull-Back Rally, Lift the Counter Above "B" level.
Here Point "B" => @ 2528.05.
Best LONG: @ 2344 - 2356
Intraday / Swing TARGETS:
@ 2384, 2392.60, 2398.85 - 2402.60 (HZ), 2415.35, 2429.40+
More details mentioned in Chart.
Education Purpose Only.
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Notes on the chart.
I like the price inside the channel so the trade will be invalidated below the channel. However, look for an entry as per plan on the chart.
Trade safe, stay healthy :)
Regards
UPL completes flag target as shown in chart and also formed good hammer. Might give reversal from here, however, looking into market scenario for mid and small cap stocks, SL should be kept tight below 535 level for Positional view, it might reach 600 in few days.
10:00 Hrs - 17th July 2018
Last Price@574-575
Post Market Read - Check Trading Strategy in Market Time
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It was 08:30 IST -15th July 2018 - Everyone was excited for Fifa World Cup 2018 Final Match between France & Croatia- ...
Technical analysis:
. Basic Attention Token/Binance Coin is in a range bound and beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 38.
Trading suggestion:
. The price is in a range bound and we forecast the uptrend would begin.
. There is a possibility of temporary retracement to ...
We have potential Bearish Gartley pattern in Banknifty.
Create short positions on confirmation of the reversal. Potential reversal area 26850 to 26980.
Stop loss slightly above 27000.
Targets - 26500, 26300 perhaps more than that.
I am posting Germany's DAX index chart for the reference where Bearish Bat pattern is executing perfectly.
BankNifty seen good fall last trading which was majorly a news based fall. It can still go and test the levels of 27500/600 till the time doesnt close below 26804. Tomorrow expiry may see good move on upside.
12:07 Hrs 13th July 2018
Last Price@605.50
Auropharma loves 600 - I love 600 - "if" Bat loves 600 - scenario becomes more sweet for upside targets
Target 1 - 612-613
Target 2 - 625 -627
Target 3 - 635-637
Potential Reversal Zone(PRZ)
PRZ for Bat is 600 - 605
Stop Loss (SL)
Below 595 - Which is danger level as mentioned in last update.
Trading Strategy ...
