Watch out for these possible scenarios this week. (but be careful on Friday – NFP)
audusd h4 – two bearish patterns – bat and a smaller butterfly – plus a bamm trade (buy at B to target d)
audjpy h4 – bearish bat – and a bamm long trade
audcad h4 – bearish bat
gbpjpy h4 – bearish bat – and BAMM long from B (127.30) to target D (129.90)
note – possible reversal or pullback at ab=cd on supply zone (128.50) with 1.618bc just a few pips above
Good Trading!
Bearish bat emerging with 886xa at 117.38.
There are two supply zones in the vicinity – at (117.02 -117.44) and (117.68 – 117.89).
Enter after price hits the 0.886xa.
Stop just above the upper supply zone – although ideally above the 113xa.
Good Trading!
phenn
Possible bearish 5-0 emerging on UsdCad daily chart – with D at parity and confluence with Supply zone (1.0008-1.0055). The PRZ is bounded by ab=cd(1.0008) and fib 0.5bc (1.0055).
Good Trading!
Phenn
A bearish 5-0 has just completed on nzdusd 4H. Generally I am currently bearish on nzdusd at the moment, and so looking only for bearish patterns.
Enter 0.8126, stop should be at least above 0.618bc fib (at 0.8174). For a Risk/reward greater than 1:2
A closer look at H1 chart shows layered Supply zones at 0.8145-0.8156 and 0.8161-0.8181 to be taken into account for stop placement.
Good Trading!
Phenn
Hi
Here’s a good example of how 1 can equal 2.
A trade for Monday 13 June perhaps. An emerging bullish bat on gbpusd (h4) offers a long trade at the 886xa (confluence with 1.618AB) at the 1.6115 price level. Reward 170 pips, risk 65 pips. A strong demand zone is depicted by the green dashed lines.
Price on CD leg is moving in line with the predominant trend and so, you could also take a BAMM short trade here. Enter short at the B level of the potential Bat – in this case at at the current price level 1.6283 - and target the D level at 1.6115, for +170 pips.
The BAMM was discovered by Scott Carney and documented in his book “Harmonic Trading of the Financial Markets: Volume Two”.
I tweeted this trade on Friday (http://twitter.com/#!/harmonicforex) – and also for tips on how to trade the BAMM, see this trading tips page…
http://www.trade-forex-harmonic-patterns.com/harmonic-trading-tips-bat-pattern.html
Have a great week - and – Good Trading!
phenn
Hello
and welcome to this Harmonic Trader forex blog.
I am phenn – and I trade forex markets as an individual trader.
There are two key components to my trading:-
My aim in this blog is to provide trading ideas and tips on both of these areas, based on what I do in my trading day to day. I hope you find them interesting, thought-provoking and useful.
You can find out more about my trading strategy on my website here:
http://www.trade-forex-harmonic-patterns.com/index.html
Good Trading!
phenn
