AUDCHF bear bat harmonic pattern second trade set-up update
The second set-up for AUDCHF bear bat harmonic pattern, posted last week that has already yielded 80 pips profit, has progressed nicely. I have moved the stop on second half postion to 9417 locking in 130 pips profit. It is possible to discern a bull bat harmonic pattern on the 4H.
AUDCHF 4H April 2012 bear bat harmonic pattern D
AUDCHF 4H April 2012 bear bat harmonic pattern
Looking the daily chart, it can be seen how previous structure became good resistance and repelled the rally into the X level of the harmonic pattern. Resolution of the harmonic bear bat harmonic pattern was also assisted by resistance from the upper trend line of the declining channel.
AUDCHF Daily April 2012 B bear bat harmonic pattern
AUDCHF Daily April 2012 A bear bat harmonic pattern
EURMXN bear gartley harmonic pattern update
The EURMXN bear gartley harmonic set-up posted earlier yesterday didn't manage to reach the entry point at the X level of the harmonic pattern.
As can be seen on the 4H chart it kissed the 94.1% retrace of XA of the harmonic pattern and then dropped nicely into T1, which was spiked by a morning star type candle, the latter got oversold on the 1H RSI and is in correction now. The drop in price occurred after exhibiting an over bought RSI followed by divergence on the 4H chart. The RSI on the daily chart got very close to over bought twice and it looks like today's price action may be ending as a bearish engulfment type candle, possibly boding further decline.
EURMXN 4H April 2012 bear gartley harmonic pattern B
EURMXN 4H April 2012 bear gartley harmonic pattern A
AUDCHF bear bat harmonic pattern second trade set-up hits T1 for 80 pips profit
I posted two potential short trade set-ups on 6th April for a developing bear bat harmonic pattern on AUDCHF. The first set-up completed, but when considering the price action of this and other correlated pairs, it did not look likely to hit T1, so I elected to take 40 pips profit on 13th April as price decided to rally.
The other set-up related to this bear bat harmonic pattern and posted on 6th April came into play when price hit and struggled with resistance at around the 9548 level, with associated RSI divergence. This trade set-up has hit T1 for 80 pips profit, second half position is now moved to break even.
AUDCHF 4H April 2012 bear bat harmonic pattern C
AUDCHF 4H April 2012 bear bat harmonic pattern
EURMXN bear gartley harmonic pattern completing
Looking to short the EURMXN as it approaches the X level of the bear gartley harmonic pattern shown on the 4H chart. The X level coincides with an equivalent AB=CD within the harmonic pattern, while getting over bought and showing some divergence on the RSI. The daily chart is also approaching over bought.
EURMXN 4H April 2012 bear gartley harmonic pattern A
USDSEK bear bat harmonic pattern update
Stop has been taken out on USDSEK bear bat harmonic pattern, before price reversed into T1 and beyond by about the same distance again. The 113% extension of XA of the harmonic pattern again proved it's significance, but unfortunately it was spiked twice for a 25 pip (250 pipette) loss.
USDSEK 1H April 2012 bear bat harmonic pattern B