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
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
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
USDSEK potential bear bat harmonic pattern & Elliott Wave Count
The 1H chart may be demonstrating a potential bear bat harmonic pattern. The Elliot Wave count for the last bull AD leg of the harmonic pattern is reasonably distinct. This evenings opening gap is in the direction of completing an Elliott blue wave 3 as the RSI touches over bought. T1 is a 38.2% retrace of CD and is close to the extreme of the Elliott black wave iv.
USDSEK 1H April 2012 bear bat harmonic pattern A