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
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
CADCHF gartley harmonic pattern set ups
Keeping an eye on CADCHF as it throws up some nice 61.8% fibonacci retracements on various levels. The fractal nature of markets described in Elliott Wave Theory equally applies to the harmonic pattern. It is common to have patterns within patterns, but while some nice harmonic pattern trade entries can be discerned and traded on the smaller degree or time frame, it must be remembered that the larger degree or larger pattern often takes precedence and dominates price action.
The following 4H chart shows CADCHF as recently overbought on it's RSI, this suggests at least a correction to the downside soon, which may take price down to complete the partially pink bull gartley harmonic pattern. An alternative shown on the 1H chart may be the playing out of an even smaller harmonic pattern between 9285 and 9117. The most attractive potential harmonic pattern would be the blue bear gartley pattern shown on the 4H chart, ideally getting over bought and/or diverging into the 88.6% retrace of XA.
The point is that technical analysis, including harmonic pattern analysis, can be conducted at any level, degree or time frame.
CADCHF 4H April 2012 bear & bull gartley harmonic pattern A
CADCHF 1H April 2012 bull & bear gartley harmonic pattern A
GBPCHF, AUDCHF harmonic pattern trades update
The 2nd half positions for GBPCHF bear gartley harmonic pattern and the AUDCHF bear bat harmonic pattern have been taken out for break even. The two first half positions have gained a cumulative 90 pips of profit.
GBPCHF bear gartley harmonic pattern update, 1st half 50 pips profit, 2nd half stop to breakeven
GBPCHF has now made 2 attempts to hit T1, both within 2-3 pips of target. I have elected to close half a position for 50 pips profit and have move second half position to breakeven.
GBPCHF 4H April 2012 A bear bat gartley harmonic pattern
GBPCHF 4H April 2012 C bear bat gartley harmonic pattern