Kevin Loughlin - Harmonic Pattern Trader

AUDCHF bear bat harmonic pattern second trade set-up update

Kevin Loughlin — Wed, 25 Apr 2012 07:34:47 +0000

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

Kevin Loughlin — Tue, 17 Apr 2012 22:31:45 +0000

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

Kevin Loughlin — Tue, 17 Apr 2012 09:36:23 +0000

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

Kevin Loughlin — Mon, 16 Apr 2012 21:12:13 +0000

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

Kevin Loughlin — Mon, 16 Apr 2012 21:05:41 +0000

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

Kevin Loughlin — Sun, 15 Apr 2012 21:05:41 +0000

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

CADCHF gartley harmonic pattern set ups

Kevin Loughlin — Sun, 15 Apr 2012 20:50:45 +0000

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

Kevin Loughlin — Fri, 13 Apr 2012 14:50:26 +0000

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.

USDSEK bull bat harmonic pattern update

Kevin Loughlin — Fri, 13 Apr 2012 10:21:36 +0000

I posted this potential USDSEK bull bat harmonic pattern trade set on 2nd April. Price turned on a dime at the 88.6% retrace of XA. It fairly smartly hit T1. The second half position progressed nicely with a trail stop to produce 200 pips (2000 pipettes) profit. It challenged structural resistance at the C level of the harmonic pattern 3 times before taking out the trail stop and forming what may be a head & shoulders type structure.

USDSEK 4H April 2012 D bull bat harmonic pattern

USDSEK 4H April 2012 A bull bat harmonic pattern

AUDCHF bear bat harmonic pattern update, 40 profits with 1st half position, 2nd to break even

Kevin Loughlin — Fri, 13 Apr 2012 09:30:32 +0000

I have decided to take 40 pips profit with 1st half position on this AUDCHF bear bat harmonic pattern. The second half is now at break even.

AUDCHF 4H April 2012 bear bat harmonic pattern

AUDCHF 4H April 2012 bear bat harmonic pattern B