9Apr/120
GBPCHF bear gartley bat harmonic pattern update
The bear bat/gartley harmonic pattern posted earlier in the week has managed to turn 9 pips or so above the 88.6% fibonacci. The PRZ of the harmonic pattern has been tested 3 times. It has formed a lower upward pointing trend line and has tested this lower trend line several times. If price manages to break support at this trend line then there is a high probability of attaining T1 (14524), which is a 38.2% fibonacci retrace of CD and lies just above the previous significant structure of the B point of the harmonic pattern.
The 30 minute chart also shows a structural support zone between 14550-14535, again if this is broken downwards then T1 based on the harmonic pattern is more likely to be hit.
GBPCHF 4H April 2012 B bear bat gartley harmonic pattern
GBPCHF 4H April 2012 A bear bat gartley harmonic pattern
4Apr/120
NZDJPY bull gartley harmonic pattern T1 hit, 40 pips profit
T1 has been achieved for NZDJPY bull gartley harmonic pattern. Second half position now at break even.
Baring in mind still, the larger potential harmonic pattern mentioned earlier today, it will be nice to be able to trail the stop on the second half position if price allows. RSI's from daily TF and downwards are below or struggling with resistance at the 50 value. The weekly chart shows current consolidation or correction at the level of 4 previous tops and at least 2 longer term bottoms.
NZDJPY 4H April 2012 B bull gartley harmonic pattern
NZDJPY 4H April 2012 A bull gartley harmonic pattern
4Apr/120
NZDJPY harmonic pattern formations
NZDJPY, like the GBPCHF, is currently forming two potential harmonic patterns. The smaller harmonic pattern, which is a bull gartley, is already oversold on the 1H. Again a conservative T1 is necessary as the larger harmonic pattern, seen on daily, may be more dominant.
The larger potential harmonic pattern is a bull gartley as well, occurring at a suggested completion of an Elliott wave 4 blue, with possible equivalence of wave 1 and wave 5.
NZDJPY 4H April 2012 A bull gartley harmonic pattern
NZDJPY Daily April 2012 A bull gartley harmonic pattern
29Mar/120
EURUSD bear bat/gartley harmonic pattern update
So far the EURUSD bear bat/gartley harmonic pattern has turned on a dime at the 78.6% retrace of XA, at the same time fading off the upper trendline of the rising channel. My preferred entry point is at the termination of an equivalent AB=CD of this particular harmonic pattern, so I didn't get a fill on this one.
The B point of the harmonic pattern is below, but not much, the 61.8 retrace of XA, so was waiting to see if it would have more of the characteristics of a classic bear bat and have its PRZ closer to the 88.6% retrace. In retrospect the harmonic pattern did a more classic gartley, reversing at the 78.6% retrace and nicely dropping into a 38.2% retrace of CD.
EURUSD-4h-March-2012-B-bear-gartley-bat.png
EURUSD-4h-March-2012-A-bear-gartley-bat3.png
26Mar/120
EURUSD forming a bear gartley/bat harmonic pattern
Preparing to short a EURUSD bear gartly/bat hamonic pattern if it manages to get overbought.
EURUSD 4h March 2012 A bear gartley-bat