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
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.
USDSEK bull bat harmonic pattern update
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
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