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Three Drives

(8h) 3 Bearish Patterns to Drive... or not ;) With a solid bearish divergence (RSI + MACD) forming the 3drives pattern, but also two different bearish harmonic patterns. The Bearish Butterfly pattern (orange) at 127 extension from X to A, BUT with a point B rejecting the pullback to the 78% retracement for a few pips, (failed the criteria for point B, but not the final print, extension between the 127<>141 extension), also previous structure highs from 16 Aug 2017 rejecting to close above that previous higher close. The Bearish Bat (red) is forged at 88% retracement from previous highs to most recent lower lows (retracement from X to A). Stops should be positioned above all the structure with a maximum of 1:1 risk/reward for the 1st default target at 38% retracement. Targets should be synced with the fib levels, by default the 38% and the 61.8% retracement and we can see they are also synced with previous structure. Safe Trades;
TVC:DXYShort
by Andre_Cardoso
2
Soybean Following Uptrend Bullish ButterflyNovember Soybean is following an uptrend. Although today was bearish and probably the next two days next week, we should see another round of buying. Soybeans got hit on the USDA report so not too sure how high this will go. This may be a simple three drives pattern and double top rejection. R1 becomes resistance. Trendline becomes support. Next downside target is at pivot at 955'2, then trend. If trend broken and stays below trendline at the end of the day. S1 at 925'3 will be the next target. Bullish Butterfly is the pattern. "With production looking a little bigger, futures should battle to hold Aug. 31 lows. The best chances for rallies in the short term come from weather in Brazil, where conditions are dry ahead of the start to planting Sept. 15. " www.farmfutures.com
CBOT_MINI:XKX2017Short
by hopscotch
GBP/USD constant downwards pressurean in-symmetrical 3 drives pattern has formed from the previous rally , and from here we can see the second major support at 1.28135 broken from yesterday's session, reaching below the 1.28 handle and confirming a trend reversal from highs of 1.32. i'm currently looking for a retracement back to the 1.28484 - 1.29183 area for a long-term short position towards 1.2636 - 1.259 area. RSI shows bearish bias below it's neutrality level, and close to being oversold and therefore needs a minor correction for it to continue it's downwards movement. Things to take note of today is the anticipated UK GDP data coming out at 4.30am EST, i do have a feeling that it might be positive data for a correction upwards to continue it's strong downtrend. but however if it breaks above 1.292 then expect to see further upside , i will be placing a 'One Cancel Other' Buy order at 1.292 instead of a stop loss in case of a higher retracement targeting back into the 1.30 levels.
Short
by ChuaYunRong
Trade 25: Long AUDCAD #FOREXI have Bought AUDCAD for a quick short term trade, within the context of the recent sideways range. The price has also completed a three drives pattern at horizontal support. While FISHER indicator is oversold. Long at: 0.9972 -- T1 : 1.0018-- T2:1.0070 ---- SL: 0.9946 ..... Risk for this trade is only 1.5% of capital. For more details and all Stats goo.gl Disclaimer: This is my trading experience, it is not an invite or recommendation to trade. Remember -Never risk more than 2% of your balance on a single trade. And If you are a beginner 1%. -A Single or few trades result is not important. Whats important is the net return at the end of the month, quarter and year. Best
Long
by Technician
23
EURAUD ShortAfter closing me previous EURAUD short, I have taken another position, but yet to post analysis (it may not be too late to enter!) This pair is showing us a 3-drive pattern, where most would look to go long after the 3rd drive completion. However, as stated in the previous AUDUSD and Silver trades, we here at Six Figure Capital look to trade the third drive. Taking this into consideration, I looked for a second touch on the trend line with a retracement level of 0.618-0.786. Within this reteacement wave we have a bearish bat . Albeit taken form the lower high of the impulse eave, however the 88.6% retracement where we look to enter also aligns perfectly with the channel! Bat Ratios B: 0.382-0.5 C: 0.382-0.886 D: 0.618.2.618 xD: 0.886 3-Drive ratios Retracements: 0.618-0.786 Extensions: 1.272-1.618
Short
by KyleMcQuade
XAG/USD - Three DrivesHello traders :) I'm back with a market insight on XAG/USD. Price seems to be forming a valid bullish three drives pattern and I plan to capitalise on its premature formation. Price completed the 2nd price drive at 15.18 and we may be starting the 3rd price drive once we confirm the 0.618 retracement level. You will need to pay close attention to price action and candlestick formations in the current area for the perfect entry point. A clear break and close above the trendline would indicate a move higher, therefor invalidating the pattern. The maximum level for an entry point would be a 0.786 retracement, ideally I would prefer a 0.618 retracement to keep a symmetrical pattern. This is a great trading opportunity with over 1:3 risk to reward. Thank you all for your continued support, don't forget to add me on social media :)
OANDA:XAGUSDShort
by LewisGlasgow
24
Silver/USD ShortHere on the 4 hour chart we have what some would see as a bullish 3-drive pattern. However, in recent times, I have had more success trading the third wave (as suggested by my friend @LewisGlasgow ). In this pattern the first retracement hit the 0.618 level, thus I will look for the second to do the same at the top of the channel. Should price hit the zone, I will look for a short candlestick formation. That said, should the minor support area highlighted above be broken, I will likely take a short position. This entry would mostly based on the urgency with which the level is broken- a dominant engulfing candle, long day candle etc. Either way, I will hold my position until price is on par with support of the first drive- then leave half of the position until price hits the bottom of the channel. When this adjustment is made, I will also bring my stop-loss level to align with my entry price to bulletproof the trade. At Six Figure Capital, we're all about risk management! Risk is currently sitting at 1:3- should I decide to enter early, I am convinced that the lower entry will not require the same stop loss. The adjustment should allow for the risk/reward level to remain relatively unchanged. See my AUDUSD short below where I took this exact same position and price turned TO THE PIP! Three Drives ratios: Retraements: 61.8%-78.6% Extensions: 127.2%-161.8%
OANDA:XAGUSDShort
by KyleMcQuade