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Three Drives

AUDUSD On my radar as it reaches potential reversal zone #forexWatching few pairs closely next week for potential trades, one of them is the AUDUSD as the price forms a bearish three drives pattern(symmetrical waves). The potential reversal zone of the three drives is also near the main long term falling trend line. Slightly above that there is a cluster of horizontal resistance area. Finally, there is a clear bearish divergence on Fisher indicator. My process is to spot these areas of interest where i will be looking for the trade. But as a trader, i know that patterns will fail, so i prefer to always wait for a final trigger confirmation which in my view increase the chances of setup success dramatically. Keep posted and have a great weekend and new week. Technician
by Technician
28
Bitcoin - Three DrivesHello traders, due to numerous requests for the future direction of Bitcoin here is my current view for BTC/USD on the 4h chart. I'm expecting a similar move to the one we experienced 2 months ago (chart is shown below). The prediction above was used as an indication of future price direction from $890, rather than waiting to short upon completion of the pattern at $1600. I will be treating the present setup in the exact same way. The 0.886 retracement for point B aligns with a bullish bat pattern and bullish reciprocal AB=CD (chart is shown below). This provides additional validation for a reversal at 0.886 rather than the 0.786 retracement level. There is a lot of speculation that BTC will drop to $1,000 due to it losing a further 13% in the last 24 hours, however, bitcoin has proved many credible analysts wrong time and time again, it will be interesting to see how this trade develops over the next month. Connect with me below for more training inspiration :)
BITSTAMP:BTCUSDLong
by LewisGlasgow
27
NOT A LOT UPSIDE FOR GOLD'S BULLS!BEARISH 3 DRIVE PATTERN!As we correctly predict the rising triangle broke upwards and hit the projected targets as mention at the previous article attached below. The question is what Gold 1.05% is going to do now? The current price action is bullish but with bearish signs. First of all the triangle did not broke with high volume .Second sign is the RSI divergence that it is obvious. The RSI divergence can be explained bu the fact that when price had reached those levels again it had done it with bigger volume ,we reached that level of 1,296$ per ounce but with less ''momentum''. The previous time we reached that price level Gold 1.05% couldn't break this resistance and pulled back. If nothing that will increase the demand on the safe haven asset occurs until the next week such as geopolitical tensions or military conflicts e.t.c, Gold 1.05% propably will not break this resistance area again. The Stochastics are also at the overbought area. TECHNICALLY At the chart we can see the 200EMA becoming flat and slightly bullish and this a level to watch for a retrace as is pretty close with the bottom channel line and the 50% Fib retracement level from the initial downward move. Price is near the top channel line and upper Bb band. We can also notice the mid-long term descending channel and the short term ascending channel . Currently price is at the 78,6% Fib retracement level trying to change mid-term trend to bullish . The resistance area is created by previous highs and the area between the 88,6% and the 78,6% area of initial downward move. As i already published a longer term view we are in correction of ABC leg before we change the mid-long term trnd of Gold 1.05% to bullish . So be careful on the longs at these levels. We can also see the bearish 3 drive pattern that is a possible formation.We have almost equal construction time to the rallies and to the retarcements the rallies are alligned with the 1.27% Fib extensions of the rallies and retracements are at the 61,8%-78,6% Fib retracements of the rallies. Plus the last rally we are currently now the 1,27% Fib extensions coincides with the top of resistance area and the 88.6% Fib retracement of the initial downward move. You can look for a short at 1,310$ level per ounce with targets at 1,260$ per ounce and 1,240$ per ounce. POSSIBLE TRADE: FIRST TARGET AT 1,260-1,255$ PER OUNCE AT PREVIOUS RESISTANCE,BOTTOM CHANNEL LINE AND 61.8% FIB RETRACEMENT AND 61,8% FIB RETRACEMENT OF THIRD RALLY. SECOND TARGET AT 1,240$ PER OUNCE AT 200EMA,50% FIB RETRACEMENT AND PREVIOUS RESISTANCE BUY STOP AT 1,345$ ABOVE PERVIOUS HIGHS THANKS FOR SUPPORT! HAPPY TRADING GUYS!
FX_IDC:XAUUSDShort
by The_Greek_Trader
[EURUSD] SIMPLE SETUP IN DEVELOPMENT (3D)Same strategy published earlier (see chart below), we go looking for a SELL OPPORTUNITY on the second bearish leg. Here, we see a potential bearish 3D PATTERN in development, but the risk of trading it, is very high, so we look forward to seeing the completion of the first bearish leg (if it will happen), before take short position on the second Leg. The trend is bullish, but from these levels we can not absolutely think about taking long positions! (better stay flat) Thank you for your support and trade with care!
Short
by TheAnonymousBanker
21
Stellar - Pressure is BuildingHello traders, following up from my price structure post for STR/BTC (chart is shown below), I have now spotted a bearish three drives pattern indicating a move up to 3670. Price completed the 2nd price drive at 1.56 and we're now in the middle of the 3rd price drive which I am currently capitalising on. As shown below price is currently consolidating between 2900 and the trendline, the maximum length of time we can stay in this area is 3 days. A clear break and close above 2900 will see price heading towards the high at 3100, from there we will analyse further for a move up to 3670. I don't expect to short this pattern, this is just additional analysis to back up the price move to 5000. Thank you all for your continued support, feel free to connect with me on social media :) Don't forget to join the Stellar Telegram group: @StellarLumens
SLong
by LewisGlasgow
92
AUDUSD AB=CD to 3-DriveHere we have a symmetrical AB=CD on the aussie-dollar. You are able to trade ab=cd's on their own, some may go long here. However, i'm not a fan. Due to the set up of this channel, I will wait for the 0.786 retracement, then, rather than waiting for the 3rd drive to complete, I will short the 3rd drive as it reaches the top of the channel. Combining technical analysis with fundamentals: going into next week we are expecting a stronger dollar; tonight aussie exports have been announced and they are slightly higher than expected, rising by 9.4% rather than the forecasted 8.0%. Exports bringing money into the country and adding to the trade balance, this may be enough to strengthen the aussie between now and next week to the extent where it reaches the top of the channel before the short. AB=CD patterns should be as symmetrical as possible- we can see here that both waves equal 52 bars, 2 days and 4 hours exactly. Taking a trend line from A to C, a 0.786 retracement touching the channel would be a marvellous entry. Trading is never as straightforward- I doubt it will hit exactly where i'd like, but i'll roll with it and see where it takes us. My short TP will be in line with point D of the AB=CD, with a stop loss just above the previous high. AB=CD Ratios in addition to symmetry C: 0.618-0.786 D: 1.272-0.618 3-Drive ratios in addition to symmetry Retracements: 0.618-8.272 Extensions: 1.272-1.618
Short
by KyleMcQuade
AUD/CAD - Three DrivesHello traders, here we have AUD/CAD on the daily chart with a potential bearish three drives pattern. I'd like to thank Six Figure Capital student www.tradingview.com for spotting this setup. Price completed the 2nd price drive at the 1.272 extension and we're now completing the 3rd price drive around 1.06000. You will need to pay close attention to price action and candlestick formations in that area for the perfect entry point. The pattern is not as symmetrical as I would like it to be, however, I won't ignore this setup as each point forms at a key level in the market. This is a great trading opportunity with over 1:4 risk to reward. Thank you all for your continued support, don't forget to add me on social media :)
Short
by LewisGlasgow
2