Harmonic Analysis - page 339
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Gold - A bearish cypher completion & A potential bearish bat. I don't trade gold but I look at gold chart to train and refine my eyes.
Looks like the cypher is working out.
GBPAUD - Potential bullish reciprocal ABCD and bullish cypher.
The reciprocal ABCD worked out really well.
I'm sure that now some people are thinking where to put a short position. I'll see if it rallies back up to 61.8 retracement.
USDJPY - Potential bearish gartley and ABCD.
NZDCHF - Potential bullish bat.
NZDCAD - Potential bearish bat.
It worked out pretty well. 260 pips in profit.
It worked out pretty well. 260 pips in profit.
The pair bounced at previous structure level. Yesterday my short position closed around the level. Today it bounced. It was too late for me to enter long.
Resistance becomes support after being broken. And support becomes resistance after being broken.
Take a look at a pic below.
A1 was DT and was broken and price come back and turned 180 degrees because A1, which was resistance, became support and A2 was created.
The same thing happened to B1. It was broken and became support, price came back to it then it bounced and B2 support was created. Then again price came back to it and it bounced and B3 was created.
Pay attention to previous resistance and support level if you look for a level where price likely to turn.
Looks like the cypher is working out.
Those who took the cypher, congratulations.
Those who took the cypher, congratulations.
Something might happen.
After the cypher completion, price went down to PSL a. That could be an indication that price may rally back.
Where might it rally back up to? Potentially PSL b. Then GOLD might bounced and come down again.
PSL a is sitting between fib 50 and 61.8 retracement of the last swing.
With that being said, there might be a bullish bat forming.
What's interesting is that there's a potential reciprocal ABCD and D of the ABCD is at 88.6 retracement of the last swing in which the bat pattern completes.
By the way, there's still a potential bearish bat. It's still valid. So if the bullish bat works out, price might go up and up and then completes the bearish bat.
I'll keep an eye on those potentials.