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Terryharmonic

AUDUSD - Bullish Bat CompletionThis is a rather slow moving currency pair. Even during FOMC, it did not move much. Looking at the 4 hour trend, the bullish move since May 2018 looks intact, trend is still bullish until the key support at 0.97 is broken. Based on the rules of the bat pattern, this is how I will trade this setup. EP 0.9730 - 0.9740 SL 0.9685 TP1 0.9813 TP2 0.9857 The key is to react after the market reacts around the entry zone. A good prz will result in in a good reaction after the market touches this level, a big break below the PRZ will invalidate the whole setup. This is why I do not use pending orders to execute my setups. Good luck and good trading!
Long
by TerryHarmonicTrading
AUDUSD - Bullish Shark CompletionThis week, there will be high impact Aussie news on Wednesday. I expect low volatility from Monday till Wednesday, the price AUDUSD is at before the news release is critical. AUDUSD is still on a strong downtrend on the 4 hour chart, I will be more willing to hold on to short setups if an opportunity presents itself. In this case where I will be doing a countertrend trade(long on bearish trend), I will make sure I lock in my profits at each TP level. Bullish Shark Pattern EP 0.7530 - 0.7540 SL: 0.7495 TP1(38.2 Retracement of CD) 0.7590 TP2(61.8 Retracement of CD) 0.7620
Long
by TerryHarmonicTrading
GBPJPY - Could CPI data complete this bearish butterfly?GBP CPI data will be announced in roughly 2 hours. This is a bearish butterfly pattern that could complete when the data is released. These are the levels you should pay attention this week if you trade GBPJPY. Wait for a reaction when the pattern completes before you go short, strongly recommend not to use a pending order to trade harmonic patterns. EP 148.70 SL 149.10 TP1 147.70 (AD 38.2) TP2 147.10 (AD 61.8)
Short
by TerryHarmonicTrading
1
EURAUD - Bearish Deep Crab PatternEuro has been on a tumble this week. I got hit with a loss on EURUSD long early week. However I am still convinced Euro is heading higher this week as professional traders often like to buy low during a period of negative news release. Therefore I will be camping higher to short EURAUD on this deep crab pattern. A deep crab pattern is characterized by a 0.886 B point retracement and a XA 1.618 extension at D. Based on the rules of the Deep Crab pattern defined by Scott Carney, these will be the levels I will be watching to trade. Entry 1.5540-1.5550 SL 1.5570 (D +20-30 pips) TP1 1.5460 (CD 38.2%) TP2 1.54 (CD 61.8%) I will always wait for a reaction at the PRZ before entering my trade. No reaction, no trade! Do not risk more than 2% of your equity on any trade.
Short
by TerryHarmonicTrading
EURUSD - Bullish Bat finally completedI've been stationed in Shanghai since last month and will be more active posting in the China version of TV. EURUSD has been on my radar for the past few weeks. It finally fully tested the PRZ and we are ready to trade this. Over the weekend, there was news that Trump and Kim will finally meet in June. This led to speculations of their improving relationship, leading to the fall in USD in my opinion. Together with the completion of this bat pattern on the Daily chart of EURUSD. This will be my rules of engagement to trade EURUSD this week. Pattern: Bullish Bat EP: 1.1660-1.1680 (Will long as close to this level or upon close of daily candle, I will be breaking up my trade into 2-3 batches to average out my buy price) SL: 1.1530 TP1: 1.2 TP2: 1.2210 I recommend to risk not more than 2% of your capital on any single trade.
Long
by TerryHarmonicTrading
6
USOIL - Completes Bearish Gartley PatternWas checking out the forex calendar and realized we have CAD news tomorrow. USOIL caught my eye on the H1 timeframe due to the completion of the Gartley pattern. A good Gartley pattern is made up of 3 significant lines at the PRZ. 1. XA 78.6 2. BC 113-161.8 3. AB=CD This setup is a little unique as the AB=CD completion exceeded the XA 78.6 level. Therefore, the 88.6 level will be used instead of the 78.6 level, something I learned personally from Scott. We could see some retracement on USOIL tomorrow. Based on the rules of the Gartley pattern, these are the levels I am personally watching. Entry: Around 71.70, upon the close of a bearish candle at the PRZ SL: 15-20 pips above X (72.05) TP1: AD 38.2 (71.20) TP2: AD 61.8 (70.90) Maximum loss per trade should not exceed 2% of your capital.
TVC:USOILShort
by TerryHarmonicTrading
1
GBPUSD - Bullish Shark Pattern CompletionHey guys, finally settled down in my new city. It took a long time but I am now living in Shanghai, preparing to share Harmonic patterns with the billions of people here in China. Look forward to more frequent postings as I can now fully concentrate on getting back in harmony with the markets. First up, I want to share my view on GBPUSD. Since April, GBPUSD has been falling like a knife from 1.44 all the way to 1.35. During the fall, I did not notice any exponential increase in volume on the daily chart, which like suggests that the fall is likely to stay. However, last Thursday was when I got interested in it again as I see a decent volume spike, suggesting big traders could be secretly buying into GBP or selling USD. With volume, it is likely to result in a decent rebound in price or a full blown reversal of trend. I used to always be too optimistic and pray for a big reversal, but I have decided to be less greedy and settle for smaller profits as advocated by Scott Carney. The Shark pattern on GBPUSD H1 completed last week at around 1.3460. It did a perfect type 1 reversal and hit TP1 around 1.3515. I miss the trade last week and I am hoping for a type 2 retest this week. I will be watching for a green candle after price retest 1.3460 to get in on a type 2 entry. For type 2 entries, the CD 38.2 at 1.3515 will be your first target, followed by 1.3550 as your 2nd target. Stops will go about 20 pips below X. Good luck and wish you guys a great trading week ahead!
Long
by TerryHarmonicTrading
4
EURAUD - Bullish Gartley CompletionEURAUD warrants your attention guys. I have mapped out a daily TF channel which started from July 2017 and we are getting close to the bottom extreme of the channel. This is likely to be a support zone watched by many traders for them to get long. This level is also supported by a Gartley pattern which will complete nicely at the low of the channel. This gartley is a legitimate one as it has all 3 elements of what makes a gartley harmonic. 1. XA 78.6 2. BC 1.13 - 1.618 3. AB=CD move Therefore, I expect price to react around 1.5750 - 1.5760. At this level, a volume increase is desired and I will only enter after the close of a green candle after testing this level. SL will go 20 pips below X (1.5607). TP1 will be AD 38.2 (1.5921) and TP2 will be AD 61.8 (1.6020). Please manage your risk well and keep it below 2% per trade.
Long
by TerryHarmonicTrading
1
EURUSD - Big Bat on Daily ChartHey guys, this is Terry. In today's video, I will be sharing a Harmonic pattern I spotted on the daily chart as well as highlight areas to go short on the shorter term timeframe. With the trade wars heating up, my experience tells me that USD could rebound against most other currencies as it is often deemed a safe haven. I foresee the stock market correction to continue at least in the 1st half of the year and I will be looking for opportunities to short EURUSD. Feel free to chat with me if you have any questions.
Long
by TerryHarmonicTrading
1
EURAUD - Bearish Bat Completion around 1.57Last week, EURAUD has completed a bearish bat pattern around 1.57. Harmonic Execution The is a pattern to go short at the PRZ zone. Right now price is at a low price and the risk to reward ratio is not fantastic. Personally, I will wait for a pullback to the top the channel I drew for a better R:R trade. I will only go short when price touches the top of the channel and turns down. Execution will be at the close of the first red candle after the top of channel is touched. Volume should be above average on this execution bar. Volume Analysis for this pattern At around the PRZ zone, I see the volume has picked up significantly. For a big timeframe Harmonic pattern to complete and reverse, above average volume near the PRZ zone is required. For this setup, my above requirements are all met, now is just waiting patiently for execution.
Short
by TerryHarmonicTrading
7
AUDUSD - Channel Play continuesLast night, we witnessed a strong absorption volume coming in to scoop AUDUSD at the lows. This channel is in play now and I expect further upside for AUDUSD till it reaches 0.80 at least. EURUSD on the other hand has reached the top of a similar channel. Therefore I expect my EURAUD short position opened last night to continue dropping. For those who wants to trade the Aussie, I suggest waiting till it reaches the top of the channel before looking for short opportunities.
Short
by TerryHarmonicTrading