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Terryharmonic

DXY - Further correction expected on the USDHey guys, The US Dollar index (DXY)charts are telling me about further corrections on the USD. I expect USD to continue weakening to around 98 before resuming its uptrend. Expect US stocks to also correct together with this before we scoop them up at the low again. My prediction will be Trump's talk will lead to a temporary drop in the stock market but overall for year 2017, my outlook remains very bullish on the US market. Short Term USD weakness till 98
INDEX:DXY
by TerryHarmonicTrading
3
USDCAD - A bounce off 1.3030Hey guys, just execute a long off USDCAD around 1.3070. Best zone to execute my long is 1.3030 which I think I have missed it, so I am buying slightly higher at a worse R:R. Price has bounced off this shark pattern and I am aiming for the next SNR zone at 1.32 for profit taking. SL will have to go below 1.3 at 1.2980. I do not expect this to be a real big reversal, just a 100+ pips bounce and I am out. I will also be conservative to lock in my profits by shifting my SL to EP once I turn green. Will keep you guys posted. Good luck and good trading. EP: 1.3070 SL: 1.2980 (90) TP: 1.32 (130)
Long
by TerryHarmonicTrading
1
EURJPY - Bear Flag breakdown, short on retest!Hi traders, another setup on my radar is EURJPY. Last Friday, it broke down below a bear flag. My bias has turned bearish for now. Next I will look for a retest of a strong SNR zone to short. I identified that zone at 121.90 which is a previous SNR zone and a potential HNS shoulder level. I will be entering this setup on a pending order as it is a with the trend setup. These are my levels. EP: 121.90 SL: 122.70 (80) TP1: 120.50 (140) TP2: 120.00 (190) Good luck and good trading all!
Short
by TerryHarmonicTrading
1
GBPUSD - How to trade this bullish Shark patternHi traders, I am watching pound closely next week. At 1.2065, there is a potential buy off this bullish shark pattern. These are the rules I will follow to take this trade. 1. Do not use a pending order! There was pound news over the weekend, if it gaps down you might get stopped out easily. Wait for price stabilization at the PRZ zone and enter when RSI leaves the OS zone preferably with a bullish divergence. 2. For shark patterns, there are 3 potential PRZ at 1.2065, 1.2035 and 1.2. You have equal chances of succeeding in all 3 zones provided you follow the entry strategy as described in #1. Be patient. Assuming price turns off 1.2065, these will be my levels. EP: 1.2065 SL: 1.1950 (115) TP1: 1.2280 (215) TP2: 1.2350 (285) Good luck and good trading.
Long
by TerryHarmonicTrading
5
USDJPY - A bigger correction towards 112?The USD will be strong in 2017. Along this charge up, there will be minor retracements. Right now we are seeing a retracement on USDJPY where it should hit minimally 116. Price hit a cluster of resistance in the daily timeframe with a double top completion. A break of 116 could send it towards 112 which is a strong support and resistance zone. 2 ways I will trade this. 1. Wait for break of 116, short after pullback back to 116. SL will be 10 pips above previous high 117.80. 2. Wait for pullback to yellow trendline and we go short. SL is still 10 pips above 117.80 Targets will be at 112. If price does not break convincingly below 116 and bounce off it with a nice pinbar, the bull trend continues.
Short
by TerryHarmonicTrading
2
Bitcoin - Prediction with Harmonics, more downside ahead!It was 3 weeks ago where I was talking to a my trading buddy boon hooi about where Bitcoin is going. Both of us stared at the monthly chart of bitcoin and we saw a harmonic pattern completion. Indeed, any instrument with high liquidity works well with harmonic patterns. Bitcoin completed the shark pattern at 1050 and dropped almost 20% to close at 820 on Friday. Bitcoin has gained the attention of the men on the street and the greed to chase high will punish many in the months ahead. Based on a potential bullish 5-0 pattern, bitcoin could easily challenge $600 in the coming months. If it does not rebound around $600, it will go to the 886 retracement around $264. You think 70% drop from the highs is impossible, it dropped 80% just back in 2014. Check the charts! Past predicts the future, good luck to everyone trading it.
BITSTAMP:BTCUSD
by TerryHarmonicTrading
AUDUSD - Bearish Butterfly CompletionHappy new year folks, I am finally back in the markets after a 2 week break. 2016 is over, whether you traded well or traded badly last year, always remember that the market does not remember it. Do not let past failures affect you and do not let past success cloud your judgement. Let's hope we begin the year by having our first winning trade! My first trade of the year is on AUDUSD, where I see a bearish butterfly completion. Price has rejected the PRZ twice and I will enter my trade at 0.7265. SL is set at 0.7320 and I am aiming for 0.7170. This trade has a risk to reward ratio of 1:1.5 Good luck and good trading guys!
Short
by TerryHarmonicTrading
EURUSD - Wait for the breakdown and short the pullback!Hey guys, not sure if anyone missed me. I went on a impromptu vacation to Vietnam for a week. Vietnam is so beautiful, I mean both the beaches and the babes. I just got back yesterday. Just in time to watch the FOMC news. Updates will be more regular from today onwards! The rate hike happened! Another 2-3 more rate hikes will happen in 2017. This means 1. USD will continue to be strong 2. Sell XXX/USD and buy USD/xxx pairs Execution strategy For EURUSD, I will now adopt a trending strategy. I want to see 1.0470 broken downwards, I will short on a pullback SL will be at 1.0540 and targets will remain open for now. This could potentially reach parity.
Short
by TerryHarmonicTrading
5
SPX - Bullish until 2350Hey guys, this is rare and something I have yet to see before in my 10 years of studying the markets. Usually, the USD strengthens and the stock market drops. This is the only time where I see the stock market go up together with the USD. I am hoping the bullishness in the stock market will be short lived, I hope the market will drop so that we are able to buy low on quality stocks. For those trading the indices, my bias is still bullish on SPX until it hits 2350. At 2350, the deep crab pattern completes on the weekly chart and we might see a correction. This is not a call to short it but more like DO NOT SHORT S&P before it hits 2350. We will monitor for reversal clues off 2350 before we consider whether to go short on the index. Good luck guys!
TVC:SPX
by TerryHarmonicTrading
10
DXY - Reversal or retracement? Hey guys, one chart I am very interested to monitor closely next week is DXY which is the US dollar index. It measures the USD against a basket of other currencies and is the most widely used chart by traders to determine the strength of the USD. You can read more about it here --> en.wikipedia.org Hourly Chart Comments I see DXY getting supported at 100.66. This level has been tested many times. I also see a potential head and shoulders pattern which will be completed only when the support around 100.66 is broken. Price is now trending along a downsloping channel. How I will trade it I will wait for a bounce off the yellow zone to the top of the channel. Wait for the price to break the yellow zone, and short on a pullback. If price does not break the yellow zone, remain bullish on USD. Reversal or retracement? I will consider this a deeper retracement instead of a full fledged reversal on the USD. Short term bearish, long term bullish. The support around the 99 level will be a good profit taking level for shorters.
TVC:DXYShort
by TerryHarmonicTrading
GOLD - Bullish Shark completes at 1045 (Oct 2016 Low)Hey guys, I had a couple of emails asking me about Gold. This is what I think how Gold will move in the coming weeks/months. 1. Do not go long unless 1045 is challenged, price is moving nicely on a falling channel, no buying unless it reaches a key support zone. 2. Bullish shark completes at 1045, it could go slightly lower towards 1000 (XA 113) before rebounding. 3. This is a trade setup that can easily push Gold back to 1180 (Short term buy). 4. A full fledged reversal is only confirmed if Gold breaks above 1400. (Double bottom breakout) Meanwhile, short on pullback to downward sloping channel and do not attempt to go long too early.
OANDA:XAUUSDLong
by TerryHarmonicTrading
Facebook - Bullish Shark completes around 111This is the daily chart of FB. FB fundamentally is a stock I personally follow. The stock has gone from $20 to more than $100 in 2016. Year on year, the revenue and profits have been rising and I am also a paying customer, spending more and more on ads with them than any other platforms. This is definitely a stock which can continue to grow strongly for many years to come. With that bullish bias, I am interested to buy this stock upon a nice correction. A bullish shark pattern completes around 111 and this is potentially a level I would go long at. EP: 111 SL: 103 (7) TP: 132 (21)
NASDAQ:METALong
by TerryHarmonicTrading
2
USDCAD - Bullish Bat at H4 channel Hi traders, just sharing one of the pair I will be monitoring very closely for this week. I see a potential bullish bat on USDCAD. This is gonna be a great setup because of the following reasons. 1. Aligned with uptrend 2. Entry price is very close to extreme of parallel channel 3. Aligns with previous resistance turn support area How I will execute this trade 1. Wait for price to hit 1.33 2. Wait for a rejection of the PRZ between 1.3290 to 1.33 3. Enter trade if bullish divergence is present in RSI Strongly encourage not to use a pending order
Long
by TerryHarmonicTrading
10
USOIL(BULLISH) - ABCD completes around $68Hey traders, I am spending my weekend browsing across different instruments. The recent HOT commodity that everyone is talking about is oil. This is how I see oil based on Harmonic analysis. 1. Price is bouncing off the lows on the daily channel 2. AB=CD patterns completes around $68 3. I am very bullish on OIL and I expect most commodity linked currencies to strengthen, namely Aussie, Kiwi and Canadian dollar. Beaten down oil related stocks could also be revisited for potential long opportunity. Plan of execution 1. Buy low on oil pullback 2. Try to capture simple AB=CD completion on the hourly chart to buy Feel free to share what you think about oil with me.
TVC:USOILLong
by TerryHarmonicTrading
4