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Abcpattern

ETHUSD - Trading RangeThe market is currently displaying signs of an ABC correction, with the focus being on wave C. Key level to watch is 1500, as a substantial amount of liquidity has been accumulated during the trading range in this area. This could potentially provide an opportunity for traders to enter the market if the long positions are flushed out. The Fib 0.5 level of the entire impulse wave could be a potential entry point for traders who are seeking a low-risk, high-reward opportunity. However, it is important to keep in mind that the market is constantly evolving and it is crucial to closely monitor any changes or developments to ensure a successful trade. In conclusion, the current market conditions indicate a potential trading opportunity for those who are able to accurately analyze market trends and make informed decisions. The key to success in any trade is to remain vigilant and adapt to the changing market conditions.
INDEX:ETHUSD
by SiDec
1
AUDUSD 121 ABC BULLISH PATTERN (SETUP)AUDUSD has formed an abc bullish pattern on its hourly chart. The price is trading above the entry level EL( ENTRY LEVEL) 0.67122 and bellow the wall WALL 0.67375. SL 0.66611 TP1 0.68171 618% BCD EXTENSION TP2 0.68525 786% BCD EXTENSION TP3 0.68973 100% SYMMETRY BCD EXTENSION TRADE CHARTS PATTERNS LIKE THE PROS 5 GOLDEN RULES 1: The Trade Setup The setup is the basic conditions that need to be present in order to even consider a trade. For example, if you're a charts patterns trader, then a pattern needs to be present. Your trading plan should define what a tradable chart pattern is (for your strategy). This will help you avoid trading when a chart pattern isn't there. Think of the "setup" as your reason for trading. 2: The Trade Trigger If your reason for trading is present, you still need a precise event that tells you now is the time to trade There are various methos using a trigger. A Price accion B Moving averages C Fibonacci 3: The Stop Loss Having the right conditions for entry and knowing your trade trigger isn't enough to produce a good trade. The risk on that trade must also be managed with a stop-loss order. There are multiple ways to place a stop loss. For long trades, a stop loss is often placed just slightly below a recent swing low and for a short trade just slightly above a recent swing high. Step 4: The Price Target You now know that conditions are favourable for a trade, as well as where the entry point and stop loss will go. Next, consider the profit potential. A profit target is based on something measurable and not just randomly chosen. Chart patterns, for example, provide targets based on the size of the pattern. Trend channels show where the price has had a tendency to reverse; if buying near the bottom of the channel, set a price target near the top of the channel. 5: The Reward-to-Risk Strive to take trades only where the profit potential is greater than 1.5 times the risk. For example, losing $100 if the price reaches your stop loss means you should be making $150 or more if the target price is reached. Other Considerations The five-step test acts as a filter so that you're only taking trades that align with your strategy, ensuring that these trades provide good profit potential relative to the risk. Add in other steps to suit your trading style. For example, day traders may wish to avoid taking positions right before major economic numbers or a company's earnings are released. In this case, to take a trade, check the economic calendar and make sure no such events are scheduled for while you're likely to be in the trade. The Bottom Line Make sure conditions are suitable for trading a particular strategy. Set a trigger that tells you now is the time to act. Set a stop loss and target, and then determine if the reward outweighs the risk. If it does, take the trade; if it doesn't, look for a better opportunity. Consider other factors that may affect your trading, and implement additional steps if require. This may seem like a tedious process, yet once you know your strategy and get used to the steps, it should take only a few seconds to run through the entire list. TRADE CHARTS PATTERNS LIKE THE PROS TRADING PLAN Setup + trigger = trade NO trigger – no trade 1 st Identify the pattern H1-H4 M30 ABC-AB=CD-GARTLEY-121 PATTERN’s 2 ND Fibonacci clusters zones (3 or more Fibonacci price relationships within a formation) If price tests and RESPECTS the setup zone, 3 RD Price action reversals patterns M30/M15/M5 OR LOWER TIME FRAME PRICE ACTION REVERSAL PATTERNS TRAP OR/AND HEAD AND SHOULDERS ETC 4RD Trade Entry: for A TRIGGER GO TO M5 TIME FRAME CHART Buy trigger 8 ema crosses above the 34 ema AND a prior swing high is taken out Sell Trigger 8 ema crosses below the 34 ema AND a prior swing low is taken out 5 th stops for BUY setup: Place a stop just below the low end of the price ACTION cluster setup for SELL setup: Place a stop above the high of the price action cluster setup 6 th TARGETS Option 1 take profit at the 61.8% 78.6% Option 2 Exit partials 61.8% 78.6% AND PROFIT 1.272, 1.618 and 2.618 IF THE TREND IS STRONG
Long
by TradeChartPatternsLikeThePros
1
USDCAD THE MIND BLOWING PATTERN USDCAD formed on the 13th Oct 22 a H&S pattern. The price never hit targets and either the stop supposed to be on the right shoulder. Currently the price is trading a Dragon or for me the same an ABC Bearish. The price also formed a Gartley on the hourly chart where sorts were taken on the 3rd Jan. This Chart shows a good example of patience and dedication, also trading now for 10 years i don't forget the frase: ( look left structures leves clue).
Short
by TradeChartPatternsLikeThePros
1