Harmonic Analysis - page 342
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EURUSD - Bullish cypher, bat and ABCD.
EURUSD - Bullish cypher, bat and ABCD.
It did not work out.
I had this sell for a while. It finally hit my target. 600 pips in profit. I could grab more pips if I pay attention to lower time frame of the pair.
EURAUD - Potential bullish bat.
Hi Ryu Shin,
I'm watching this thread trying to lern more, but still did not understand whats your rules of drawing support/demand zones... Could you explain or show where to find, please?...
Hi Ryu Shin, I'm watching this thread trying to lern more, but still did not understand whats your rules of drawing support/demand zones... Could you explain or show where to find, please?...
Hi Piot,
I recommend you looking at your chart and see the price action.
I search for support/resistance level that has been broken. That is what I call "PSL (Previous Structure Level)." PSL is a level where price bounces when it reaches. Meaning that support becomes resistance and resistance becomes support.
Take a look at the pic below please.
Those orange circles are what I thought a PSL.
A1 was broken and become support. We could say it's a base of rally-base-rally of supply and demand theory. Anyway price came back to the level and bounced and created a support level A2. Later price came down to A2 and bounced again.
The same thing happened to B1 and B2. Price broke the B1 level and came down to the level and bounced (B2).
The same thing again, C1 was broken and price came back to the level and bounced (C2) and kept rallying. Later price came down to the level again and bounced again.
Look at D1. D1 was a support level. It's in the middle of the double top. Imagine double top as an M. In this case, middle of M was a support level and was broken and became a resistance level. Price came back up to the level and bounced (D2), which created a resistance level F1.
Before the D2 was created, price created PSL E1. Price bounced when it reached D1 and came down to E1 and then bounced up and created a support level E2 which later price came back and bounced up again.
The support level E2 pushed price up and broke the resistance level F1. Because of that, there was a potential that when price came down to the level, it'd bounced up. And it did. Also it created a support level F2 which later was broken and there was a potential that if price came up to the level, it'd bounce down. But it did not (F3). However, price came down to the level F2 and bounced up later (F4).
The level G1 was also a failure in terms of break-comeback-bounce. I'd buy when it happened (G2). Price decided go sideways and finally broke the support level G3. Candle stick closed below the level so there was a potential that if price rallied back to the level, it'd be likely to bounced down. And it did (G4). Before it bounced down, it left a support level H1.
Now, H1 was broken recently. There's a bullish cypher pattern completed. That being said, price could go up and if it reaches the PSL H1, it could bounced down (H2).
The hardest thing with trading PSL is to set risk and reward.
I hope what I explained is informative enough for you to figure out how I do.
Hi Ryu Shin, I'm watching this thread trying to lern more, but still did not understand whats your rules of drawing support/demand zones... Could you explain or show where to find, please?...
Two great trades based on structure/price action strategy today on EURJPY and GBPJPY.
Price came back up to PSL and bounced down.
I hope this gives you more understanding of my strategy.
Thanks Ryu Shin, now I understand your method respecting trigger point... but still have no idea how do you determine the range of SL?... Do you have any rule for it?...
Thanks Ryu Shin, now I understand your method respecting trigger point... but still have no idea how do you determine the range of SL?... Do you have any rule for it?...
Another example.
GBPUSD - The small cypher did not work. Now we have a bigger cypher.