AUDJPY: Confluence Of Two Harmonic Patterns in Play with a Resistance-Supply Zone(ref Sam Seiden)
Additional observations on the AUDJPY Daily for Harmonic Traders: Price is currently at a possible Resistance-Supply Zone. Potentially there are two Harmonic Patterns in play, a Bearish Gartley and a Bearish Butterfly, the Bearish Butterfly has the better fit-confluence of fib ratios.
Just looking at the time it has taken for these formations to setup. Potential Bearish Gartley ~ 11 months. Potential Bearish Butterfly ~ 4months. Will they play out ? ONLY TIME WILL TELL.
James Rolain is watching the Bearish Gartley, and has also found confluence with a weekly trendline.
James Rolain Bearish Gartley. Link Here and Here.
Ian Colman is watching the Bearish Butterfly
Ian Coleman Bearish Butteryfly, Link Here. and Here
Regards
Keith
Replies to This Discussion
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Permalink Reply by James Rolain on -
Nice find Keith, Im not very experienced trading butterflys so I missed the pattern all together. I have drawn it up on my own chart now and I 100% agree its a textbook butterfly. It adds another nice level of confluence to my chart setup. I also like how you have used market structure (the first circle) to show that a rapid drop was seen in that area previously, a factor that neither me or Ian listed.
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Permalink Reply by James Rolain on
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Yes sun - they are extremely similar
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Permalink Reply by Keith Shaw on -
AUDJPY, Further observations: there is also a Gartley type confluence on the weekly chart and for those mad about Fibonacci, there is further conflunece when we look at the Fibonacci Fan. Point D of the pattern falls at the 88.6 fan level. Currently the weekly candle in print resembles a spinning top or doji type pattern, indecision or possible trend change ? TIME WILL TELL ...
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Permalink Reply by James Rolain on
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@_@ its beautiful Keith . . .
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Permalink Reply by Peter jcp on -
Purely in the shorter term in would need a fall under 85 45 to start me looking at more short term sells. For more rises i think over 85.75- so being a Monday and US holiday - it might no be going too far in next 3 hours. I really hope I am wrong and during the next few hours we get some movements. Have a good week
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