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- Using the Harmonic AB=CD Pattern to Pinpoint Price Swings.
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GBP/USD Bearish ABC Pullback Within Wave Four Pattern
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ABCD Pattern |
So, if you watch out a long red candle the price is telling you that bears are coming. Market is moved by three psychological principals: Greed — Fear — Hope. Notice that big financial institutions are big players making futures or currencies get a new destination. Market prices usually start from a lower level with a limited volume.
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- EUR/USD Completing ABC Flat Pattern In Wave 4.
- The ABCD Pattern.
The price changes according to the traded volume requirements as there are always sellers in the demand zone and bidders in the supply zone making an equilibrium on monetary trading system. The price reaches its peak and then bursts like a babble. Sounds interesting, but after a peak mini bubbles create a new order in economy. For better understanding have a look at the picture above. Remember that it is not about a forecast but an explanation of such curves.
If you draw three numbers in different points of a curve you will get a small triangle — a triangle pointing down or up. Gaps are interesting in their way as they tell you a dominant wave. The Gap Up represents an upside clean window. The Gap Down represents a downside clean window. Put a point A on the first candle formed and draw a second point B on the first support created.
We have a wave AB with a down direction, right? Yes, notice that a blue candle is coming as a bullish reversal. It is not an obligation to think that the first wave is dominant. In this case, we will draw a point C since that the second wave must be a bit lower than the first wave.
Elliott Wave Theory : Rules, Guidelines and Basic Structures
When the price breaks a resistance there is a strong probability of an upward movement. When the price breaks a support the next CD wave will continue moving down. This is caused by a price action. If a small ABC creates a stronger resistance we have all grounds to believe in a bearish walk. If and only if there are blue candles above the SMA curve we can set a buy order. Remember that a price reversal is common. The reversal can indicate new supply and demand zones.
Classical Trading Strategy
In this case, look at the point A and CCI 24 sync. They represent a new bullish engulfing pattern. A bull trader can go long.