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Forex Discussions
Technical Analysis
The Best Forex Patterns
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[QUOTE="contest, post: 27098, member: 15036"] [B][COLOR="Green"]GBPCHF,H4 Harmonic patterns and Elliott waves.[/COLOR][/B] Elliott waves and harmonic patterns are two most important technical analyses in order to predict the currency and stocks’ market. Many traders are using these analyses to be more successful. Although, these technical analyses are separated and different from each other but in fact they cooperate very well in the market. For example, a Harmonic Gartley pattern, most of the times, forms in the second wave of an advanced wave which, in fact, is the correction of the first wave movement. This formation happens several times in charts and at the same time sends good signals to technical traders.The following chart is GPB/CHF currency pairs in 4h time frame which shows the above point perfectly. However, A harmonic pattern’s expert can easily determine and draw this pattern which consists of X,AB,C,D points. When the point D is forming, a movement in the fifth advanced wave is also forming (from D to E). This simultaneous formation duplicate the importance of Crab pattern. These 5 waves, which are in complete accord with the Eliot’s rules, are determined by the green color: [COLOR="blue"] [LIST=1] [*]The third advanced wave is not the smallest wave. [*] The fourth wave has an acceptable overlap with the first wave. [*] The corrective wave of number 2 has a good reversal. (The second wave cannot start correction until the first one starts) [/LIST][/COLOR] Another important point is the clarity state of fifth wave which confirms and issues the end of main fifth wave. [B][COLOR="Red"]5 to 5[/COLOR][/B] In studying Eliot’s wave, when we want to open a position unlike the current trend, it is logical to get a confirmation from the fifth wave. This confirmation is the internal counting of fifth advanced wave. When a trader counts the fifth wave correctly and according to the Eliot’s rules, he will have a successful trade.In this chart, the internal counting, which is according to the above rules, is determined by the blue color. Finally, it shows that the completion of these five waves is finished with a smaller ratio in the main fifth wave. [CENTER] [IMG]http://www.earnforex.com/forum/attachment.php?attachmentid=2147&stc=1&d=1333512902[/IMG][/CENTER] [/QUOTE]
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