Happy Friday, Troops. I haven't been active in a while- I've been working on those 5-o's. They still aren't doing anything for me, I'm a much bigger fan of the Ms and Ws, but here goes.
As harmonic swing traders we look at the daily chart for direction and use the 4 hour to find a pattern that fits direction (in a nutshell)- I occasionally look at daily patterns with support and resistance from weekly charts but that's once in a blue moon.
If you look at this daily chart there's a ascending wedge; within said wedge we have a 3-drive pattern. I'll be long until the 3-drive is complete. At which point, a bearish 5-o is completing on the daily chart. I'll be looking for a short signal from around 1.095(ish), and entering until the pivot point around 1.06.
Again, I'm new to the whole 5-O game, it was suggested to me by a friend- lets see how this plays out!
As harmonic swing traders we look at the daily chart for direction and use the 4 hour to find a pattern that fits direction (in a nutshell)- I occasionally look at daily patterns with support and resistance from weekly charts but that's once in a blue moon.
If you look at this daily chart there's a ascending wedge; within said wedge we have a 3-drive pattern. I'll be long until the 3-drive is complete. At which point, a bearish 5-o is completing on the daily chart. I'll be looking for a short signal from around 1.095(ish), and entering until the pivot point around 1.06.
Again, I'm new to the whole 5-O game, it was suggested to me by a friend- lets see how this plays out!
