Hey guys, NFP is finally over and we have many good Harmonic setups coming up.
The 1st I want to talk about is on EURUSD which has a Shark pattern completing.
Pattern Identification
The bearish shark pattern completes at 1.0790.
Based on the rules of the pattern, I will be looking to go short on EURUSD when the pattern completes.
Trade Execution
A few simple rules I use when I execute my trades.
1. No reaction at PRZ --> No Trade 2. The best setups usually has a long pinbar candlestick at PRZ. I will execute either on a long pinbar or a engulfing reversal candlestick pattern. 3. I do not use pending orders to enter my trades, I prefer to set an alert and monitor the price reaction at PRZ before I enter my trades.
Trade will be invalidated if price does not react at PRZ and goes straight above 1.0840.
I will be covering this in my weekly video, do check out my site and get on my youtube page if you are interested to listen to my analysis in video.
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EURUSD zone of interest to buy before the bigger TF sell around 1.0560 - 1.0580.
Now is probably not the best time to do anything yet.
Watch for pinbar, rejection of this channel lower extreme to initiate buy.
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We are right at the PRZ.
Wait for H1 reversal signs before entering. If price does not react to this PRZ zone, there will be no trade!
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PRZ has prevented EURUSD from going much higher.
The execution will be to wait for a close below PRZ and a pullback towards it before shorting.
My philosophy is to reduce waiting time and get in right when it is about to fall.
Tomorrow night there is a US unemployment news, that should move the USD a little.
Thanks for sharing with me some thoughts during your workshop on the last Wednesday evening.
I had been searching high and low for your webinar link last night but still unable to find it.
I would like to check if EUR USD setup is still valid for my entry if a bearish formation were to form at the PRZ level?
Thanks for your time.
Regards,
Lee
TerryHarmonicTrading
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@brightly, Hi lee, I want to apologize for the webinar session. Due to technical difficulties, I had to shift everyone to another webinar platform. As a result many could not come in. I assure you that next week will be smooth and it will resume on Wednesday at 9pm singapore time. PM me your email and I will ensure you will receive my invitation link.
With regards to EURUSD, we are still right there at our entry level. I did a long on usdchf and will be skipping this short on eurusd. It is almost 100% correlated, and both have patterns to get in. You can choose which one to get into.
Thanks for sharing with me some thoughts during your workshop on the last Wednesday evening.
I had been searching high and low for your webinar link last night but still unable to find it.
I would like to check if EUR USD setup is still valid for my entry if a bearish formation were to form at the PRZ level?
Thanks for your time.
Regards,
Lee