Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I would like to take this opportunity to share with the community a new Harmonic Pattern that I discovered. I would also like this post to serve as an opportunity for anyone who may have already identified and published a similar pattern to come forward to refute my claim and take their rightful ownership if that should be the case.
As this pattern shares characteristics with the Butterfly and the DeepCrab I first noticed it in situations where price, in forming the CD leg, would violate the potential "D" level and then the top or bottom of the PRZ of these other two patterns without pulling back. Often, before reaching it's own "D" price will re-test the potential Butterfly or DeepCrab "D" level from the wrong side before continuing into it's own PRZ.
This is not to say that this is not a discrete pattern in itself as it can show up without the presence of a potential Butterfly or DeepCrab however it often does appear along with the other potential patterns. The violation of "D" and the PRZ of the other patterns is a sure sign that this pattern, which I have selfishly named the "Wolf Tail", is forming.
I've attached Bullish and Bearish prototypes of the WolfTail along with a couple of screenshots of real examples of this pattern in Crude Oil.
I hope you enjoy this Pattern as I feel it has a lot of potential. I would be very interested in any and all feedback on this.
Like everything else in trading it depends on a lot of factors. Good execution, risk and money management, and other types of analysis also come into play. But I can say that with everything in place Harmonics are excellent.
I believe the elliot wave theory calls this an "extended d wave", ill go read up on this and post more details. The pullback retrace of the d wave is also mentioned.
Sorry for the slow response, it's been a busy week. I'm sorry I didn't record what does those were and now it will be difficult to go back and identify it. I'll find some new examples of the pattern and post them along with the dates so you can do your analysis.