Chart pattern - Wikipedia
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Three Drives 7.2
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What is the Bullish 3-Drive Pattern?
Forex comments. Want to join? Log in or sign up in seconds. Submit new content. Get an ad-free experience with special benefits, and directly support Reddit. From here we then see price turn lower again to give us our 2 nd drive which should complete into the 1. From here we then see price correct higher once more, moving back up into the From here we then see one final push lower with price trading down to the 1. This pattern starts with the 1 st drive which is a bullish move.
We then get a retracement lower to give us our A point, which should complete into the 6. From here we then get another move higher, giving us our second leg which completes into the 1. From here we then get a second retracement lower which should complete into Finally, we want to see one final push higher, giving us our 3 rd wave, which should complete into the 1.
At the point the pattern completes, we can then look to sell. When it comes to entering a trade with this pattern, we have two options.
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Or, we can take a more conservative approach and wait for price action confirmation which is where we wait for reversal candles to setup at the level before taking a trade. In these instance, our best option is to use the next extension level. So, where we enter at the 1. Alternatively, we can use a price action based stop. So, where we sell on the break below the candle which touched the level, we can simply put our stop above that candle high by 10 pips or so. This is a much tighter stop, however, the upside is that we only need to see a small reaction from the level to achieve a good risk:reward target.
So, in terms of target. As with all of our trading we want to make sure that we target at least 2 — 3 x risk. So, if we use the level entry and our stop at the Alternatively, if we use a price action entry, again we need to measure the distance between our entry and our stop and x it by 2 — 3 to establish our target. Beginning as a private retail trader, James developed a strong interest in understanding the fundamental aspect of the market before pursuing technical trading capabilities which he now uses to identify opportunities over a short-term horizon.
Alongside his market experience, James is also IMC certified having achieved the qualification to help further his understanding not only of the markets but the industry as a whole. James has a strong interest in both fundamentals and technicals and uses both forms of analysis in generating and executing trade ideas, with trades generally lasting from a few hours to a few days.
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