📚 Bow & Arrow Pattern 🏹

1 ก.ค. 2023

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

Today, I want to share an interesting pattern that I always use to speculate (to an extent) the next move of an asset.

🏹I call it the "Bow & Arrow" pattern.

This pattern can be either bullish or bearish, but for today, I will be focusing on the bullish reversal patterns.

On the chart, I have highlighted three previous examples for illustration purposes (in red, orange, and purple).

The pattern consists of three cycles:

1️⃣ First, there is a bearish impulse that breaks below a major low.

2️⃣ Second, a correction forms followed by another bearish impulse.

3️⃣ Third, the bulls take over, resulting in a complete shift in momentum.

📉 We can clearly see this pattern playing out nicely on the XRP weekly chart.

If we apply the same logic and pattern to the current price action, we would expect the next bullish impulse movement (3️⃣) to start soon, which should be confirmed on lower timeframes.

🗒 What do you think?

Always remember to follow your trading plan regarding entry, risk management, and trade management.

Good luck!

And always remember: All strategies are good if managed properly!
~Rich