Harmonic Pattern Trading Live Stream with Scott Carney: SP500 Emini Trade Management
Hey. Everybody, who just wanted to kind of touch base with you and let you know that we were just running this crab. Pattern. That. We talked about this morning it was the follow-up we. Had a couple of things here, we, were looking in the 87. And we had a crab at about 88 88, 50, and that was the five-minute. Signal. That's. Also something we talked about actually, in the live session, so for, those of you hanging out or watching, the. Recording of this that was the entry, up there and. This. Is for, SP, e-mini. So. We're hitting target, one right here and. About. To cover a bump some stops up and. We're. About to cover this is on ES, target. Is that target, one is twenty nine eighty and. So. We round that down with say 20 eighty twenty. Nine eighty, fifty. It would be a minimum and. So. I want to be start taking off, some. Of these positions, this. Is the end of the type two, and. Again. Twenty, eighty. Twenty nine eighty fifty. Puts. This down here so we're gonna follow up we're also looking at. HSI. If this, is gonna pop out of the zone otherwise we. Come down a little bit lower around, 2978. 65. Or so. Come, back in a minute we're looking for that HSA, to trigger on the 5 minute and. You. Will see me adjust some stops, start. To take off a little. Bit down in here also look at amplified, on the 5 minute down here so. You. Here. We go with just bumping. Up a couple of contracts. And we'll, move the stops up on each five-minute. Bar going forward, we're, just about to flush, this out, look, what amplified. Stewing, down in here and, so. Look we're looking for the completion that around seventy eight sixty, five that's target, two on. The. Type to retest, so it looks like that. So. Far plus, seven, and. Again. We're, going to terminate on this five-minute. Setup. Here I wants, to close this out we'll probably rolled about top. Of the hour twelve noon and. Then. Work see how this works out but. 2978. Fifty, that is our low-end, target, and again. Probably. Looking for this, over. In the next 25 minutes we'll. Be back shortly to. Follow up. You. Okay. Everybody, we just got picked up clearing. Out two of them and now.
This Is hitting target, two. This. Is where we want to follow this pretty closely because, all three, indicators. Are registering, across the board so this is getting. Very close, we'll. Take this into the next five-minute, bar, so. We got about 90, seconds, and let's. Start bumping stops, up we, don't want to be giving this back no matter what, again. This is the type to retest, we've been talking about since. This morning's, live. Harmonic, training again. Target two is. Off. Of when. I bring this back over. That. Deep crab so, it was deep crap from this morning. We've. Got a prior HSI. And we. Are also in, deeply, oversold. So. Until, that pops out, that's. HSI. This. Has got a little ways to go look at that we're actually under negative. Now and that's. A fairly good fairly. Good sign we need to see that continuation. Probably. Going to have an inflection fairly. Soon come. Out like that, just. To isolate, HSI. Again. Big number is twenty nine seventy, eight the. Key, what we're looking at at the moment is do, we get through that on the next five minute interval if we don't we'll. Tighten up stops I mean I've got some, stops up here I really. Should be bringing them down up, just above this existing, bar which, is about. Twenty. Nine 8150. With. Our target two at seventy, eight fifty. One. Other consideration is, to take a look at the 1-minute chart or, even, something as little as the 89 tick. There's. The 89, tick. Nothing, really yet, but. Again our big numbers. Down. There at this. Seventy-eight, level again. For intraday, we. I really prefer to pivot off the five-minute time frame. That's. Kind of the dominant, here we go we just bumped into the next bar. And. At. This. Point this thing has to kind of come out. If. This. Is going to be the end of that reversal. We're. Gonna see this in a demonstrative, fashion, get. Rejected, so, this is where the follow-through, is really, important. Are. We gonna take it out on the neck stick. 2978. Or. Is it follow through I'm get, tight on my management, right here right now no matter what. Let. Me bring up one more chart we go side by side and look at this say on a one-minute as well. There's. Es, that's. Again. Let me bring up the other. And, this doesn't look like it's gonna follow through so I'm more, inclined, ready just. To take that off there's 101-minute. Is. That. Following through to the downside. 233, tick. And, so, this is exactly a. Great, management, point. Here. Where, our big number is twenty nine seventy. Eight. There's. No bullish, pattern, here and we. Know we're in a type to. That. Little 233. Tick you, know that's pretty interesting that's, something, that I. Want. To see here if this is. Gonna stabilize I. Bring. Up the 1-minute chart here. There's. The 1-minute chart here's, our zone.
Right. Down there there's our target our five-minute target, is right here folks. Here's. The five-minute, pattern just to get the reference. And. Again. It's a deep crab pattern, let me blow it up one more time. There. You go it's a deep crab pattern. On. The. Retest, with HSI. So that was up here. We, also we had a Gartley, up in here as well to, retests, I. Took. Off. Two. Contracts. Right. At Target to. Let. Me remove that's my preset, target, as well. So. Every, time I place an order this preset, stop. And profit targets automatically, put in I recommend everyone do that no matter what your strategy, and. This. One a five-minute basis. So. It's +10. I'm. Gonna wear, let's see what this does on the larger basis if this is gonna really collapse. All. The way down to. Look. At HSI on the five-minute. RSI. Is about the test. These. Are the these. Are the indicators that really have kept us in this trade but, we're. At those. Limits, or scraping those limits and I would. Think any check back in here is a. Place to start, peeling off a few more. There's. A nice, little crab pattern, that just developed, on the one-minute chart folks. Right. At 77. And. I wouldn't, want to sit through that check back to 81, so again. This is where a situation where, if I'm. In there on the short I want, to be defensive. Because. I don't want to even go through that check back. So. Let's take off one. Maybe. And, and, take off one or two remember. The target target. Two is. 78. 50. All. Right I just got one pulled off so. Down to six, but. Remember, our. Basis. Our. Setup, was this deep. Crab. Retesting. There's. Your confirmation. We. Had another Gartley, there as well so check the live session, and see, this coming back now. Okay. This should be fought, it really should be falling through. 77. If this is gonna go a lot, lower on the, day it really should be taking out the low that's. A five-minute chart. And. Get, a perspective, of HSI. All. Right so far so good final. Thing I would always be, mindful. Of is this simple trendline is absolutely. The. Standard. For, this reaction. We. Might brush up against, it but now we're at we're. Past target, to the only, consideration, I want to look at is is this, gonna run, we've. Already peeled off a few contracts, so we've secured. Profit. Or we've, bumped the stops up. And. I. Could probably let's. Put, in the, rest of them, and. Bump. These up because this if. This is gonna not, follow through it should be breaking, down now I've.
Got. A few more a little bit higher. That's. Six left I have three more higher I might clear them all out and just make. The adjustment, slightly, cuz. Look at HSI. We're. Coming up on about. 15 minutes almost until noon Eastern. This. Is a follow, up from our morning. Session. We. Were looking at a couple, of patterns also the. Other thing to be mindful of that we talked about in today's live harmonic trading session, was. The full retest, here, back. Down to this crab structure. And. It's. Really. Important, to take a look at this. As even as a target. Let. Me clean that up there's, a little, check back down here. Okay. And the even the better the. Larger, potential, for yet. Another crab. Down, in the 72. Level, 73. That's, what we talked about this morning, and, so. With the current action we. Are let's. See here where 77. 76. Okay. Here's a crab on a one-minute now we're starting to break down. So. We could get a little bit more maybe as low as 73. On, this. Move. We. Peeled off a few, more, we. Bumped our stop. So. We gonna where, we're positioning. Here for. Another. Three. Or, three and, a half lower. Down. To that stop, whatever. Comes first to stop or HSI, trigger. Let. Me pull up HSI. No. HSI, trigger back in this immediate area. What. About say, the. Five, minute time frame because, again that's something, I. Really. Utilizes. A guide stick throughout, the day of what's. The last five minute HSI, trigger. So. We're in there. And. This could pivot out pretty. Quickly that's why we bumped our stops up. This. Seventy-eight, level, might be the limit and in this area this might be it for today if we don't follow through. Coming, up on 11:45. We, are thirty. Seconds, into that next 5-minute bar. So. Let's take a look on a one-minute, basis. Also. A little crab pattern. What's. It going to do. We. Just hit the one six one eight on that one minute crab, so. Again a. Lot. Of our larger. Targets, are at seventy, eight seventy. Eight. Fifty, this is seventy seven and. I. Would look at that in kind of a two chunks. We're. Either gonna actually, pivot. Right here right now. Or. It's a full. 7350. Retest. And. We don't see what, do we see here I, don't. See much this. Is not constructive. Really, look at this these, indicators, in here. Rolling, back into the extreme that's on a one-minute basis so. Let's. Stick. With. Bumpin. These stops and the other thing is is that. We're. Going to want to we're going to tighten up these stops here in the next, minute. Or two all right we just went into the next five-minute bar if, this comes off and it stabilizes. There's. A real maker break situation, I think seventy seven is the number and I'm. Willing to peel off another one or two. Yeah. Our. Downside. Target for today was 73. That. Was our support, target, no, we outlined, in today's live session. Let's. Walk through this, and then I did, want to look at some crypto currencies, because Bitcoin, just made a huge bottom. Ripple. Aetherium. Bitcoin. Cash. And. I. Guess I have to say. That I have positions, in a lot of those I think. I actually got to start disclosing, what, positions so, I'm going to talk about a market, or something I will tell you if I'm in the position and that's where. We're, moving with what, we're doing here. With. A lot of the currency stuff the telegram, group things. Like that. A. Telegram. Group. That. Euro yen trade. I saw. A Euro Pound trade stuff like that we talked about that this morning as well. We'll. Go back to that in a second. We. Adjusted, to stop on the Euro Pound, trade by the way and. That. I. Think. That got kicked out. Now. We'll look at that in a second. That's. This. Crab. Pattern, has been about it has been. Fairly. Slow we're, in the middle of the summer here. But. There's that type - with that, five-minute. HSI, confirmation. I really. Do like what I'm seeing here on the 5 minute basis, though I mean at least all three. Indicators. Are oversold. Now. Let's just see what they they do I'm, gonna pivot out now. Again. I think I'm looking at this till top of the hour you got about 12 minutes till, 12:00 noon. This, has been a pretty, nice, move. So. Far today, we. Are in up at that confirmation +, 10 or so or, plus 11. Around. 8750. Was. That entry point. We. Scaled out of a, few. And. Still. Holding, 6. And. We. Have been looking at okay. What's the assessment. Here. Do. We hold it do we is this. Clearly. It's a type 2 it's. Where, reversals. We. Look for reversals, here was the type 1. Little. Extended. Let's. Blow that up. But. There you go there is type one and. Again, because this, is a deep crab pattern, we have talked about this over.
And Over again in the live sessions, it. Has been a real nice. Upgrade. Refinement. In the crab structures. That we look at to understand, where that that's okay. There's. A video, that I did a while back about, the one 9:02 as a minimum. But. Now on these secondary, tasks, tertiary, tests. With. HSI, we, we know we've got something substantial. And we, look for target - so that's risk. Reward is even better so. Now, trading seventy-five folks and. Here's. On the one-minute basis, we. Are probably, gonna scrape the bottom end of that crab here you go. That's. SMP yes. Would. Love for the one-minute HSI. To come back down into the zone and. Trigger. Lower. Something. Like that that would be more, of, you. Know ten minutes to noon a. Mid. Day opportunity. But. My concern is just not giving back much. Out of this zone I, you. Know I. Probably. Should, be pulling these even tighter. Where. Are we out in the day. So, on the day. Doused, down 130. ESPYs. Down 10. Now. His next down 50. And. I that's, not it that's a nice move for today and we're coming up at noon time so again. I'm gonna settle this out and. I'm. Gonna adjust the stops, I want. To go till about noon, folks anyway. So. Let's. Here's. The big 16.8 off of that one minute time frame I don't have HSI, yet but I'm, certainly. Want to be taking, out that's. A great place to take out a way, to optimize the larger zone our five-minute zone was was. Twenty nine seventy, eight seventy, five. And, I'm. Willing I don't want to go through this reaction I'll, take one off. And. I'll. Take actually. I'm. Going to take another one off down at 25, oh. Wait. A minute I need to clear out I need. To clear out the rest I've got a bunch of hanging, orders, so. Easiest, way to do that is just to right click. Cancel. All your orders and. Then. We'll reset, them so. I peeled off one. One. More. Remember. I don't want to give up anything more, than say 78, fifty or seventy eight seventy five because that's where the five minute target is, so. You're going to take off another one. And. You. Know layer, it a little bit seventy. Seven. And a quarter seventy, seven still, holding five and. Again, that's for ten. Let's. See if this scrapes, out. As. I go through this here and we've, got about eight minutes at the top of the hour I. I. Will wrap it up right around noon is just. Kind. Of one. To. Take note of a few things few items here of not, only the framework, but how the five-minute, versus the one-minute, play against each other here, and. I, think this our larger, target, we were again, looking, for 73. As today's, support, target that, might get down there a little, later today. But. I'm looking to kind of maximize this, trade here, off. Of the crab pattern, here let's. Let's. Revisit that really quick, still. On. Five, but this is now about that's a pretty sharp. Decline. Off of that nice reaction. That's. What we're looking at and and, we. Want to see follow through on each independent, bar as, it. Wiggles, its way down there's. Our. Trend. Line still, in force. Okay. At this point though I'm just looking at the extremes. RSI. Indicated extreme on a five-minute that's starting to pivot out. Amplified. That's, our hyper sensitive. Harmonic. RSI. If you will, what. That needs to come out and. HSI. So. For times sake I'll, stick. With that I'm still. Protecting. The, original. Position, and we're in a risk-free. Obviously. That's, always the first goal risk-free position, but. Our. Target. To was 78. 65. Round. That down to 78, 50. So. I peeled off one more down there at. 77. And. I'm. Gonna adjust the stops, on the rest of them I think this is. Starting. To show little. Signs of mid day stabilization. Now. On that one minute that. One minute time frame that actually, is about, to trigger a bullish, on. The. UH to. The upside here, there. You go. So. Let's not forget.
That. That's. Still relevant to what's going on immediately and. Actually. The fact that we have that exactly that's actually a perfect crab, pattern. With. That specific, alingment. Yeah. That's. Enough for me. There's. Three. I'll. Peel off one more down here I, got. Two two, of the remaining three stop-loss. And. Again. As I. Said the big target we talked about, in. This morning was 73. I would now call that 73. 75. But. That's our downside, and at this point I'm I'm happy. With what. We have agreeing that's the stop-loss, should not. This. Action against that other target. Target. One target, two and even the zone here we. Come back out of this this zone you're gonna see a little reaction and I think that's what's about to happen, even. If this trends lower we, could see a type one right up to 81, here. Off of that crab, pattern, look it's like this. There. You go. Not. Really anything. I you know let me check the reset. This time. You. Don't really have HSI, anywhere, in that in position that would be ideal be great if you had one. But. Even the fact that we have this perfect, crab pattern. Could. Give us a nominal, reaction, off of that. Little one. Six one eight I, think. The bigger level. I. Talked about this this morning as well when. It's auto-generating. And we. Really optimized the patterns. To. Define the. Clearest, crab structures, based on multiple, metrics but. If you're dealing with something that's that's fairly obvious this, extreme, low or high throw. Down a one six one eight. That. Would that would absolutely, help, define, the. Lower. Range. Support, measurement. So. Again, even. For today I've tightened up the stops on all of this. Looking. As low as three, and. Coming. Up right I'm on noon. But. Again this would be this area here is, would. Be our mid day. Ideal. Stop-loss, just. Our. Deep, crab kind of overspill. Hold. On one more one minute folks. Um. One. Second, here. You. Okay. Folks you see this clearly, coming off of that crab pattern, and. We've. Got just stop that on the other one I want to take out the other two. Let's. Bring this on in. Bring. Him on back down don't let him go against that five minute. Remember. Our five men in here. So. That's it that's that we're done there. There's. The five minute limit there. We're. Underneath there look we broke out we're, starting to pop up off of there. That's. Maybe even a little premature, because look our five minute. Our. Five. Minute HSI, has not yet popped, out of the zone, but. That's alright I'm. Being. A little aggressive beyond, target, twos not a problem. And. Now, we're cleared out there's, clearing. Out right now. 78. 78. 50. That's. How to adjust, that. And. Again. Remember, the fact that we got this one-minute crab pattern. And. That was it 77. Bang. We. Could have flipped.
Like. I said still a little, early here and again it's just heading. Back up not, not, ideal I just, had type one crab but as I said this. Is could. Very well give us a little reaction back to 82 I'm not hanging in, I'm, not gonna stay on that. And. There you go I. Drop, this on end. So. Now noon just, past noon Eastern, here, this. Is. Where. To clear this out folks and be done with this here just. Gonna flatten everything is. Again. At, this point I prefer, to let stop a stop. Take me out. I'm. Just gonna flatten. Everything. There. You go I'm totally done. Cancel. All orders to, make sure that's cleared, out and. This. Has type-1. Reaction. Written on this, is a one-minute that's. SP there, you go and it's it's already starting to pop out, why. Wouldn't I jump. In and try to flip that I mean I could but I've been sitting here for the past hour so, we. Really started recording. About 30 minutes ago and. Again. This was all about the 5 minute. This. 5 minute time frame here. Type. To crab up past, the stop. Deep. Crab actually. Around. 8750. And. It's. Again something we talked about this morning. Looking. For this to go to target 2 then, this is already popping back. Now. We're working with the harmonic pattern collection software of, I. Just. I recommend, everyone, that, is even attempting, harmonic, patterns, just, to get with our. Program. There because, that's everything. That we do is. Automatically. Generated off. Of our. Algorithms. And that's, how we find, situations like, this deep crab pattern it's. Also how we know. Where. Our profit, targets are how to, let it run. You know do we give it more time. And. So. Head, over there. Harmonic. Trader calm and. Just. Get, the free access and you can get into, where. You need to go with. The setup to go there and it is sign up for free if you're not a part. Of it already that's, everything, is free, and a 14-day, trial because, once you. Work. With programs, and patterns like this and. You. Just spend a little time on the site, learning. The reaction, and the reversal, strategies. We. Get things like this. You. Know I, prefer. To talk about points. Rather. Than dollars always. Because, I really. Believe that you keep that mindset of. Strategy. And. Understanding. You know what they're that there's limits to every situation. Every. Possibility. So. Keep. Aware that now really quick folks want. To bring up. One. Or two of the crypto currencies. We. Just had a big, 60, minute. ABCD. On. Bitcoin. This is our trading view beta platform. That's. One, of a few things but I would be looking more at the four hour time frame we. Have been talking about we, caught that crab pattern, but. We never had a type-2 retest, and the thing completely, fell apart I, still. Like, it and I still think we'd come back and retest that 13,000. So. Don't ignore this stuff at all I mean I this, is a great summer market, when other things are pretty. Boring, the one market that we really, was. A standout. And still is a standout is, this a theory 'm on. The daily, and. Take a look at maybe about two weeks ago, we. Were talking about this daily crab pattern, this. Was up at. 3:30. Where. Did that go. Let. Me take a look here I. Have. To check. I had been posting, maybe that got. The. Other patterns are being shown here. But. Um we're, back down at these profit, targets we're down in a few profit targets that are, pretty. Critical really. What I'm getting at. Yeah. I'll have to double check that on a theorem, the other one.
Bitcoin. Cash. That's. Another one there's a shark, that's. Daily, -. There. You go. Down. At that 292. 59, to 60, area a lot. Of these have done, a really nice pull, back healthy pull back and if. You were looking for a time to continue. Accumulation. This is it. Let's. Say come back take. A quick look at what's going on oh look at here is the es, crab. And. So. We. Cleared. Out of that we were really we were out of that down in here. Around. 78. And. Remember. We wanted to be out before that thing came back against, that target - and. That's, what happened, so. Great follow-up here today. After. Our morning session, thanks. Everybody for hanging in had. A couple issues but, you know Thursday's, usually, casual, pulling. This together actually, week, over week I like what's happening here and just. Trying to show, more. Of this. Stuff in action live, and how. To handle this stuff. No. Matter what here's that crab pattern, I'll just wrap it up there. Here's. This crab pattern, little, midday. Reaction. And. Here's. That move back, to 81, 90s. And 82 call it. So. Do review, the session because. This is exactly, the. Even. In a reactive, mode to come up and give us a type 1 reaction, our, entry. Up in here from this morning I don't want to give that back and, I. Think what, we walk through and and handled, today, adjusting. Those stops really spells out how. To handle, those. Situations, that actually give you a great move and be able to stay in them but. Then at the same time what are the signs that get us out of a something. That's moved and when. We go from bearish, to bullish pattern. That's one of them for, sure and this was this, is a great one, there's. Your type one I expect, a little reaction. It's. Right around 12:00, noon just past 12:00 noon Eastern here I would, look for again we're still a retest, our lower support. Target, for today from. Our gold live harmonic, trading session was 73. So, I'll say 73. 75. 74. Maybe we get a little retest, a little bit later today a. Bit. Lower. But. We will be back on Monday. So. Do join us through, the Live Gold harmonic, trading and get, with the software program, again. Go to harmonic. Trader comm and. Get. Started there with all the resources that's that's, absolutely. Everything that we do and harmonic, pattern collection, again, is the place to check out our official, software. For these four major vendors, and soon. Happy. To announce a few others. So. You. Have any questions send me a note at harmonic trader at harmonic, trader comm. Real. Nice session folks and appreciate, everyone's. Input we'll see you next, week you. Have any questions reach out to me at the website.