Overall Bias - Bearish from a Daily point of view
Confluence of 2 Bullish Cypher Patterns to complete on Point D (Possible TP areas) and 1 Bullish Butterfly Pattern to complete on point D (Another TP area)
Price is within a bearish pennant further confirming potential bearish move upon breakout to confirm harmonic patterns
Confluence of 2 Bullish Cypher Patterns to complete on Point D (Possible TP areas) and 1 Bullish Butterfly Pattern to complete on point D (Another TP area)
Price is within a bearish pennant further confirming potential bearish move upon breakout to confirm harmonic patterns
Comment:
**First TP is Green Cypher Pattern Point D (not Purple Cypher Pattern Point D)
Comment:
First TP at Green Cypher Pattern Point D already reached. If you entered from the break below of the bearish pennant as advised, you are already have 87 Pips in profit.
Price is still in a strong downtrend as shown by ADX which at 46. We are close to hitting 2nd TP at Butterfly Pattern Point D where we'll close and cash in profits at around 137 pips.
Happy Trading! Let me know your thoughts.
Price is still in a strong downtrend as shown by ADX which at 46. We are close to hitting 2nd TP at Butterfly Pattern Point D where we'll close and cash in profits at around 137 pips.
Happy Trading! Let me know your thoughts.
Comment:
Price already at major support area. Good idea to cash in profits.
2 TPs hit.
2 TPs hit.
Trade closed: target reached
Comment:
Surprsingly, price still managed to break below a major support line after a brief period of consolidation to hit the D point of the Bullish Butterfly pattern right on the dot!
If you missed the breakout of the bearish pennant, then this is a good time to enter positions.
Price will eventually move downward towards Purple Cypher Pattern Point D which is a previous support level (Point X of Green Cypher Pattern and Butterfly Pattern).