lewglasgow
Long

EUR/JPY - Bullish Butterfly (150+ Pips)

FX:EURJPY   Euro Fx/Japanese Yen
6 months ago
Here we are looking at EUR/JPY             on a 4h chart with a perfect bullish butterfly harmonic pattern , price is currently bearish but I am looking for price to stall out on our D point followed by a major reversal heading towards resistance at 113.900 before continuing to make a moving lower.

Spotting a 'perfect' bullish butterfly can be difficult, here are the ratios:
B: 0.786
C: 0.50 or 0.886
D: 1.618 (Almost perfect)
X to D: 1.272

All-round we have a very good opportunity, price is oversold and we are trading with a 1:2 risk to reward. I will be waiting for further confirmation before entering!

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6 months ago
Trade active: Entry: 112.200
6 months ago
Comment: Stop loss moved into profit
5 months ago
Trade closed: target reached
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Related Ideas

Jayz
6 months ago
perfect pattern!!
+1 Reply
lewglasgow TOP Jayz
6 months ago
Thank you, it looks very powerful!
Reply
Pronoe
6 months ago
Nice job ! I wouldn't have spot it. I'm gonna wait for a reversal pattern on the hourly chart now. Thanks
+1 Reply
lewglasgow TOP Pronoe
6 months ago
Appreciate it, there are a lot of factors on the 1h indicating a reversal. We shall soon see how the market reacts :) thanks for commenting
Reply
Pronoe lewglasgow
6 months ago
I would have like this candle to go a bit lower, maybe to 111.9, to consider it a reversal pattern.
snapshot


I'd rather wait a bit for now and have a more convincing signal. If I had a bigger account, I would have set a buy stop at 112.45.
+1 Reply
lewglasgow TOP Pronoe
6 months ago
Of course trade at your own risk, I'm only going 1% on this one. We are sitting on a major level of daily support and there is indecision around the D point which is enough for me... Check the 1h chart. All the best if you're trading!
Reply
khun
6 months ago
Damn... Such beauty. Nice one, Sir!
+1 Reply
lewglasgow TOP khun
6 months ago
Thank you very much!
Reply
wigtrade
6 months ago
great spot, lovely pattern!
+1 Reply
lewglasgow TOP wigtrade
6 months ago
Appreciate it, hope you've had a good week!
Reply
wigtrade lewglasgow
6 months ago
good week so far! although called UJ too early, tight stop greed got me again
+1 Reply
lewglasgow TOP wigtrade
6 months ago
That's good to hear... Ah well it happens to the best of us, sometimes you win sometimes you learn.
Reply
BLUE43 TOP
6 months ago
good job i did the same + cadjpy too
+1 Reply
lewglasgow TOP BLUE43
6 months ago
Welcome back :) thanks man, I checked your analysis... Ilove trading yen pairs
Reply
Trendhopper
6 months ago
Great Spot !

My experience with Butterflys is i usually get a better bounce at .618 (point D)....all depends on the shape of the pattern..at the moment it looks quite bearish still to me..downtrend is crushing the impulse...I always find Butterflys work best when price approaches the d point as laterally (sideway) as possible....then theres no resistance to the impulse, but these are rare moments !
+1 Reply
lewglasgow TOP Trendhopper
6 months ago
Yes that is very true, every situation is different from the next. It was my only concern when analysing this pair hence the target price being 113.923, we are sitting nicely in profit at the moment but only time will tell. I couldn't agree with you more and in this situation I went with my judgement as price was heavily oversold which gave me the extra confirmation to take the trade. Thank you for commenting!
Reply
Tosharun
6 months ago
Nice call on this one!
+1 Reply
lewglasgow TOP Tosharun
5 months ago
Thank you!
Reply
TraderSQUAD PRO
5 months ago
Very well spotted (and then some)
+1 Reply
lewglasgow TOP TraderSQUAD
5 months ago
Thank you very much!
Reply
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