LewisGlasgow
Long

EUR/JPY - Bullish Butterfly (150+ Pips)

FX:EURJPY   Euro Fx/Japanese Yen
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!

Do you want more trading inspiration? Connect with me below :)
Instagram: https://www.instagram.com/lewglasgow/
Facebook: https://www.facebook.com/lewglasgow
Trade active: Entry: 112.200
Comment: Stop loss moved into profit
Trade closed: target reached
Learn How to Trade the Most Advanced Market Patterns: https://www.sixfigurecapital.com

Join my Telegram Channel: https://t.me/SixFigureCapital

Facebook: https://www.facebook.com/lewglasgow/
Instagram: https://www.instagram.com/lewglasgow/
Very well spotted (and then some)
+1 Reply
LewisGlasgow PRO TraderSQUAD
Thank you very much!
Reply
Nice call on this one!
+1 Reply
Thank you!
Reply
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
LewisGlasgow PRO Trendhopper
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
good job i did the same + cadjpy too
+1 Reply
Welcome back :) thanks man, I checked your analysis... Ilove trading yen pairs
Reply
great spot, lovely pattern!
+1 Reply
Appreciate it, hope you've had a good week!
Reply
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out