CapMoore

Potential Butterfly Pattern

FX:EURUSD   Euro Fx/U.S. Dollar
367 2 3
Price has come up and tested the Monthly Pivot Point
from below, as well as the Yearly S2. Weekly pivot point
has held support this far after the break and price is now
inside the Kumo Cloud after testing above.
The pivot confluence is strong resistance and since
a Butterfly Buy is possible from here, with lower highs
and lower lows, chances are we will see the resistance
hold and price may continue down to complete the pattern.
Below previous low at 1,0460 and the completion of the
pattern at 1,03 exactly, stands the Monthly S1 at 1,0383.
A weekly close above the high and Yearly S2 mmaybe
lead to a test of the trendline and previous high putting
the pattern into question. The pattern will be erased
once the C-level is taken out at 1,1036.

Related Ideas

russelldaily
2 years ago
Isn't the B point on a butterfly, .786? I'm not saying of course, the 1.27 won't happen.
Reply
CapMoore russelldaily
2 years ago
Yes it is the ideal setup but a loose setup tend to work equally good, Harmonic trading is very difficult to use if you look
for perfect setups. Question is , if the Bull force is too strong at this point. The weekly close this week came in below the
confluence resistance. The CD leg is also starting to become extended in time. It may turn into a triangle consolidation
instead if price fails to break above resistance. Thanks for your remark.
Reply
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