hungvutrader

Idea #47 Bullish Butterfly pattern on GBPJPY?

FX:GBPJPY   British Pound / Japanese Yen
130 11 2
Idea #47 Bullish Butterfly pattern on GBPJPY?

If price break below consider line @ 172.35 so we could pay more attention on Bullish Butterfly pattern to enter Long position.
Still need to pay attention on this chart
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Cheat sheet from neoharmonics.com can be helpful in determining the different ratios of harmonic patterns.
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correct me if im wrong i'm new to harmonics but this is looks like a legit butterfly
snapshot
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Casey_Yeo angrybear168
Sorry bro. I believe D completion should be at 1.272 XA ext for butterfly.
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hungvutrader angrybear168
Hi bro, i think 1272 projection for BC. And all harmonic i think should have ab=cd, 127ab=bc, 1618ab=bc :).
with tradingview.com, i use -0.27 in fibo retracement tool to find out the projection of any leg.

And last, im new in harmonic like you and on the way to familiar with it.
like casey, lets learn together. :)
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angrybear168 hungvutrader
thanks guys
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that is too low, there is massive support confluence above
snapshot
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hungvutrader angrybear168
yes, you correct. my idea is just to pay attention if price break my consider line. and if we get nice price action on my zone (171.3-171.5) i will get into the market with Long position only.

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angrybear168 hungvutrader
one thing worries me about the sustainability of the long trend is the fact that spy might pull back soon, might be just a bounce potentially a right shoulder some sort.
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