If you look at this pair on an hourly or 4hr chart you'll see we are in a steady uptrend. I do believe the trend is starting to get weaker. Usually at the end of a trend there is a big climactic move before it reverses. I'm looking to buy potentially that climactic move up here before the buying pressure really slows down and we get a potential drop.
I like the new high we have made (AB move) indicating the buyers want to possibly push this more. I'm looking for that move to finish at .786 as the first qualification of a butterfly.
WHY a Butterfly?! Here is a tip that has made me A LOT of money.
Here it is: The climactic moves that "finish off" trends happen usually between a 1.27-1.618 Extension. (I will post a video explaining this in depth this week, it is a very useful tactic, I will explain how I spot it.)
And since I trade harmonic patterns heavily, I look for my butterfly patterns and crab patterns to occur at the bottom or top of trends i'm already thinking are going to reverse.
Since NZDCHF Looks week to me on the 4hr, This 5-15 minute chart Butterfly Would work very well with my bias.
So, if we get the .786 AB move to finish, I will be looking to buy where the institutional activity has been happening, which is around .6652, I come to that conclusion using Volume profile, i really only look for entries around V.p. because the institutions are the ones that can move the markets, I cannot, so i ride their coat tails.
My Take profit will be for the completion of the butterfly, but will be monitored/managed once triggered.
As always, as small harmonic on the 1-min completing around .6652 + divergence between AC is IDEAL!
-Enjoy, and good luck
I like the new high we have made (AB move) indicating the buyers want to possibly push this more. I'm looking for that move to finish at .786 as the first qualification of a butterfly.
WHY a Butterfly?! Here is a tip that has made me A LOT of money.
Here it is: The climactic moves that "finish off" trends happen usually between a 1.27-1.618 Extension. (I will post a video explaining this in depth this week, it is a very useful tactic, I will explain how I spot it.)
And since I trade harmonic patterns heavily, I look for my butterfly patterns and crab patterns to occur at the bottom or top of trends i'm already thinking are going to reverse.
Since NZDCHF Looks week to me on the 4hr, This 5-15 minute chart Butterfly Would work very well with my bias.
So, if we get the .786 AB move to finish, I will be looking to buy where the institutional activity has been happening, which is around .6652, I come to that conclusion using Volume profile, i really only look for entries around V.p. because the institutions are the ones that can move the markets, I cannot, so i ride their coat tails.
My Take profit will be for the completion of the butterfly, but will be monitored/managed once triggered.
As always, as small harmonic on the 1-min completing around .6652 + divergence between AC is IDEAL!
-Enjoy, and good luck