#USDJPY Daily Butterfly Pattern Short Idea Short

U.S. Dollar/Japanese YenFXCM

Description

⋅ Mar 9, 2015 8:54 PM

#USDJPY Daily Butterfly Pattern Short Idea

1. RSI divergence showing up on 4H indicating slowing momentum but is not double top
2. round number 122.00 confluences with fib extensions
3. Price is not oversold yet. There is still room for upward movement before it hits the zone
4. 50SMA can give us our first target

Hope this give you some useful ideas, don't forget to hit the like button :) Thanks

Comments

TradeYodha

⋅ Mar 12, 2015 3:13 PM

update: this may give us another short opportunity with possible cypher pattern and harmonic move tradingview.com/v/QEdkPQFM/

TradeYodha

⋅ Mar 10, 2015 12:51 PM

Update: huge pin bar forming on daily chart

TradeYodha

⋅ Mar 10, 2015 10:14 PM

Update: Inverted flag being formed along with BAT, possible downwards movement expected.

TradeYodha

⋅ Mar 10, 2015 11:18 AM

Update: on hourly time frame it is showing double top with 2618 short trade setup.

TradeYodha

⋅ Mar 10, 2015 7:53 AM

Update: The price has been in the zone and now showing weakness.

FeelsFX

⋅ Mar 9, 2015 9:05 PM

the 886 B is for deep crabs. They also require 1.618XA D point.

FeelsFX

⋅ Mar 9, 2015 9:06 PM

786 is for butterflies and they also require 1.27 D point

TradeYodha

⋅ Mar 9, 2015 9:11 PM

Thanks for pointing that out. Appreciate it. But I trade butterflies a little different. The B point must be at least 78.6 but must not touch 88.6. I agree on 127.2D.

riskmode

⋅ Mar 10, 2015 3:55 AM

Do you seriously make money trading against the trend like this using dodgy ratios?

TradeYodha

⋅ Mar 10, 2015 6:38 AM

Thanks for your comments. The zone is there and I will wait for confirmation to open a position in that zone. I also will adjust my position size to my affordable risk.