We have a nice bearish butterfly forming on the CAD/JPY pair, Intermediate Timeframe is 1H, Major is 4H and Minor is 15M.
I expect this pattern to complete within the next few days.
The following are the things I like to see confirmed before taking a trade:
XA Retracement Is: 1.272
BC Projection is: 1.618
Alternate AB=CD is: 1.13
Stop loss level is measured...
We have a nice bullish bat forming on the GBP/USD pair, Intermediate Timeframe is 1H, Major is 4H and Minor is 15M.
I expect this pattern to complete by the end of this week (01/07/2019)
The following are the things I like to see confirmed before taking a trade:
XA Retracement Is: 0.886
BC Projection is: 2.618
Alternate AB=CD is: 1.618.
Stop loss level is...
After a strong rally today, EURGBP looks as though it is ready for a pullback. A bearish bat is complete at the same level of the completion of a bearish crab. Stops are placed above strong S/R with targets at the .382 and .618 retracement of CD.
Confluence in the PRZ:
1. Bearish bat pattern completion
2. Bearish crab pattern completion
3. 2.618BA...
EURAUD showed great strength today after hawkish comments from ECB president Mario Draghi sent it rallying through my previous PRZ. I am again bearish on this pair as there are two bat setups completing near an optimal Wolfe Wave sell zone. A new daily pivot sits below price to add to the bearish bias. Targets are placed at the new pivot and near the 1-4 WW...
