This pattern is on the 30 minute timeframe so it will move fast. My points were very slightly forced so I will not take a trade on this unless there is better confirmation on a higher timeframe. Lets see what happens......
Here we have the NZDUSD on the 4h chart.
A potential bearish butterfly pattern is shaping.
If the D-leg hit previous resistance level 0.73378 in the PRZ, I will be looking for candles that signals a reversal.
Risk/reward more than 1:3
Here we have FX:EURJPY with a potential bearish butterfly on the daily chart.
Valid butterfly pattern:
A-B: 0.386 - 0.886
B-C: 1.618 - 2.24
Risk to reward 1:3
I will be looking for further confirmation before taking the trade.
Posted a butterfly pattern for AUDUSD last week and about to hit TP2, do refer to the link of related ideas below.
If it does, another butterfly pattern will then transpire.
PRZ area at 0.79839 to 0.79878.
Good R:R at 1.9 (TP1) and 3.2 (TP2).
I will update if pattern completes.