We could see price has been moving sideways for some time for EURUSD.
In my opinion there is a bearish butterfly pattern forming now and price pretty much exhausted.
There is a resistance at 1.1450 and price failed to break above it cleanly. At the same time, a bearish divergence can be spotted on stochastic so i am going to sell EURUSD from this point.
A bearish butterfly pattern is so close to being triggered, for this trading setup, a bearish engulfing candle is required to show at Point D before I look for any shorting opportunity, the reason for that is because the movement from C to D is pretty much a single direction(persistence upward movement). Don't just trade blindly, look through the candle movement...
The Point D completion on the bearish butterfly, if the candle closes above the consolidation zone it can be a warning sign.
Let's see how the candle close. If the candle break and close above it I will be looking at the reaction on the Resistance level, if breaking and close above of it may cause me to close my longer-term trade(link at bottom)
The completion of the bearish butterfly pattern, I'm waiting for a shorting opportunity, the nice thing about this formation is that the Point D completion is at the previous resistance. The not so nice thing is that it is not at the furthest end nor it's a trend trading opportunity. Candlestick pattern confirmation is important.
LTCUSD LOOKS LIKE A BUY RIGHT NOW, BUT MY FORECAST IS FOCUSSED ON 2-3 WEEKS IN THE FUTURE BASED ON THE LIKELIHOOD OF A BEARISH BUTTERFLY PATTERN FORMATION COMPLETING.
MAYBE IT'S AN IDEA TO KEEP AN EYE ON.
ENJOY THE WEEKEND MY FRIENDS & FELLOW TRADERS!
Waiting for a type2 bearish butterfly shorting opportunity on this pair. On the 4-hourly timeframe, this is still a trend trading setup. Whether to engage this trade will depend on how the current candle close.
Actual target will be sent to our community, check out the link at the signature.
MARK looking like a possible bearish butterfly. Break over (B) confirms. Until then, I am looking to long on trend line (blue), add to winner on butterfly confirmation ( over (B)), with profit target the green 1.27 extension. The safe play is to wait till (D) completion, but who needs safe.
Textbook bearish butterfly accompanied with previous market structure. We are at the competition of the butterfly (D) so I will be looking to get short off the open, risking a point above D. Profit target $7.60 ( green .382 retracement) where I may look to flip long.
Details in chart. Huge FOMO rush to pile back in left a monster gap to fill 90 pips below.
Another big gap at 2538.2 never filled. It will fill...
Time cycles projected above, top-to-top time is ~ biweekly, 3-4 up days, 2-3 down days, 3-4 up days, ~ nine sessions.
Trading >2SD above 20DMA, green line. This has been the magnet drawing price reversion to mean....
A bearish butterfly Type3 setup within the sell zone pans for a shorting opportunity. Yes Type3. Forex Trading it is very possible for a Type3 setup, a candle confirmation is required.
Do note that there is a higher low, do engage the trade with caution.
A bearish butterfly has set up on the 4-hourly timeframe, is nice to see that the setup is within the sell zone.
On the 1-hourly chart, it has already shown that the trade is qualified, however, not yet on the 4-hourly chart. Wait for candle confirmation is essential for this trade setup.
The bearish butterfly pattern setup signals a potential retracement on EURUSD. The candle did go past the HOP level, but right now the Arrow indicator has shown up with an RSI Divergence(red line).
Traders can wait for a break and close below the HOP level(without touching target 1) and retrace back to 1.1132 for a potential shorting opportunity.