Pair is currently approaching a major structure level that has worked as good support and resistance level number of times in the past. Bearish butterfly that is potentially forming now, completes right at that level providing a nice shorting opportunity. RSI shuld be overbought at completion of the pattern to confirm sell signal. ATR based stops above the 1.618...
A bearish butterfly forms as a counter-trend move for the GBPUSD.
A zone within the 4-Hourly Buy Zone, pose a trend trading opportunity and a break and close below the zone will open up the possibility for a further bearish move.
Later this Wednesday, 20Mar2019, 18:08pm-20:00(+8GMT) I will be going through 12 currency pairs on the mid-week analysis
With the BC Leg confirmed, let's see if the Bearish Butterfly plays out with upside past $170 resistance levels before reversing hard. This is a re-post with more known and dialed in variable to the BC Leg (smack in the middle of rule @ 53.5%).
Values for CD are at Max and conform to an uptrend parallel channel that is not confirmed (with exception of 2 modest...
We all know how well patterns play out in Crypto, but I digress, and we'll venture anyhow - there's just too much materializing with recent price action to not!
Recently, a Cup and Handle formation has captivated my limited attention on the daily, as well as a case for a Bullish and Bearish Butterfly.
With the Bullish Butterfly still in play (linked below, and...
Bearish Butterfly within the sell zone, is unfortunate for the previous bearish shark pattern though, however, it got exit with stop loss hitting the profit level. Yup, you read it right.
Exact Entry, stops and targets sent to my subscribers.
Cable is trading above 1.27200 key support.
The bullish move will continue as long as Cable holds above 1.27200.
The first strong resistance resides at 1.28200. A clear breakout of 1.28200 would carry the price towards 1.28800
We will look for a short opportunity at D.
Please note: This is not a call for Long.