A bullish butterfly check-back spotted on EURJPY Daily chart. A special trade plan has developed for this setup and pending order are in place, for a lower stop and higher returns. Let's see how this trade work out.
A bullish butterfly formed in hourly chart (06/04/2020). The price soared & exceed the projected target price 2 to RM 2409.
The price is sliding from RM 2409 & it may re-test the projected HOP level for another entry opportunity in the PRZ.
Entry - RM 2230
HOP - RM 2188
TP1 - RM 2320
TP2 - RM 2376
Multiple setups formed on multiple timeframes. The weekly chart bullish bat, daily chart, bullish shark, 4-hourly and 1-hourly bat and M15 emerging bullish butterfly.
I can easily call this the royal flush, can't I? I can't stress more on how important is this trade setup means to me and to the market. It might be one of the most important counter-trend trading...
A Butterfly Pattern, ABCD and Crab pattern form as a bullish setup and this pose a threat to my already 100pips profit short trade on the 4-hourly timeframe on a bearish crab and bearish bat shorting opportunity.
What will you do if you were me? As for me, a little retracement is normal and expected after a 100pips dive.
I had engaged in this buying opportunity...
A support level on the daily chart happens to be the Harmonic Optimal Price(HOP) of the bullish butterfly pattern on the 1-hourly chart, and it is set up for a countertrend trade.
It does provide a great reward: risk the only thing is that on the daily chart, it is also the consolidation of a bearish bat after Point D completion.
Just remember not to overtrade...