A butterfly pattern has been formed and all indicators point out to a big buy. Timeframes are synced. Friday pip day.
Any market price up to 1.56500
#TP1 : 1.56900
#TP2 : 1.58800
#TP3 : 1.60000
Stoploss : 1.54900
I'm taking profits at 1.56867. I'm probably going to dollar cost average this trade from TP1 to TP2 if the charts form my what...
A nice shorting opportunty on the 4H timeframe where you see price is hitting a trendline as resistance. The upwards sloping red line is the meridian line of a daily pitchfork. if you are conservative wait for break to the downside.
I noticed theres a possible AB=CD pattern which would complete at the 50% fib level.
Should price fall and hit the red dotted...
target1 .618 fib
this is just how I trade the butterfly, follow your own rules on how you trade it, if its in your portfolio or trading plan.
sorry forgot to put it on the chart, but the entry is an 1.618 extension of AB leg
Potential USD/CAD Butterfly Pattern B point at 78.6 of XA leg and C at a 50.0 of AB.
Chech the other EUR/CAD and AUD/CAD that has the same butterfly patterns on 30 minutes and 4 hour charts respectively.
USDJPY Butterfly pattern which can be entered when the markets on Monday. B point at 78.6 of XA and C point at 50.0 of AB. Price has not hit the 1.272 of XA leg which is the main ratio for a Butterfly pattern. It has completed a AB = CD. Looking for an entry first thing on Monday, check out for the entry on Monday !! Until then happy weekend!!
Butterfly Advanced formation
*Fibonacci retracements (38.2% and 78.6%)
*Fibonacci extension (127.2%)
*The Butterfly Advanced formation was originally designed as a swing trading strategy. But it also works on lower timeframes.
*Seek to identify 4 market moves and 3 major Fibonacci zones. The combination of these moves forms the points...
USDCAD has almost completed a bearish butterfly I would sit my hands before going short on this one as price has not fully reached the 1.27 yet with a possible push to the 1.618 level.
Price has reached a resistance zone however in line with 1.27 extension level
very good setup provided the butterfly pattern reaches completion as this pair has yet to close the gap earlier this week this provides a perfect opportunity (move) for that close; so it can continue the trend.