Shouldn't have to say much about this one.. DOWN SHE GOES!!
Shorting this daily butterfly within channel + Weekly consist of a pin bar.
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Price is pressuring daily resistance. The absence of a bear divergence suggests that the resistance will be broken (long position will be a good idea, targeting channel resistance).
Th price could be forming a new channel or just will re-test previous resistance channel. For now, there are no sings for reversal, but waiting for short position...
If you are into Harmonic patterns, here we have a cluster via patterns (Butterfly&Deep Crab) POTENTIAL SELLING AREAS ARE AS SHOWN IN THE CHART ABOVE (use in confluence with other "signals") Happy Trading
Daily retracement reached 76.4%.and I saw a equalievent time cycle.. Highly reliable buying setup. I am long now.
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If the market continues upwards towards the D completion of the butterfly pattern (blue) we could sell the USD/JPY towards the 0.618 retracement of the C-D move. If the maket continues downwards and invalidates the butterfly pattern by surpassing point C, we could buy the cypher pattern (red).
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In NZDUSD possible Cypher and a Butterfly pattern to complete
With low volatility having drained premium not only out of the broader market, but individual underlyings as well, I continue to look at VIX and VXX derivatives to go "long volatility" in lieu of opting for low vol strategies like debit spreads, calendars, and diagonals. In this particular case, I'm opting to use a long call butterfly given its high risk/return...
Based on fibonacci extensions, price looks to be forming a harmonic pattern of the butterfly type. All the checklist has been passed up to the point C. The price now seems to be moving up to D. If this pattern unwinds, it will be a barish XABCD and entry should be placed at D targeting the 38.2% - 61.8% retracement from the low at A: ~ 1.42022. Which also happens...
USDJPY Monster Bullish. 1.618ABCD completed..time and price square.
POTENTIAL BULLISH GARTLEY PATTERN COMBINED WITH STRUCTURE
This is an indirect follow to this weeks ideas(link below) i sold the recent two structure retests(white boxes) in this downtrend looking for a retest of the lower dashed trendline (at least for my both TG2s) so i will take profits there. furthermore im looking at the green butterfly to buy. potential risk reward is through the roof. ofc if we can breakout to...