$USDCAD, is likely forming Bullish butterfly with potential D leg at 1.1020 area price level, which is also a Weekly Key Price Level. Before that level, current price level is also a challenging. Bullish target price is back to 1.1218 area.
Considering the general downtrend of the EURJPY, I think this Butterfly pattern has good potential for completion, even if it's trading sideways for the last 12 hours ... The AX - 1.272 extension and the AB 2.0 extension align perfectly at previous structure giving us an opportunity to go long around 136.60.
Seems to me that everybody seems to be somehow chocked over the latest down move on gold. Well, if you look at it whit another perspective it seems clearer. Is gold setting up a possible bullish butterfly setup?
A bearish butterfly on 15 min chart. Look at the momentum inn the bearish engulfing at the top
There is a pinbar spotted as well, I have enter long here until a see a reversal sign. Kind regards TheBull
In my trading course (which I would highly recommend) we were talking about advanced patterns today, so I went out on the chart and tried to find and recognize some. My first butterfly patterns I discovered on the GBPUSD hourly and 4 hr chart. I drew it in on the 4h chart because it's just less messy. What we have here is a butterfly pattern where the 1.272 fib...
Take this trade if comming candles are closing above 446 ( 1.272 extension of XA ) or are atleast not going lower than 442. We are at a major support level here so a bounce is not unlikely anyway. RSI extremely low aswell. Target : 470 All in all a setup worth watching.
Besides the 3 Long Patterns (Cypher, Gartley, Butterfly) there are also Long entries via Patterns. A Gartley and a Bat could be in the making.
Market re-tested the resistance zone around 0.9360 and failed to close above 0.9370. The bulls don't seem to give up any sooner. They may make another run up to break 0.9370. Note that there is a bearish butterfly pattern there with potential completion slightly above the upper end of resistance zone. Will be waiting for another false break of this resistance...
That is interesting. Two potential Patterns (Bear Bat and Bear Butterfly with the same entry Level) and a good risk reward for the risk-reward ratio I take the middle of both targets (= 50% retracement) to calculate it. Just my way of doing it...
Bund reached 150. A very important level. Butterfly for short completed @150.11. Good rejection @150.68. Could be a nice short.
Long on bullish shark, possible ABCD completion slightly lower. Bullish butterfly for another long on new Lower Low.
I've only gotten 3 of 4 points here, and that third point isn't confirmed, but I'll publish it anyway. If it came true and I hadn't published it, then I would be upset.
Its just funny to me that often people just read the book about harmonics, Elliott, etc. and believe it, not taking serious steps to just question the authority and doing their own research on real market charts. Why do people believe this concepts so strongly? They just believe because they believe that if they believe then everything will be OK. That is what...
DXY punched through the wedge on fake breakout reaching just over 81.50 but back inside wedge, failing to make new high above 2013 Q4 highs. A ret. is likely before any attempt to break higher
Wait for a candle to break below, close below the B point. Sell on retest. T1: at bullish Butterfly completion T2: at area of confluence of minor Fibo level with old major structure
I'm looking at two things here on the EURAUD. Bigger picture is a potential bearish trend continuation trade as price action looks to make a retracement into a previous shelf of structure. Around that same level lays a potential bearish butterfly pattern completing at 1.618 & 1.272 Fibonacci confluence. Adding to that we have more ratio confluence in the form of...