Butterfly Pattern Bearish on GBP/USD 15 minutes B point at 78.6 of XA and C point at 78.6 of AB. AB = CD 1.272 at the 61.8 of the Friday bearish fall ( Red Line) and BC 1.618 Extention completes the butterfly pattern
Happy tuesday troops. Here we have ANOTHER harmonic on the Aussie-Dollar. This time we're looking at a bearish BUTTERFLY. The D point (PRZ) is in a similar area to the bat that I previously charted. I saw the butterfly whilst publishing the bat and meant to publish them together but time ran away from me! Here we have a bang on B point at a 78.6% retracement and a...
There is quite good possibility that we will see this formation complete. There is 161.8 extension which might hold, also this level is 38.2 retracement of CD move of bigger CRAB formation.
There is again option that USD will push up till it reach 361.8 extension of BC move of this butterfly formation. That level is also 78.6 retracement of CD move of CRAB...
An excellent confluence of the two patterns that occur simultaneously in GBPJPY Short with two trades one for each pattern and stops above X of the Cypher. Targets you decide whats best for this one...
Ok, the first time I've published something here. I noticed a lot of people think this pair is about ready to go up before it eventually declines so I'm posting a contrary opinion based on a possible harmonic pattern. I'm a new trader so any constructive comments about my analysis are greatly appreciated. UK markets closed Monday for May Day Holiday so it seems...
Usually it's difficult to trade Butterflies because by definition the pattern violates X. But in this case we have a nice support/resistance area at pattern completion to place our stops above.
