We have a nice bearish butterfly forming on the CAD/JPY pair, Intermediate Timeframe is 1H, Major is 4H and Minor is 15M.
I expect this pattern to complete within the next few days.
The following are the things I like to see confirmed before taking a trade:
XA Retracement Is: 1.272
BC Projection is: 1.618
Alternate AB=CD is: 1.13
Stop loss level is measured...
If Bulls blast through the Daily SMA 200, this Bearish Three-Drives, and the Long Standing Descending Channel would dissolve from our charts as they would no longer be valid. If Point C on the Bullish Butterfly is also ignored, then ETH Bulls have had enough - the 100 and 200 SMA would be gained on the Daily.
The 100 SMA could very well cross the 200 SMA with...
We see butterfly pattern formation, perfectly respecting fibonacci retracement levels and extension AB ending at the 1.618
Looking forward to sell the XAUUSD as TP levels 0.382 and 0.618 from fibo retracement AD