Pattern complete, waiting for: - Bullish divergence, and - Reversal bar pattern inside PRZ This is what I see on D1 chart (Bearish ABDC pattern projection + bullish divergence)
Trade1: Short@41.3, stop@40.01, done Trade2: Short@40.5, sell stop@41.2, target@36.5 Trade3: Short@39.5, sell stop@40.2, target@35 Trade4: Long@34.5, buy stop@33.8, target@45&46
try short if bounce above 16.00(16.05/10) target:15.50/60, 14.90/15.00
Previous setup in $GBPNZD resulted with a huge daily rally from AB=CD pattern completion to 2.24 which was my final target zone. 2.23-2.24 is daily structure zone (currently resistance). Since then, the price pulled back and formed what could be an aggressive C entry (bullish) for a bearish Butterfly pattern. Basically the scenario suggests that $GBPNZD will...
$AUDUSD's bearish 3 Drives pattern generated a 500 pips move and pushed $AUDUSD back to previous daily support zone – 0.69 The price completed a bullish Butterfly right on the daily support zone, creating a triple bottom with harmonics bullish combination setup. It would be wise to wait to see the price stabilizing inside the support zone before trying to trade...
So I will be looking for the zone ( green box ) if we get to it on Monday. I do not trade the butterfly on its own but i will use it as my Entry technique. We have a butterfly with the ABCD and some Fib clusters running into my Support area or Zone so i will be keeping an eye out. This is an example on how to choose your entry if you have your zone but you need a...
One thing is obvious. This pair is consolidating. Lots of back and forth. So much so that now I can see yet another triangle forming within the larger POTENTIAL triangle. And the recent price movements have also led to a POTENTIAL butterfly pattern as well. This butterfly would finish somewhere above the upper TL of the larger triangle slightly above where the...