USDCAD has broken major daily support and is now doing a complex pullback back to structure and forming 222 pattern for agressive entry. Target is for next zone of daily structure with 1.618 fib extension from latest 240min swing
On 60min timeframe there are bullish bat and bullish cypher. Notice that bat pattern's stoploss is inside cypher pattern's entry. I would normally take later pattern, but in this case I will trade bat because I dont trade cyphers on 60min GBPAUD timeframe.
Butterfly completion at structure with equal measurement move.
I don't personally trade this, just practicing making analysis. Whats your option about this analysis?
There is at market sell on GPBAUD based on harmonic pattern formation. You can see pattern as butterfly pattern or gartley pattern, depends how you read price on XA-leg. Both use same completion price (AB-leg fib extension 127.2%).
GBPAUD is currently on sideways moment and that is the most profitable time for trading harmonic patterns
For my entry reason I am waiting for price to retrace back to 0.9439 with previous candle RSI being oversold as >75. (RSI period 7). If I will get in the trade, I will move stops to breakeven when price hits A-D swing fib retracement 38.2.
