Profit target 1: 32.8%
Profit target 2: 61.8%
Looking to make some profit on this butterfly. Could be in for a reversal/retracement which hopefully will allow for some gains today as well. Looks like we have divergence on the RSI also.
We could be looking at a pretty convincing buy signal with an H&S in addition to a possible bearish Cypher and Gartley which might shape itself up during the next couple of hours. Just went long with a 2/1 R/R, and looking for a breakout from the Head & Shoulders pattern. In addition, I put in a limit order going short on the 78.6 retracement of the Cypher and...
Good looking ascending triangle which is starting to form. Could expect something similar to another bounce off the ascending support line before breaking out. Currently only observing the pair and waiting for the opportune moment manifested by a bullish breakout candlestick (hopefully with lots of volume).
A harmonic pattern has formed on the hourly chart. With the additional conformation of a very important support zone, the odds are looking favorable for a bullish pullback lasting a couple of hundred pips.
Decent-looking bullish triangle formation based on what is an important zone. Possibly even the neckline of the previous H&S pattern which leads me to believe we could be in for a good bullish run looking forward
The possibility of a bullish cypher amidst this bearish tear the USDJPY has been on is looking plausible. Could be looking at a wonderful 3:1 R/R. Putting in a buy stop a couple of pips above the last candlestick for further confirmation
Looks like we could be looking at a pretty extensive move to the downside here on the Pound/Yen pair. A seemingly perfect bat pattern. Putting in a sell stop a couple of pips below the previous candlestick with a 2:1 R/R