I'm long this pair and wanted to share the potential for shorting in the very near future! Looking for bearish activity in the red zone! 150-300 pips to the downside if we hit both targets...Good luck! KEEP THE RADARS UP!!!
EURJPY is showing bearish price action in the PRZ of multiple confluent harmonic patterns. After completing a bearish bat, price was rejected at the PRZ and is retesting the reversal area. In this area we have two bearish butterflies that have completed at trendline resistance and a bearish Wolfe wave setup as well. To add to the bearish bias, two unhit weekly...
NZDUSD completed a bearish Wolfe Wave pattern last week and is nearing the PRZ of a bearish Gartley to possibly continue its movement south. This pair has been in a 14 month long downtrend and the steep pitch of the 1-4 Wolfe Wave target line signifies a deeper continued drop is possible. Those who missed the WW sell entry will have an opportunity to enter when...
GBPAUD is forming a potential confluence of 3 pattern completions in a tight PRZ. In addition to a precise alignment between the completion of a bearish bat and a bearish butterfly, an ideal alternate AB=CD reciprocal ratio completes in the area as well (.707/1.41). Targets placed at the .382 and .618 retracement of CD. Confluence in the PRZ: 1. Bearish bat...
EURJPY has achieved Wolfe Wave T2 (attached below) and is completing a series of bearish patterns in a confluent reversal zone. On the longer TF, a 1.13 projection of 0X lies at the top of the PRZ. There are also bearish bat and butterfly patterns completing in the area of a Wolfe Wave SELL zone. Missed pivots lie below price which may also drag down price. ...
FX:USDCAD As previously published, the price reached "the expected area", Butterfly "almost" ready to engage, however, I think there is something missing , AB=CD pattern ends slightly above, the 61.8% retracement also very close, price action printing higher lows and lower highs , looks like, or, probably one bullish pennant is being forged...
I'm hoping to trade Long the completion of this C-D leg and re-test of previous resistance this week. Looking for a possible double top and reversal signs for a nice Short opportunity!!! 600+ Pips downside KEEP THE RADARS UP!!!
COMPLETED BEARLISH BUTTERFLY PATTERN: AB=0.786XA; CD=2.24CB XD=1.27XA ZONE FOR SELL: S/L above 1.07600 Target 1 = 1.06800 Target 2 = 1.06630 Thanks for your likes and comments!
This setup has given a few traders the achey fakey in trying to predict what pattern is forming.
As we know, NZDUSD is overwhelmingly bearish. This looks like a good opportunity for both pattern traders, and the trend continuation crowd. We all know the risks inherent into blindly trading butterflies, as you are essentially buying or selling a break of structure. However this time looking left, we see some minor structure levels if we are to expand our...