ETC/USD bullish Butterly - trying to catch the bottom
Updated
Butterfly pattern is forming, or maybe already formed?
Realy hard to say. So i set up the white stopbuy for the case that it´s already triggered and looking forward reaching Target 2 of butterfly ( C to D *1.272 => around 15.4$)
purple W4 overlapped with W1. Nothing special in an Wave5.5.5.
Also closingprices didn´t overlap until now and it could be just noise.
Still i would be realy happy to get an entry in the green buyzone.
Realy hard to say. So i set up the white stopbuy for the case that it´s already triggered and looking forward reaching Target 2 of butterfly ( C to D *1.272 => around 15.4$)
purple W4 overlapped with W1. Nothing special in an Wave5.5.5.
Also closingprices didn´t overlap until now and it could be just noise.
Still i would be realy happy to get an entry in the green buyzone.
Note
Trade active
market is very volatile. one of the long upper shadows triggered a stopbuy. Imo to early, still want to buy lower too.Note
I think we can call the Butterflypattern valid,nothing is perfect and ButterflyTarget LVL 1 hit very well.White Trendline broke at the expected time, buyed more.
Head and Shoulders Pattern formed. and the Oscillators show convergence with price which is a bullish sign (Insync Index).
We had a strong bullish Impulse in the last hours, so i don´t think the turquoise parallel channel make much resistance.
Next strong resistance i see at around 15.2-15.25 where the H&S Target is according Bulkowski measureRule and the Low of a higher Timeframe Wave.
My sentiment is bullish and would maybe change if we break the orange line to the bottom.
Note
Bullish momentum for a Trend Change missed out. I don´t think H&S Pattern and Butterfly Target 2 will get hit. We are still in sideway(abit bearish).Orange Trendline broke(close<trendline). I think it was in a metatrader Article where I read about enhancing the Trendlinebreakstrategy-performance. It was said that false Trendlinebreak-signal can be reduced if the oscillators show a hidden divergence(oscillator lower lows, price higher lows) at the anchorpoints of the Trendline(green line). I not tested it extensively, but it looks like that is rigth.
So my bullish optimism is gone. My overall position baseprice is 14.25532567 atm. Setting Stoprule to Close<Orange Trendline won´t be a loss. If market realy goes up, i will reenter.
Take profit and changing postion to short if price touches 14.6.
If market goes more down I will look out for a ButterflyPattern again and hope to not miss it this time.
Trade active
It´s getting tight. Many ABC Waves and Triangles... Impulse inc.So i took Profit with Long and I am now in Profit with SHort.
adjusting long stop to green if alternativ purple count is rigth.
Still Close below orange Trendline is a Signal(sell more).
Trade active
Since last update Take Profit of Short was reached.First long Entry was at Butterflyzone. Since then i am increasing my long position.
We are at a multiple tested Trendline. If that one breaks I am absolute out.
Order cancelled
I am long at 13.43.Chance for a higher degree change to bullish market increases. We broke the turquoise and yellow trendline.
Testing the purple W1-W4 trendline and the low of 18.march.
Next resistance will be low of turquoise W3.
It was a nice Easter period ETC/USD trade series without any loss. Since Forex markets are coming back online again now after weekend I will stop watching 15minute Timeframe. I will set my Stop to break even and will just look from time to time.
Good bye
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