GBPJPY - Potential Butterfly Pattern on H1 ChartA potential bearish butterfly pattern may complete next week.
Wait for RSI to hit overbought level.
Good R:R at 1.6 (TP1) and 2.9 (TP2).
Bearish Butterfly
GBPCAD Potential Sell Trading OpportunityGBPCAD is reversing from major resistance level with confluence signals in the chart
Bears woke up to finally get better of the bulls on TESLASince bearish butterfly down trend has been active.
Bullish reversal just happened, but lacked momentum upwards. I seize this opportunity to go short.
A Long Way Down for the Dow, Maybe. The market has yet to recover from the February 5th "Flash Crash" and the Dow is threatening to record its worst March performance in 17 years. With the Feds impending rate hikes now officially on the table, the market is flirting with the idea of a more meaningful correction. Of course, a declining market could mean a strengthening Dollar, so I'll be looking to play the USD against the currency basket.
EURAUD (Bearish Butterfly Pattern) -4h ChartBearish Butterfly Pattern
- A-B must touch 0.786, but cannot exceed X
- B-C touches 0.382, but sometimes goes further (does not exceed A)
- ABCD formation. D has to reach outside X and touch 1.272 or 1.618 (on this case it went a little higher because of Euro news)
- TP 0.382 TP2 0.618 (Fibo A-D)
X to D distance is 1.618 (1.618 golden ratio!)
X to B distance is 0.758 (around 0.786!)
A to C distance is 0.862 (around 0.886 retracement)
B to D distance is 2.317 (around major retracement 2.618)
Good Trading
USDCHF - Potential Butterfly Pattern on H4 ChartA potential bearish butterfly pattern is completing soon, RSI is reaching overbought level as well.
Good R:R at 3.1 (TP1), not optimistic about TP2, so not adding TP2.
Good luck and have a good week ahead.
usd/cad shortA diagram is shown above:
Bearish butterfly completed +4H RSI divergence
T1 38.2% fib
T2 50% fib
Good luck
AUDUSD - Potential Butterfly Pattern on H1 ChartShort-term trade, a bearish butterfly pattern is on its way to completion.
NFP is happening tomorrow night, do take note.
R:R at 1.6 (TP1) and 2.8 (TP2). Good luck.
AUDJPY - Potential Butterfly Pattern on H1 ChartShort term trade, a potential bearish butterfly pattern is about to complete.
PRZ is at a good resistance level for the hour time frame.
R:R at 1.9 (TP1) and 3.2 (TP2).
I might not be awake for this setup to happen, for those who are, good luck.
Bitcoins Harmonic SymphonyAs you can see, since mid January we have had multiple harmonic patterns play out with extreme accuracy.
Starting with the Bearish Gartley that sent us from 12k all the way down to our low of 6k.
This of which completed a beautiful Bullish Butterfly that has sent us soaring to where we are now.
After an 80% increase from the bottom, we now have multiple Bearish Gartley patterns forming. Most of which are showing completion within the same zone.
The chart above shows many possibilities. We have a Bearish Bat , Bearish Butterfly and even TWO Bearish Crabs .
Three of which are showing heavy resistance from 10.8 through 11.1k. Meaning this could be an excellent short opportunity.
If Bitcoin manages to break past the 2.618 fib level, the next major resistance would be the downward trendline. Then the completion of the Bearish Crab extension following.
If these patterns complete themselves, my first major target is $9.1k
Possibility giving us all another great buying opportunity!
I wish you all the best of luck!
Bearishbutterfly and daily resistance Bearishbutterfly and daily resistance where point D will be complete
EURUSD - Potential Butterfly Pattern on H4 ChartWill EURUSD break the strong resistance level at 1.23? Maybe.
A bearish butterfly pattern may be forming.
Nice R:R at 1.9 (TP1) and 3.4 (TP2).
Good luck.
EURUSD - Butterfly Pattern Completed on Daily ChartA bearish butterfly pattern has completed with RSI at overbought level.
Current daily candle and RSI are dropping at the moment.
Good to short using H4 chart or wait till tomorrow.
Note that this is a counter-trend trade, do trade with caution.
R:R at 2.85, not looking at TP2 as it's counter-trend.
Good luck.
NZDUSD - Butterfly Pattern on 30M chartA potential bearish butterfly pattern is spotted on 30min chart.
NZDUSD has been on an uptrend for weeks, so it is considered a counter-trend trade.
It's a short term trade so I feel its fine.
R:R at 1.9 (TP1) and 3.1 (TP2).
Good luck.
CHFJPY - Potential Butterfly Pattern on H4 ChartA potential bearish butterfly pattern is completing, RSI is about to reach the overbought level as well.
R:R at 2 (TP1) and 3.5 (TP2).
Good luck.
BTC/USD Butterfly pattern drawingCheck my previous idea Leonardo Pattern, where we made all targets done, and for now we are in uptrend.... But - Butterfly pattern is drawing now on BTC/USD, If price hit 15927$ or round level 16k$ we can see targets: 13040$ and 11604$.
Wait for trend change candle, or other signal in D point to get short position.
Bearish ButterflyBearish butterfly seems to be forming on the weekly chart.
1. TP levels usually at 61.8% of CD (for conservative traders) and 127.2% (for aggressive traders)
2. TP could be at point B or C too depending on the technical analysis tools used
Two advanced pattern on BTC. Long Bat and Short ButterflyHi All,
Either of these 2 patterns completing violates the other.
Bat Long @ 9650.66
Short Butterfly @ 11834.38 (probably seen better on a 15 min chart) C is still to complete, in my opinion there is harm knowing what is on the radar.
Targets for respective patterns are on the charts, Conventional as always unless stated.
Stop above and below X, completely up the individual
Ethereum - Harmonic OutlookTraders, I advise you to read this entire post to gain a better understanding of what I'm looking at.
It's been a while since my last trading position on ETH, back in August price completed a valid bearish bat pattern (shown on the chart) which was followed by a decline of almost 50% in two weeks.
Taking the time to reflect on Ethereum's situation from a technical standpoint the future direction is now becoming far clearer.
It has been struggling to break the $300 range for sometime now but a move above $400 is on the horizon.
Today I'm going to break down every aspect of the chart and explain in detail what I feel is happening from a technical perspective.
We're on the 4h chart with ETH/USD.
1. Bearish bat
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
A closer look on the 4h chart at my previous pattern, take profit levels 1 & 2 were achieved in a relatively short time period.
2. Daily price structure
Right now price is trading within a small zone, between a minor resistance and newly formed support trenldine, which aligns with levels A & C of the bearish butterfly.
3. Bearish Butterfly
The measurements for a valid butterfly pattern are detailed below.
B: 0.786
C: 0.382 - 0.886
D: 1.618 - 2.24
X to D: 1.272
It's not uncommon for harmonic patterns to occur one after another, especially with the previous pattern securing a nice return.
Currently price is completing the C to D leg of this structure and I estimate the pattern will complete on the 30th of November based on my measurement rules shown below.
The amount of time it takes price to form X to B is the projection for B to D.
Now remember, this is not certain... There will be many times when patterns take 2x longer to complete and still result in a profit.
I am only using my common principles to accurately determine the completion of the pattern.
4. Current price action
I would focus on the basics as of right now, I'm looking for a break of minor resistance and the support trendline to hold in order for the bearish butterfly to complete.
In the near future I will update this idea with my thoughts on Ethereum.
If we experienced a situation where the following happened.
It would still be a valid setup, as long as the C point does not exceed 0.886 and the lower trendline support is in tact.
If the bearish butterfly pattern completes I will let everyone know if it is a good area to short or close long positions, what we may find it the future is price pushes to around $520 at a 1.618 extension.
I hope this post has been helpful, feel free to leave a comment below.
