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Bullish Butterfly

Bullish Butterfly Pattern Checkback on EURJPYHere’s an interesting setup for all you counter-trend traders out there. A Bullish Butterfly Pattern checkback could provide a solid buying opportunity. Let’s break it down. Current Overview: - Bullish Butterfly Pattern: This pattern is setting up a potential buying opportunity for those looking to trade against the trend. Strategy: Entry: Look to enter a long position as the market completes the Bullish Butterfly Pattern. First Resistance Level: Trendline Break: The first level of resistance will be at the Red Trendline on the chart. Partial Profit: When the market touches this trendline, consider taking partial profits. Stop-Loss Adjustment: Shift your existing stop-loss to the entry price at this point, creating a risk-free trade. Final Thoughts: This setup offers a clear strategy for managing risk while capitalizing on a potential counter-trend move. Remember, trading is all about planning and managing your risk effectively. Are you considering this trade? What’s your approach to counter-trend trading? Share your thoughts and strategies below! Happy trading, everyone! 🚀
Long
by RaynLim
XMRUSDT: Bullish Butterfly Update: Bullish Breakout Seems LikelyXMR, despite the spot pairing having been delisted on Binance a few months ago, has survived and held above the PCZ that was of very much importance to the historic price action. During the delisting XMR had sold off back down to the PCZ in record volumes on the exchange, however, in spite of record selling the support still held, since then, the price has stagnated at this level potentially hinting towards accumulation. If the Support had Broken XMR likely would have crashed all the way back down to 20 but for the time being the coin has proven resilient at this price level and it would seem that we will soon be marking up to significantly higher prices as the diagonal Bearish Trend seems to be coming to a close.
Long
by RizeSenpai
GBPUSD Update: Potential Bearish Flag Trading Setup IdentifiedTrade Setup: - Entry: Sell at retest of trendline - Target: Extended towards Bullish Butterfly Pattern completion zone - Trade Management: Utilizing upsize trade strategy Analysis: While many analysts see consolidation, I've identified a potential Bearish Flag trading setup on GBPUSD. The series of lower highs on the 4-hourly chart indicates a possible continuation of the bearish trend. I'm waiting for a retest on the trendline to execute a short position on GBPUSD. Using my trade management system, I plan to implement an upsize trade strategy to extend the target towards the completion zone of the Bullish Butterfly Pattern. Trade Management: - Upsize Trades: Leveraging trade management system for increased position size. - Entry: Selling at the retest of the trendline. - Targets: Extending targets towards the completion zone of the Bullish Butterfly Pattern. Risk Management: - Prioritize risk management to safeguard capital. - Adjust position sizes according to risk tolerance and trading strategy. Your Thoughts? Do you also see potential for a Bearish Flag setup on GBPUSD? Share your insights and trading strategies in the comments below! 👍 Like if you found this update helpful! Remember to conduct your own analysis before making any trading decisions. Trading involves risk.
Short
by RaynLim
EURUSD Update: Shorting Opportunity IdentifiedTrade Setup: - Entry: Sell at 1.0797 (Retest Level) - Target: Extended towards potential Bullish Harmonic Patterns setup - Risk Management: Implementing trade management system for upsized trades Analysis: While many analysts are focused on the potential Bullish Butterfly Pattern and ABCD Pattern on the 4-hourly chart, my attention is on a shorting opportunity using a trade management system. I'm looking to short EURUSD upon another retest at 1.0797, aiming to extend my targets towards potential Bullish Harmonic Patterns setup. Trade Management: - Upsized Trades: Stretching Final Target to next pattern completion. - Entry: Selling at the retest level of 1.0797. - Targets: Extending targets beyond traditional levels towards potential Harmonic Patterns setup. Risk Management: - Always prioritize risk management to protect capital. - Adjust position sizes to align with risk tolerance and trading strategy. Your Thoughts? Do you also see a shorting opportunity on EURUSD? Share your insights and trading strategies in the comments below! 👍 Like if you found this update helpful! Remember to conduct your own analysis before making any trading decisions. Trading involves risk.
Short
by RaynLim
USDJPY Trading Plan: Fib-3 Bat Pattern Retest and Bullish ButterIn our current analysis of USDJPY, two distinct trading opportunities emerge: 1. Fib-3 Bat Pattern Retest: - Timeframe: Weekly Chart - Setup: The Fib-3 Bat Pattern type2 on the weekly chart has already provided a profitable opportunity, and a retest is anticipated. This pattern has previously yielded a substantial 903 pips in 13 weeks. 2. Bullish Butterfly Pattern: - Timeframe: 1-Hourly Chart - Setup: A Bullish Butterfly Pattern on the 1-hourly chart, with an entry point identified at 148.78. These setups reflect a mix of longer-term and shorter-term trading strategies. Share your thoughts and engage in discussions to enhance our collective understanding.
Short
by RaynLim
Balancing Bullish Signals And Counter-Trend StrategiesGBPUSD showcases a Bearish Bat pattern on the daily chart, signaling a potential shorting opportunity with a likely retest around 1.2691. Another approach would be to watch for resistance retesting, aiming for a double top with RSI divergence at 1.2606 on the 1-hourly chart. However, if you're leaning towards a buying opportunity, considering the Weaker Bull trading setup on the weekly chart, the 1-hourly chart reveals a Bullish Butterfly Pattern. Keep an eye out for a retest around 1.2522 as a potential entry point for a buying opportunity! 🦋💱🐂 What's your game plan for GBPUSD? Share your thoughts or trade strategies in the comments below! Let's discuss and analyze potential moves in this market. 💬📊
Short
by RaynLim
Mth-long Consolidation for Profits GBPUSD currently exhibits a Weaker Buy signal, accompanied by a 5-week long consolidation phase. Trading Decision Dilemma: The month-long consolidation prompts a crucial decision: Will it be a buying or selling opportunity? Buying Opportunity: For those inclined towards a buying stance, watch for the completion of the Bullish Butterfly Pattern at 1.1951 for a potential entry. Aggressive Selling Approach: Traders seeking a more aggressive move may consider the Bearish Butterfly Pattern on the 1-hourly chart, providing an opportunity to short at 1.2180. Now, the pivotal question arises: Bull or Bear? Which side aligns with your trading strategy? Share your thoughts below!
Short
by RaynLim
Japanese Currency Index: Harmonic Bottom with RSI ConfirmationThere is a Confluence of a Bullish Butterfly and a smaller Bullish Bat visible on the 5-day and Weekly timeframes on the JXY as the RSI ticks out of the oversold zone for the 4th time at this level while making higher lows each time. It would seem as if the JXY is confirming to us that it has reached a Harmonic Bottom and is preparing to rise up to some of the longer-term moving averages, with the highest being at around $89-$95. During this time, we have seen the JXY continue to strengthen against other non-USD currencies, but now it's starting to look like not only will the JXY rise but that the Yen will gain dominance against the Yen, and when this happens, I also expect the JGB Yields to rise significantly. So beyond my forex positions, I will be adding YCS puts to my list of Bullish JPY positions. YCS is a 2x Return of USDJPY so if JPY starts to go up from here, this ETF could really crash down fast.
TVC:JXYLong
by RizeSenpai
Opportunities Abound!The Dollar Canada pair offers a chance to capitalize on a bit of consolidation after an uptrend movement. Upon examining the daily chart, there appears to be a retest of the previous resistance, indicating a favorable buying opportunity for counter-trend traders. The 4-hour chart shows a retest of the support area, which could potentially lead to a harmonic pattern on the intraday time frame, such as the 15-minute or 1-hour chart. On the weekly chart, the Dollar Canada has a fib-3 bat pattern completing at 1.2579, hitting its resistance level. For support-resistance traders, there is a candlestick confirmation over here, which could indicate an aggressive selling opportunity. However, due to the lack of other trading ideas support, this may not be an attractive option. The daily chart shows a bearish shark pattern that has already been validated and engaged in movement, hitting the support level. Structure based traders may want to look for a buying opportunity around this zone at 1.3508. The 4-hour chart has a retest of support at 1.3495, which is a zoomed-in version compared to the daily chart. On the 1-hour chart, support-resistance traders can look for a shorting opportunity on the mini buy zone over here at 1.3529 the immediate level. The 15-minute chart provides multiple trading opportunities, including a bullish bat pattern completing at 1.3506, a bearish deep gartley pattern completing at 1.3547, and a bullish butterfly pattern at 1.3478. These opportunities can be identified by those who know how to spot them. As a suggestion, a Bullish Bat Pattern completing at 1.3506 has an initial stop-loss at 1.3492 (-14pips) and a first target at 1.3516, yielding approximately +100usd/lot for +10pips. Should the market extend upwards, a Bearish Deep Gartley Pattern is looking to complete at 1.3547, with an initial stop-loss at 1.3559 (-12pips) and a first target at 1.3530, yielding approximately +170usd/lot for +17pips. Please note that this is not a trading advice, and it is recommended that you do your own analysis before making any investment decisions.
by RaynLim
Sideway Consolidation, Perfect for Counter-Trend Traders!📊 If you're a trader seeking both buying and selling opportunities without worrying about trends, this one's for you! Australia-Canada is in a sideway consolidation, ideal for counter-trend traders who love buying low and selling high. 📉📈 👀 On the daily chart, observe the group of highs and lows. The four-hour chart heads towards previous supports, while the one-hour chart shows a new low, great for shorting. 📈 Weekly potential shark pattern at 0.8704, and daily shark pattern at 0.8728, hint at a close-range longer-term buying opportunity. Don't miss the ABCD pattern on the left—amazing trading opportunities await! 🦋 Butterfly traders watch for completion at 0.8730 on the four-hour chart. Focus on repeated levels for the best returns. 💡Want to spot opportunities like a pro in just 15 mins a day? Scan the QR code and join our community of like-minded traders! 🔍 Different trading strategies point to the same level, making it a key focus for buying opportunities. But don't disregard shorting opportunities—be cautious around 0.8730. 📈 Follow me on my only account @raynlim for insightful analysis and updates. Let's trade smarter together! 💹📈
Long
by RaynLim
USDNOK: Confirmed Bullish Butterfly at Structural Demand LineUSDNOK is sitting at the Demand Line of an Overall Bearish Ascending Broadening Wedge Pattern that happens to align with the 1.272-1.618 PCZ of a Bullish Butterfly; along with that, we have PPO Confirmation, RSI BAMM, and a MACD Bullish Crossing. Given the scenario, I can see this trying to retrace up 50-88.6% of the Harmonic Range before coming back down and confirming a partial rise, after which we will then possibly have to look for opposing Bearish signals.
Long
by RizeSenpai
IOTA: Bullish Butterfly RSI Bullish Divergence (Final Fib Level)IOTA is currently sitting at the 1.272 PCZ of a Bullish Butterfly and this 1.272 extension happens to be the last positive Fibonacci Extension on the linear scale, meaning that this is probably the least risky area possible to buy IOTA and perhaps aim for much higher levels, even as high as 1–2 dollars. Given how tight the entry and price action are, I think as long as it holds above 15 cents, we could see it go for some major Bullish targets.
Long
by RizeSenpai
1
Shorting Opportunity🔍📊 Current Market Overview: I'm closely monitoring the EURUSD pair for a potential shorting opportunity on the higher timeframe. However, at the moment, two buying opportunities have emerged, which deserve our attention. Let's dive into the details: 🦋 Bullish Butterfly Pattern: On the daily chart, we have identified a Bullish Butterfly Pattern with completion anticipated at 1.0355. This pattern suggests a potential buying opportunity, indicating a reversal in the price action. It's crucial to keep a close eye on the price as it approaches this level. 🦈 Bullish Shark Pattern: Another interesting development is the Bullish Shark Pattern observed on the 4-hourly chart. This pattern is expected to complete around 1.0764, signalling a potential buying opportunity. However, it's important to remember that these patterns occur in the context of a counter-trend trading strategy. 💼 Trading Strategy: Given the absence of a clear shorting opportunity, I will adopt a conservative approach and focus on the identified buying opportunities. I will set conservative targets for these trades while remaining vigilant for a suitable shorting opportunity to align with my overall strategy.
Long
by RaynLim
2
Bearish BAMM on the 3x Bearish Return IWM Bearish ETFThe 3x Bearish Return ETF for the IWM is currently showing Hidden Bearish Divergence on the weekly at the 55-week EMA, and it looks like if this Hidden Bearish Divergence plays out we will see the ETF fall below the B point and begin to accelerate its Bearish Wave Structure which would complete between the 1.272 and 1.618 Fibonacci extensions. This would mean that the IWM (The Russel 2000) itself would be rising. As a result of what I see here on the chart, I may consider buying puts on this ETF, Buying IWM Calls, or just overall getting more exposure to small caps and just taking this as an overall Macro Bullish Indicator.
AMEX:TZAShort
by RizeSenpai