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Bullish Butterfly

Bullish Butterfly EURAUD 1HHi traders, Bullish Butterfly on the 1H has been completed. Wait for a double bottom (W) formation on the 15M or 1H chart for a clear sign to enter the trade. Best case scenario would be a double bottom at the low of the day or a sign of weakness at the ADR low. An entry right as soon as the pattern fires is also possible, but further price action knowledge is required to manage a trade right at the peak. Please be careful. For those of you who have little knowledge about harmonic patterns but wish to trade it (which is not recommended before you fully understand harmonic patterns): .) They can extend, meaning, that the pattern appears but it might take time until price reverses. .) They can extend and create a different pattern. .) They can extend so far that the pattern becomes invalid. Recommended profit targets are between 30 and 70 pips, depending on your own price action knowledge. This does not mean that more than 70 is not possible, but 30 to 70 pips is the average range. This is not a trade recommendation and I am not responsible for your gains/losses. Take care and trade safely.
Long
by TradingWithRay
Bullish Butterfly USDCAD 4HHi traders, Bullish Butterfly on the 4H has been completed. Wait for a double bottom (W) formation on the 15M or 1H chart for a clear sign to enter the trade. Best case scenario would be a double bottom at the low of the day or a sign of weakness at the ADR low. An entry right as soon as the pattern fires is also possible, but further price action knowledge is required to manage a trade right at the peak. Please be careful. This is not a trade recommendation and I am not responsible for your gains/losses. Take care, Ray
Long
by TradingWithRay
XAU/USD - Bullish ButterflyHello traders, it appears XAU/USD is now forming a bullish butterfly pattern on the 1h chart in addition to a bullish 5-0 which I posted on here at the beginning of February. You can see more on this analysis below. Two valid harmonic setups are forming in the same area, the bullish 5-0 at $1,300 and the bullish butterfly at $1,295. 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 The daily chart provides several indications going forward, price is quickly approaching the support zone where both of our harmonic setups complete, at the bottom of the zone price will meet the 200 EMA which is an additional dynamic support. The next support to follow this is most likely the lower support trendline near $1,250. I will most definitely be waiting for the next daily close before executing, the decline is extremely aggressive so wait on confirmation of a reversal. In addition to the analysis provided above, price forms a valid AB=CD formation at $1,300 with the reciprocal ratio of 0.5 which is 2.0. Stay safe, stay harmonic! Have an excellent weekend when it comes.
OANDA:XAUUSDLong
by LewisGlasgow
22
Beautiful Ethereum Butterfly! (ETHUSDT)Hello amazing traders! I wanted to briefly show the bullish butterfly pattern on the daily chart. It also shows up well on the 4 hour chart, but the daily is best to visualize everything. A bullish butterfly is not just a random drawing some guy came up with decades ago. It's an important chart pattern which relies on a confluence of fib lines coming together. To put it simply, think of MULTIPLE supports and resistances coming together into a few important points. The pattern is not valid and should not be traded until point "D", also known as the "PRZ" or potential reversal zone. Since we can see price action his point "D", we can now set up targets. Target 1 is the 0.382 fib line of the AD Retracement. Target 2 is the 0.618 of the AD Retracement. Now we can see that Target 1 has been reached... but the action might not be over yet! What a lot of traders who are confident in these patterns like to do is once Target 1 is reached, they will set their stop-loss just below target 1(so ~850s in this case), and aim for Target 2. Many times once Target 1 is hit, it will act as a new support for the path up to 2. Let's watch and see! Stay healthy!!! -Doc
Long
by DontWatchDoc
BTCUSD Bullish ButterflyHi guys, tonight I am looking at a bullish butterfly on Bitcoin/USD. On the way up back in June 2017 we saw BTC hit resistance at the $7600 level, which them turned to support before price continued northward. Our PRZ lands at the $8200 mark, where price briefly bounced for 5 days back in November before proceeding to create new highs. As you can see from my previous bitcoin trade, these earlier support levels are holding well, so I expect this level to do so as well (see below). Using this pattern we set are looking for a TP of $11,180, with a stop loss at a minimum risk/reward of 1:2. In this instance I am specifically using 1:3 as this gives us a greater return, and the stop-loss is still below the previous level of resistance. Butterfly ratios: B = 0.786 C = 0.382-0.886 D = 1.618-2.24 X to D = 1.272 This move has already begun but should be good to go if price is to re-test the $8200 mark. I'll be updating as I go! Have a good weekend everyone. :)
BITFINEX:BTCUSDLong
by KyleMcQuade