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Buttefly

EURCAD - Overbuy this oversold butterfly baby (+70 PIPS)A butterfly pattern has been formed and all indicators point out to a big buy. Timeframes are synced. Friday pip day. Entry price: Any market price up to 1.56500 #TP1 : 1.56900 #TP2 : 1.58800 #TP3 : 1.60000 Stoploss : 1.54900 I'm taking profits at 1.56867. I'm probably going to dollar cost average this trade from TP1 to TP2 if the charts form my what I have in mind. The take profits are just calculations. You never go broke from taking profits, you do get broke from chasing long pips. If you have any questions, please feel free to contact me. Follow me on Tradingview for more daily ideas. Orgest Master of timeframes
Long
by Orgest
AUDUSD 4H ShortA nice shorting opportunty on the 4H timeframe where you see price is hitting a trendline as resistance. The upwards sloping red line is the meridian line of a daily pitchfork. if you are conservative wait for break to the downside. I noticed theres a possible AB=CD pattern which would complete at the 50% fib level. Should price fall and hit the red dotted meridian line of the 4H pitchfork taking partial profit might be a good idea as price could climb back up to the upper trendline. As an addition to this, there might be forming a bullish butterfly on the hourly which if it is will have a very strong D at the meridian line pitchfork. Goodluck
Short
by dinnersticks
Butterfly Pattern CompletedButterfly Advanced formation Tools: *Fibonacci retracements (38.2% and 78.6%) *Fibonacci extension (127.2%) Timeframes: *The Butterfly Advanced formation was originally designed as a swing trading strategy. But it also works on lower timeframes. Tactics: *Seek to identify 4 market moves and 3 major Fibonacci zones. The combination of these moves forms the points (X, A, B, C, D) that fulfill the formation. Rules of engagement: Criteria 1 The Butterfly Advanced formation starts with a market movement/impulse leg that establishes our X and A points. Once X and A points have been identified, we then look for our first criteria. Criteria 1: The market forms the B completion point by fulfilling at least a 78.6% retracement of the XA leg. Note: AB move remains valid as long as there is at least a 78.6% retracement of XA and that it does not extend past X. Only candlewick is calculated here. Candle close is not important. Rules of engagement: Criteria 2 If criteria 1 has been met, then look for criteria 2. Criteria 2: The market forms the C completion point by fulfilling at least a 38.2% retracement of the AB. Note: BC move remains valid as long as there is at least a 38.2% retracement of AB and that it does not extend past A. Only candlewick is calculated here. Candle close is not important. Rules of engagement: Criteria 3 If criteria 1 and 2 have been met, then look for criteria 3. Criteria 3: The market forms the D completion (entry point) by fulfilling a 127.2%extension of AB. Note: D point always extends past X. Trade management: Entry, stops & targets. Entry: Limit order is placed at D completion point. Target 1: 38.2% retracement of AD leg. When attained half of the position closes & stop moves to breakeven. Target 2: 61.8% retracements of AD leg. Stop placement: As the entry is beyond X in this pattern then stop is 2*ATR +/- the D or 1 to 1 measured distance to the first target.
Long
by Alexander_Nikitin
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