Get started

Butterlfly

*CAD/JPY* Bearish Butterfly On The 1H Almost At The PRZWe have a nice bearish butterfly forming on the CAD/JPY pair, Intermediate Timeframe is 1H, Major is 4H and Minor is 15M. I expect this pattern to complete within the next few days. The following are the things I like to see confirmed before taking a trade: XA Retracement Is: 1.272 BC Projection is: 1.618 Alternate AB=CD is: 1.13 Stop loss level is measured with the fib retracement tool from X to A using a set ratio 1.414 Take profit level is measured with the fib retracement tool from A to D using a set ratios 0.382 and 0.618 If price reaches the 0.382 ratio I would move my stop loss into break even or just into a little profit to bulletproof the trade ensuring if the trade goes against me I will not take a loss and even a small profit. If you have any questions feel free to drop it in the comments. Happy trading and hope everyone has a great day! Matteo :)
Short
by MatteoMelidoni
1
ETHUSD - Bullish Butterfly + Bearish Three-DrivesIf Bulls blast through the Daily SMA 200 , this Bearish Three-Drives , and the Long Standing Descending Channel would dissolve from our charts as they would no longer be valid. If Point C on the Bullish Butterfly is also ignored, then ETH Bulls have had enough - the 100 and 200 SMA would be gained on the Daily. The 100 SMA could very well cross the 200 SMA with price action above it. One thing is for certain, there will be some fireworks in the next few days. If price action bounces off the 200 SMA and corrects back between Points A and B , it would keep ETH inside this Bullish Butterfly with an upside near $160 , but again the 200 SMA would still need to be cracked. At that point, a cross of the 100 and 200 SMA would likely be in place and momentum could be shifted. With that in tow, I think the Bullish Butterfly goes out the Window and this thing goes stellar for a bit. Bullish Three-Drive Pattern from 106 to 120's Spike. Good Luck, Traders. May you find yourself on the profitable side of it.
BITFINEX:ETHUSD
by MrJEB
Butterfly on GBPUSD 4hPattern is close to completion. With last hours movements, PA is less than 100 pips away of projected point D. As usual, evaluate how PA behaves on the zone to decide your entry. Numbers now look like this: Entry: 1.26418 SL: 1.2585 (Closest one. Wait for D to be totally defined and chose your stop wisely) TP1: 1.27985 (.236 AD 2.65 RR) TP2: 1.28954 (.382 AD 4.35 RR) TP3: 1.29737 (.500 AD 5.70 RR) and for the greedy ones... TP4: 1.30521 (.618 AD 7.04 RR)
Long
by EnzoDamario