POTENTIAL BUTTERFLY PATTERN ON GBPUSD 4H CHART In my trading course (which I would highly recommend) we were talking about advanced patterns today, so I went out on the chart and tried to find and recognize some.
My first butterfly patterns I discovered on the GBPUSD hourly and 4 hr chart. I drew it in on the 4h chart because it's just less messy.
What we have here is a butterfly pattern where the 1.272 fib extension of the X to A leg, the 1.618 extension of the inverted A-B leg and the potential second leg of the harmonic move (C-D) all line up at the previous structure low (which also happens to be a nice round number)
It might of course be a coincidence, but I am keeping my eye on this for an opportunity to go long around this level.
Fib_extension_confluence
Long CADCHF: Elliott and Head and Shoulder pattern completionHello again guys,
I'm here once more with a trade idea about a nice looking pair, CADCHF.
As you can see from my chart the Head and Shoulder pattern is completed and the neckline is broken.
I've also included my elliott wave counts and my targets.
The targets are based on Fibonacci Retracements and Projections combined with S/R.
(If you don't believe in fibonacci ratios power watch a couple of my previous trade ideas for proof)
Will be happy to hear from you guys about your thoughts on this setup.