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...
Take this trade if comming candles are closing above 446 ( 1.272 extension of XA ) or are atleast not going lower than 442.
We are at a major support level here so a bounce is not unlikely anyway.
RSI extremely low aswell.
Target : 470
All in all a setup worth watching.
Market re-tested the resistance zone around 0.9360 and failed to close above 0.9370. The bulls don't seem to give up any sooner. They may make another run up to break 0.9370.
Note that there is a bearish butterfly pattern there with potential completion slightly above the upper end of resistance zone.
Will be waiting for another false break of this resistance...
That is interesting. Two potential Patterns (Bear Bat and Bear Butterfly with the same entry Level) and a good risk reward
for the risk-reward ratio I take the middle of both targets (= 50% retracement) to calculate it. Just my way of doing it...
I've only gotten 3 of 4 points here, and that third point isn't confirmed, but I'll publish it anyway. If it came true and I hadn't published it, then I would be upset.
Its just funny to me that often people just read the book about harmonics, Elliott, etc. and believe it, not taking serious steps to just question the authority and doing their own research on real market charts.
Why do people believe this concepts so strongly?
They just believe because they believe that if they believe then everything will be OK. That is what...
DXY punched through the wedge on fake breakout reaching just over 81.50 but back inside wedge, failing to make new high above 2013 Q4 highs. A ret. is likely before any attempt to break higher
Wait for a candle to break below, close below the B point. Sell on retest.
T1: at bullish Butterfly completion
T2: at area of confluence of minor Fibo level with old major structure
I'm looking at two things here on the EURAUD. Bigger picture is a potential bearish trend continuation trade as price action looks to make a retracement into a previous shelf of structure.
Around that same level lays a potential bearish butterfly pattern completing at 1.618 & 1.272 Fibonacci confluence. Adding to that we have more ratio confluence in the form of...
We've been waiting for the bearish Cypher on USDJPY for a while now and as the market churns legs for multiple other advanced patterns have been created as well.
The smaller bat is the only one on my current radar with the others in the back of my mind for a possible completion later in the week as we get into more oft he fundamental announcements.
CADCHF is still trading in channel. The 833 level seems to be a strong res. PA is currently trading at 835 levels and still no strength to make new highs. With nice RSI divergence a ret. to 8284 or 824 should happen soon.
Looking at H4 a possible H/S pattern formation which could break wedge bearish (wedge lower boundary TL acts as neck line). Currently in play the small bearish bat. However, in case of a bullish wedge breakout, 2 bearish patterns awaiting at 709 (butterfly) and at 7127 (crab)
![BTCUSD: [ BITSTAMP ] - Bullish Butterfly](https://s3.tradingview.com/g/gPRWVnLC_mid.png "[ BITSTAMP ] - Bullish Butterfly")
