Will this Reverse Bearish 707 Butterfly Prove to be valid?
The dollar looks indecisive today, this could make for a nice setup if things happen perfectly.
We have a bearish 707 completing right at a liquidity void. We also have to equal lows just below it on the 5m chart which means the market makers could be setting up a trap move to make people go long, and they will sell against those longs.
This idea will depend heavily on the sentiment of the dollar today, which still isn't clear to me, the NY open should give use our answer.
My target will be a bat projection off the 4H and it is also a spot where the market makers bought a week or two ago
We have a bearish 707 completing right at a liquidity void. We also have to equal lows just below it on the 5m chart which means the market makers could be setting up a trap move to make people go long, and they will sell against those longs.
This idea will depend heavily on the sentiment of the dollar today, which still isn't clear to me, the NY open should give use our answer.
My target will be a bat projection off the 4H and it is also a spot where the market makers bought a week or two ago
Comment:
Disregard the idea, it hit the gaps to quickly as I wrote the post, I needed it to happen around 8am...not now. I'm sitting the trade out
Comment:
***we had equal highs on the 5 min...not lows is what i meant to say