Last week I traded the BC leg of the chart for about 200 pips average. That pattern was the Bearish Butterfly on the hourly chart. It worked like clockwork. Link for the analysis given below.
On the longer timeframe, however, i.e., the Daily a different pattern is setting up.
The Perfect AB=CD.
As indicated on the chart, The Price is at 0.618 retracement of AB.
However we may not be sure that the price will turn, it may depend on many factors.
It may also extend retracement till 0.786 AB or further at 0.887 AB.
Possible paths are clearly indicated in the published chart.
If the price turns at 0.618 - will open short at D. No risk
If the price turns at 0.786 - will open long at 1.3095 and short at D which will be at 1.27 BC projection.
If the price turns at 0.887 - will open long at 1.3060 and short at D which will be at 1.13 BC projection.
If the price crosses 0.887 - will open buy limit at 1.3060 and short at D.
Will update this analysis based on price action and opening up of positions.
In any case, we can be sure of 500 pips in this trade with minimum or no risk at all. Of course, economic data will affect, but im guessing in a positive way and bring matters to a conclusion swiftly.
Follow this idea and lets trade together...
Also on the cards are JPY pairs EURJPY GBPJPY and of course USDJPY this week. Most of them are at historic lows and at extremely oversold conditions... and I'm still holding 40 % of my long position on EURUSD from last week. And there is gold looking to make a historic rise...Huge potential for profits...So keep in touch...
Happy Trading... Cheers...
On the longer timeframe, however, i.e., the Daily a different pattern is setting up.
The Perfect AB=CD.
As indicated on the chart, The Price is at 0.618 retracement of AB.
However we may not be sure that the price will turn, it may depend on many factors.
It may also extend retracement till 0.786 AB or further at 0.887 AB.
Possible paths are clearly indicated in the published chart.
If the price turns at 0.618 - will open short at D. No risk
If the price turns at 0.786 - will open long at 1.3095 and short at D which will be at 1.27 BC projection.
If the price turns at 0.887 - will open long at 1.3060 and short at D which will be at 1.13 BC projection.
If the price crosses 0.887 - will open buy limit at 1.3060 and short at D.
Will update this analysis based on price action and opening up of positions.
In any case, we can be sure of 500 pips in this trade with minimum or no risk at all. Of course, economic data will affect, but im guessing in a positive way and bring matters to a conclusion swiftly.
Follow this idea and lets trade together...
Also on the cards are JPY pairs EURJPY GBPJPY and of course USDJPY this week. Most of them are at historic lows and at extremely oversold conditions... and I'm still holding 40 % of my long position on EURUSD from last week. And there is gold looking to make a historic rise...Huge potential for profits...So keep in touch...
Happy Trading... Cheers...
Comment:
Placed a Buylimit at 1.3155
Comment:
Looks like Its a Perfect ABCD pattern.
Comment:
Added a snapshot to understand how the price will move...
Going according to plan but taking its time...
Added a snapshot to understand how the price will move...
Going according to plan but taking its time...
Comment:
All the volatility in the world could not touch the pattern... on course to D...
already staring at 68 pips... will close partially only at 3350...
already staring at 68 pips... will close partially only at 3350...
