(See the edit to Gartley #1 in the comment below) Looking at the 4 hour chart there are two potential Gartley patterns setting up: Gartley Buy Pattern (purple): Buy @ 1.9870 Sell @ 1.9770 (SL) (Note the typo in the above chart) Sell @ 2.0084 (TP) Risk: 100 Pips Reward: 210 Pips After the Gartley Buy, we also see a potential Gartley Sell with the CD leg...
$GBPUSD reached an intraday key resistant @ 1.6200 area. At Daily Time Frame, GBPUSD already tested Weekly Key Level @ 1.5880. There is bullish reversal potential here for long term look, and I am expecting It will build Inverse Head & Shoulder, where the 2nd should should be supported @ 1.5950.
I just finished tonights Syndicate video looking at EURUSD, NZDUSD, AUDUSD and EURAUD. One of the more exciting setups that I've been tracking since this morning has been the GBPUSD. Here's what I'm looking at. If you're a follower of mine at all then you know that I'm not a fan at all of Butterfly patterns. Actually, of any pattern that completes outside of the...
UPDATE: Pattern failure. Looks like market is currently in a wave 4, about to enter wave5. Alternative explanation would be bull pennant with a $10~ target. Good luck! The chart shows a butterfly pattern (purple), indicating a possible reversal. The pattern indicates the testing/re-testing of a critical support/resistance level. In this case, it's hitting against...
Gartley level violated and first Butterfly level now reached at 1.272 Fib. It may bounce and reverse to bull trend, or could go to next Butterfly Fib level of 1.618 at price range of 99.00
$USDCAD, is likely forming Bullish butterfly with potential D leg at 1.1020 area price level, which is also a Weekly Key Price Level. Before that level, current price level is also a challenging. Bullish target price is back to 1.1218 area.
Considering the general downtrend of the EURJPY, I think this Butterfly pattern has good potential for completion, even if it's trading sideways for the last 12 hours ... The AX - 1.272 extension and the AB 2.0 extension align perfectly at previous structure giving us an opportunity to go long around 136.60.
Seems to me that everybody seems to be somehow chocked over the latest down move on gold. Well, if you look at it whit another perspective it seems clearer. Is gold setting up a possible bullish butterfly setup?
A bearish butterfly on 15 min chart. Look at the momentum inn the bearish engulfing at the top
There is a pinbar spotted as well, I have enter long here until a see a reversal sign. Kind regards TheBull
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.
Besides the 3 Long Patterns (Cypher, Gartley, Butterfly) there are also Long entries via Patterns. A Gartley and a Bat could be in the making.
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...
Bund reached 150. A very important level. Butterfly for short completed @150.11. Good rejection @150.68. Could be a nice short.
Long on bullish shark, possible ABCD completion slightly lower. Bullish butterfly for another long on new Lower Low.