Morning guys! after succesful butterfly, now we are forming potential 2 cypher patterns, so i am sharing my projection on market moves this week. Like everyone knows this is one possibility which might happen or not, if you have any idea please feel free to share in the comment section.
I wanted to share long opportunity here. Long butterfly has just completed at 1.27 FIB level around 111.7 and RSI levels are oversold as well.IF it meets your entry requirement go ahead and take this trade!
conventional targets and stop loss 1.5 ATR.
we have Bat formation completing near previous resistance area, if it completes it might be a good opportunity to short because of fib levels and structure confluence.
Stop losses above X leg and structure resistance , targets 0.382 FIB LEVELS
Feel free to share your thoughts in comment section,thank you.
USDJPY is currently in consolidation area so why not to take this bearish gartley, it's already touched the 0.78 level and now coming back to retest it, giving us one more chance to enter the trade.
As usual stops above X leg and conventional targets 0.38 and 0.61 levels.
Morning traders! on EURCAD we have a potential short bat formation might complete around 1.40820 levels. Several fib levels and structure levels are confluencing as you can see on the chart. So this set up can be good one to trade with more than 1:1 r/r.
Targets are at 38 and 61 % and stops are below X leg.
we have already completed Gartley formation. It has just tested PRZ till almost X leg so there is a good chance that it goes all the way up to 1.66500.
I am aiming for conventional profit targets and stops placed below X leg.
Good Luck Traders
Long bat might complete around at 113.345. eventhough it gives good risk reward which is 1.8 r/r, entry lvl is just above the previous big strong support zone, so please be careful before you enter to this trade, i would look for multiple entry reasons.
Conventional targets and stops below X leg.
Good Luck traders!
Based on structure there is a trade setup with good risk reward , grey zone is from daily timeframe , and blue zone is in hourly zone.
In the blue zone you can look for entry reasons accourding to your trade plan , mby in smaller time frame.
We have a bearish bat formation on hourly chart, which is already triggered and tested PRZ half way.
And also this zone is previous support/resistant structure.
This one can be good trade with risk reward around 1.5 at the first target 38% FIB lvl even when you place stop loss 10 pips above the whole PRZ, you can aim for target 2 at 61% and so on.
I have got bullish cypher formation on NZDUSD it has laready touched 78.3 area but if it comes back and retests with double bottom it can be good entry point for long opportunity. In terms of profit targets, I am aiming for 61% retracement and stop losses are half ATR below from d X point which is giving me 1.5 r/r.
We ll see what happens.