Cypher & Butterfly completing right now!
Hey guys,
on this pair we are in a downtrend on the 4hr chart. When this happens i start to look for trading opportunities into structure levels that may provide some resistance for a trend continuation trade. As you can see price is now coming back to the previous 4h structure resistance (black line) and right there there are two different harmonic patterns completing.
The first is the Cypher pattern (whose D point is precisely at the 0,7200 psychological level). The second one is the Butterfly pattern.
You may be asking yourself why this is the first time i publish a Butterfly pattern; because i do not use this pattern as reason for entry. But i like to find additional clues to my trading decision, and that could be considered as one of those.
Stops above X, targets at .382 and .618 retracement of AD leg.
Let's see what price does.
If you want to ask questions or explain your standpoint, feel free to write below.
Otherwise, see you in the next chart!
on this pair we are in a downtrend on the 4hr chart. When this happens i start to look for trading opportunities into structure levels that may provide some resistance for a trend continuation trade. As you can see price is now coming back to the previous 4h structure resistance (black line) and right there there are two different harmonic patterns completing.
The first is the Cypher pattern (whose D point is precisely at the 0,7200 psychological level). The second one is the Butterfly pattern.
You may be asking yourself why this is the first time i publish a Butterfly pattern; because i do not use this pattern as reason for entry. But i like to find additional clues to my trading decision, and that could be considered as one of those.
Stops above X, targets at .382 and .618 retracement of AD leg.
Let's see what price does.
If you want to ask questions or explain your standpoint, feel free to write below.
Otherwise, see you in the next chart!
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