I was thinking about shorting EURUSD yesterday at 1.3 level, and in fact, I did. I closed the position with some small gain. Had another look at EURUSD, We have a pennant formed at the top, broke out, and now we are back to the back of the trend line. Now it got me interested in short term long of EURUSD. I am still thinking. Well, this is another idea.
Anyway, I am looking at near 1.31 area as next resistance level.
Here is the Chart!
So now we are in the vicinity of 161.8%, and the last valid D of Bearish butterfly. Kiwi touched 0.7345 during Monday London session. We shall see if the pattern is to hold or invalidated soon. Short stop is above 0.7350
Here is the updated Chart, the Butterfly.
It is harmonic time again! 🙂
A Bearish Butterfly is found to be ‘secretly forming in hourly chart of EURJPY. And we are now at 1.618% extension level. Let’s see how it works out later.
Here is the… Butterfly!
This is the chart that caught my eyes this morning. CADJPY is back to the resistance zone again. Let’s see how it will play out.
Here is the.. CHART!
Trade Well.
For some unknown reasons, I can’t tweet the chart I posted in Chart.ly. Anyway, here is the $AUDUSD chart I was talking about. A bearish butterfly formed within the bigger ABCD swing.
This is the quick update of my previous post of $NZDUSD. Kiwi dollar pulled back to 78.6% of the most recent down swing, the risk was back in town during the Wednesday session. And the bearish Butterfly pattern is still alive for now. I am watching the development of this pattern.
As always, it is easy to find a chart pattern or setup, but the essential skill is to learn how to manage a position. One setup, one pattern, can lead to different sets of result.
Here is the updated chart.
Again, here are some details of the pattern recognition I found it on FX360. Check out the website for details.
