I mentioned in twitter yesterday, I was considering building a small long position of USDCAD. I thought it will be easier to share a chart here. We have completed a Bearish butterfly, and ABCD formation. Of course, there are other factors to be considered, from technical point of view, I am interested in keeping my eyes on this pair at the moment.
This is an idea, and I am still developing the thesis. Let’s see how it goes.
Just something for you to think about.
Here is the …. CHART!
I intend to confuse you with this chart. Have a look at EURUSD daily chart. I am looking at two potential targets. First is the completion of ABCD formation at around 1.4040 level, and second will be the completion of Bearish Butterfly formation at around 1.4187. Well, in the perfect formation, ABCD should be part of Bearish Butterfly formation, let’s see.
Seeking the harmony within.
Now, let’s get confused with 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!
For some unknown reasons, I can’t tweet the chart I posted in Chart.ly. Anyway, here is the $AUDUSD chart I was talking about. A bearish butterfly formed within the bigger ABCD swing.
Here is what I see in Kiwi dollar ($NZDUSD). We are looking at a bearish butterfly pattern now, well, in case you are into harmonic pattern.
Again, is the chart trying to tell you something?
Trade well.
