Potential bearish Butterfly in DXY channel....
I'm not sure it will get this high but if it does, we know what to do!!
BUY EURUSD & GOLD, SHORT USD in other pairings....
Interstingly on the EURUSD there is a bullish Gartley at 1.117 which should happen at exactly the same time..
I'm not sure it will get this high but if it does, we know what to do!!
BUY EURUSD & GOLD, SHORT USD in other pairings....
Interstingly on the EURUSD there is a bullish Gartley at 1.117 which should happen at exactly the same time..
Trade active
Bought EURUSDNote
A closer look at the Butterfly shows point D at 96.02....which explains why its crawling, its just waiting for a few more buyers to hit this 1.618 extension level l then it should fly down, once it gets momentum it ciould be a fast drop for DOllar and fast increase on EUR USD as there is little support structure....
So there may be a quick lurch down on EURUSD before a big spike up.....so keep Stop loss flexible..mine is at 1.14...these patterns work 80-90% of the time....from experience...and the buttterfly gives best risk/reward.....
Note
correction 1.114Note
Strong Divergence...
Note
Price broke above point D on the butterfly, it seems artificial move on low volume with divergence on the RSI, by the time this happened the European session had finished so I feel the dollar was being propped up to end the week on a bullish signal, although my strategy when this happens is to exit on the first retrace/support level to be safe. I will take profit on my long positions on EUR/USD as shown on the chart (price will be about 1.12...) when it tests this support area i expect it bounce up again so its the best place to exit
Note
Looks like an AB=CD pattern forming which will finish at about 5pm GMT at 95.67 which is support and on trendline...I will take profit here..on EURUSD long .....I will ook to short GBPUSD here and possibly EURUSD and OIL (oil also looks like ti may finish an AB=CD at 44.70 at the same time)
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.