Greetings fellow traders, today we are analyzing the EUR/JPY 4hr chart, looking at a potential Bearish Butterfly Pattern.
The pattern is in the process of completing the C to D leg, with a potential risk to reward of 1:4.
The measurements for a butterfly pattern are detailed below:
B: 0.786
C: 0.386 - 0.886
D: 1.618 - 2.240
X to D: 1.272
Will be looking to enter this trade with some more confirmations after the pattern is completed.
Please share your thoughts!
The pattern is in the process of completing the C to D leg, with a potential risk to reward of 1:4.
The measurements for a butterfly pattern are detailed below:
B: 0.786
C: 0.386 - 0.886
D: 1.618 - 2.240
X to D: 1.272
Will be looking to enter this trade with some more confirmations after the pattern is completed.
Please share your thoughts!
Note
The pattern completed, so look for a reversal and several other confirmations. Beware of the volatility due to the North Korea situation. Good luck!
Note
Still holding at the D point, keep an eye out to see if a reversal pattern begins. Remember that a reversal candle shows strength when it closes. The EUR has been quite strong for a while, so I recommend waiting for strong reversal triggers before going short on the EUR/JPY.
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.
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.