GU Long, Monthly Resistance bounce/Bullish Butterfly, Good RR
Hello Trading View,
Here on GBPUSD we see bearish momentum, which stalled and bounced off an important key level off the Monthly TF.
The rejection of the key monthly support tell me that a trend change is in order.
We have the completion of the Bullish Bat 5-Point pattern, the terminal price bar has tested the majority of the PRZ and sharply pulled away, which is one confluence factor.
We also have the completion of the ABCD pattern within the C-D leg, a retracement of 50% of the impulse leg, which gives us bottomside projection of 2.0, which lands right in the middle of the PRZ.
I have 2 projected I.P.O. of the 0.382 / 0.618 retracement of the CD leg.
I.P.O. 2 is important because it could reach the bottom side of our overall trendline providing a possible swing trade.
I.P.O. = Initial Profit Objective
Trade safe, trade smart.
-K
Here on GBPUSD we see bearish momentum, which stalled and bounced off an important key level off the Monthly TF.
The rejection of the key monthly support tell me that a trend change is in order.
We have the completion of the Bullish Bat 5-Point pattern, the terminal price bar has tested the majority of the PRZ and sharply pulled away, which is one confluence factor.
We also have the completion of the ABCD pattern within the C-D leg, a retracement of 50% of the impulse leg, which gives us bottomside projection of 2.0, which lands right in the middle of the PRZ.
I have 2 projected I.P.O. of the 0.382 / 0.618 retracement of the CD leg.
I.P.O. 2 is important because it could reach the bottom side of our overall trendline providing a possible swing trade.
I.P.O. = Initial Profit Objective
Trade safe, trade smart.
-K
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.