NU Bearish Butterfly Idea
Updated
This is probably a long shot, but ultimately, I'm looking or the price to retest the 0.72950 level for a short position. To get there, price may jump around and potentially form a butterfly pattern. Harmonic patterns are useless to predict until at least the C leg, and we aren't even there- but hey, that's what I'm doing.
I'm looking for the price to react at 0.72130 off of the 0.382 of the X to A, which is roughly where the 200MA (1h) is headed. If an hourly candle closes below this level, this will invalidate the pattern (but not necessarily the location of the short). My target to enter a short is 0.72950, as mentioned above. I'll update my idea if/when we get to that level with TP and SL. The 09/05/17 jump in price is iffy PA to short, but we're still in a downtrend on the 4h even at that level.
Good luck and thank you for looking.
-Zedro
I'm looking for the price to react at 0.72130 off of the 0.382 of the X to A, which is roughly where the 200MA (1h) is headed. If an hourly candle closes below this level, this will invalidate the pattern (but not necessarily the location of the short). My target to enter a short is 0.72950, as mentioned above. I'll update my idea if/when we get to that level with TP and SL. The 09/05/17 jump in price is iffy PA to short, but we're still in a downtrend on the 4h even at that level.
Good luck and thank you for looking.
-Zedro
Note
While the pattern is technically invalid on the one hour timeframe at this point, the 200MA still may act as a pivot to my previous sell target. The 0.382 was breached by the hourly candle (but the pattern may still be valid depending on the close of the 4h). I'm going to monitor PA from here, and will provide updates, whether this is triggered or cancelled.Order cancelled
4-Hour candle close invalidates the pattern. Pending trade cancelled.
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