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Askforex100

AUDUSD - Bearish ButterflyA Bearish Butterfly rested in the key resistance zone is usually a perfect setup for me, however, there are some imperfection on this setup. A break and close above the previous Bearish Trendline. This is true, but at least it didn't break and close above previous structure, fingercross. The next thing I'm not comfortable is that the 4-hourly chart has an emerging Bearish Shark Pattern resting at point B, a break and close above point B would put this Butterfly Pattern in an disadvantage. Be in the now is important, it is a valid setup, I'd engaged it but I will watch closely and review it 3bars from now, which is 2-3hours time. What am I looking out for? - to see if the PRZ has been violated - to see if the market retest the bearish trendline and fail to break and close below the trendline - to look at candlestick formation
Short
by RaynLim
EURUSD-Weekly Market Analysis-Jul22,Wk4The Bullish Deep Crab Pattern on the Daily Chart might not form up, and even if it did, it might not be ideal. However, if you have long based on the counter-trend trade on the Bearish Parallel Channel, congratulation is in place.(check out last week's chart at the bottom of the tradingview link). Alternatively, you can wait for the Bearish Shark Pattern on the 4-hourly timeframe to complete, hitting the first target and waiting for a buying opportunity on a 5-0 pattern setup. In trading, being patient is important.
Long
by RaynLim