GBPNZD A reversal in GBPNZD is expected as a Butterfly Harmonic pattern is expected to play out at a resistance Level.
Butterly
Potential Bearish Butterfly - US30So far since last week i've caught over 1000 Pips watching US30 very closely and its moving very well with harmonic patterns + reversal confirmations.
Right now price is sitting at the 786 fib, but I want to see price consolidate and break to the downside confirming my overall tran Bias.
This paid has already broken lower lows and has pulled back, I'm going to be looking for shorts but need to wait for confirmations, (Will be waiting for London Open)
$ONVO - A little known Biotech Innovator with COVID TechnologiesMy first overview of a narrative driven trade that is likewise seeing strong bottoming in technicals. Let's start with the narrative and get all excited before we get into what actually matters, the only truth - price action.
ONVO is a microcap. While I have found myself trading smallcaps/microcaps recently, I honestly did not think I would be writing about them publicly. We have seen increasing amounts of VERY sketchy trading going on in microcaps (ehheeeemmmm $KODK...) and I in no way want a part of this; rather, I want to invest/trade in something that has a strong fundamental/narrative basis and/or technicals that make me want to go long/short.
With that said, ONVO is a biotech; taken from wikipedia "Organovo is an early-stage medical laboratory and research company which designs and develops functional, three dimensional human tissue (also known as 3D bioprinting technology) for medical research and therapeutic applications. Organovo was established in 2007 and is headquartered in San Diego, California. The company uses its internally developed NovoGen MMX Bioprinter for 3D bioprinting." - en.wikipedia.org
Also from the same wikipedia page (why paraphrase when I can quote?) "The company bioprints and markets human tissues as a means of accelerating the preclinical drug testing and discovery process, enabling treatments to be created more quickly and at lower cost, and without immediate risks to living test subjects. Organovo has long-term expectations that this technology could be suitable for surgical therapy and transplantation"
Ok. One of a couple billion biotechs with no revenue and a promising technology. Meh.
But here's what catches my eye and makes me add it... COVID-19. Yes, ONVO is one of a couple million (hey - not billion!) biotechs with COVID-19 technologies. I am a trader and investor. I am not a biotech analyst. In fact, not only am I not a biotech analyst but I am frankly dumb-money here. As a trader, I've been buying virtually anything with COVID exposure as part of my COVID basket of stocks and frankly that's been working. Maybe a bit too simple & stupid for biotech traders but has been working for now and looking for this to continue over the next few months at which point I'll likely re-consider this trade.
NYT article on 3D tissue printing and COVID: www.nytimes.com
When that article printed the stock went up about 15%, and then pulled back. While I'm still laying out non-technical points, my final point is ARK's position in ONVO: ark-funds.com
ARK has ONVO weighted at .18% of its top portfolio ARKK; however, due to the size of ARKK ARK actually owns 20% of the company. While I am dumb money fundamentally in biotechs, ARK is not in my view. So this is partially me putting ONVO in my COVID basket and partially following ARK. Ok let's get to the fun stuff, the technicals.
ONVO appears to be in the first wave after a 5 wave downtrend. Elliott wave is up for debate for me but I find it useful occasionally - if nothing else it's simply another data point I can use. In addition to a potential flip in general direction we are seeing what appears to be a textbook bullish Butterly at the bottom, indicating a technical reversal. Now I am no Elliott wave expert and CERTAINLY no Butterfly expert but it doesn't take a genius to see the pattern as it bottoms below $1. Butterfly is typically used in forex trading which is why I am so hesitant to include it here. If you regularly use Butterfly to trade forex and you've come across this post PLEASE comment your thoughts/views as to my Butterfly theory here. Would love to be shredded to pieces by an experienced forex trader calling my Butterfly anything but a Butterfly.
Finally, the potential for this to catch momentum on it being involved in COVID drug discovery seems huge with the mix of technical and narrative. I am long ONVO shares here and looking to double my position if we get it at the 'D' point in Butterfly - the typical long entry for Butterfly reversal.
Broke above 100$ - What's next DXY broke above 100$ and above the 50 MA line last week despite mixed jobs report.
The breakout signals that DXY intends to climb higher.
Its next targets are:
1) 101.5-102$ (trend line and structure zone)
2) 103$ - Double top and re-test of Butterfly PRZ
3) 106$ - Completion of a bearish Crab pattern.
What do you think? Where's DXY next Sell Zone?
Read more about DXY and other trading ideas in this week's newsletter- #weeklymarketsanalysis on Twitter
GBPUSD Butterfly Possible on daily , Watch out for it !!Hello guys ,
many of you know the rules of buttery fly pattern but i will mention it below ;
Leg B= 0.786 Retracement Of XA
Leg C= 0.382; 0.886 Retracement of AB
Leg D= 1.272, 1.618 Extension of XA
This is daily time-chart
Now i believe that Leg C will reach the 0.786 or 0.886 because we are in wave 4 in a Downtrend which is a corrective way ,and to be more specific the price now is going to form Leg C which is the last leg of a corrective way .
When leg C is completed we are going to have the last massive downtrend until the pattern is completed at 1.618 extension.
One more Conformation about the end of the big trend , if you check the whole trend to the down side you will see that the extension 1.618 of the first big wave , Wave 1 , will matches the D point of this pattern which also 1.618 extension of XA leg
Please be careful this is not a trading advice , Check your strategy , your entry setup and make your own analysis before you enter !
Good luck traders ,
If you think that i am right please support me with like bottom , otherwise comment below with your opinion :)
Another butterflyLast oil butterfly took some time to unfold, but the pattern validated and it was a nice trading camapaign. This time, we didn't test the whole PRZ, but price action seems to confirm the trend.
If the first reaction after OPEC and non-OPEC meetings is to go down, I think this will take some time to balance.
Targets indicated on the chart.
Thanks for your comments.
LONG - CADCHF - BULLISH BUTTERFLYLOOKING FOR YET ANOTHER PLAY OFF THE FALLING SUPPORT WITH BULLISH BUTTERFLY
USDCAD Bearish ButterflyBearish butterfly completion at previous significant resistance zone.
Bearish inverted hammer on the daily.
Fib extension and time zone confluence
Bullish ButterflyBullish Butterfly is Formed
The PRZ is shown by the green rectangular area
Divergence in both RSI and Stochastic indicates a possible reversal to the up side
The breakout of the red trend line to the up side confirms the reversal of the down direction
This trade setup is invalid below the red horizontal SL line
Watch for any sign of weakness in the green rectangular area using volume spread analysis such as no supply bars with are narrow spread down bars with lowers volumes , etc...
EURAUDI am short from the blue trend line touch at 1.4960 on the 4 hour chart.
This is a good opportunity to add to my position or to enter a short position as price is forming a pullback on the one hour chart.
Selling the break downwards seems like a good idea.
BULLISH BUTTERFLY FINISHING ON 1H EURAUDA nice Butterfly pattern is trying to get to the finish on 1H EURAUD. Price action is currently testing a support @ 1.53607. If the level gives there are 3 nice levels with previous structure lows to determine an ample Possible Reversal Zone. The possible XA extensions @ 1,27, 1.414 and 1.618 range from 1.52970 to 1.52125. What is interesting is that the support being currently tested is a nice target to test as a resistance once the pattern finishes. Watch the price action near the PRZ to make entry as well as the RSI to suggest oversold and long entry.
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Whatever you are trading knowing when the conditions technically ripe for a change can be monumental to your success. the attached charts show how the charts show entry and exit points and what kind of success you can have.
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Potential Bullish Butterfly EUR/NZDbullish butterfly pattern developing
completion at 1.272 fib extension
TP @ .382 and .681 fib retracement of AD leg
stops placed below previous structure
EURUSD: Bear Bat & ButterflyI'm late to the party today since I haven't looked at any charts all day... actually since Thursday now that I think about it. Anyway we have 2 bearish advanced patterns setting up here on the EURUSD which also come at a retest of structure on the 240min. Good wicks at the killzone of the Bat and Butterfly so a double top at that level would offer another good chance for entry.
