Potential Butterfly pattern completion at major resistance level with a very high R:R opportunity. Taking profits at .382 and .618 retracements of AD. If price turns south from the ascending trend line that is drawn near current price level then we'll be looking at a possible bullish butterfly.
AUDUSD has two pending patterns that could prove profitable. The purple pattern is a butterfly that I'd probably only go for a .382 retracement on that almost exactly hits the drawn resistance line. The green pattern is a bat pattern that I'll trade to the .382 and .618 retracements of AD.
I'll be looking to enter near the drawn green trend-line at a butterfly point D completion via a price action or trend line break on a lower time frame. Adjust target 1 to .382 retracement of AD and I have target 2 as point C just below the psychological 1.1300 level.
Counter-trend butterfly pattern therefore only taking the .382 target. I'll be waiting for a lower-time frame trend line break or price action signal to enter this trade to decrease pip risk. This pattern also completes at a major psychological number - 100.00.
This possible setup includes Bearish Gartley and Butterfly pattern completions within the same reversal zone drawn in blue. The arrow represents an AB=CD on the Butterfly pattern which I've selected as my ideal entry location, especially considering it is near the highest horizontal resistance line drawn in green. The market could potentially reverse at the second...
This continuation trade has confluence as far as entry, stops, and targets on both the 4hr and daily charts. Price kissed the descending trend line after meeting horizontal resistance with a Doji and the RSI creeping into overbought territory. I'm not sure if I'm being weak or realistic with my target. Between the slope of the descent and the next structural...
Another trend continuation Cypher idea. If price retraces to the drawn descending trend line then we'll have an awesome confluence factor to get short on. Being a trend continuation pattern I'm allowed to go for extended targets, but in looking left what that target should be is not very clear, So i'm taking the conservative option of the first level after the...
Once price retraces to the bottom of the channel we'll have a Bullish Cypher completing right on top of the drawn trend line. First target is taken at 0.382 retracement of CD like always. Second target is extended to previous structure since this is a continuation pattern. I'm looking forward to this one.
A 2 part technical trading idea that starts with a Trend continuation trade where price action retraces to a recent structural level with 0.618 fib confluence (not shown) and bearish divergence on the RSI. Target 2 is a bit higher than I would normally take because I did not want to be short after completion of a bullish harmonic pattern.
Next, a bullish...
Huge bullish Gartley pattern on the daily chart that is more easily seen on the weekly charts. X rests on a very strong previous support level and the RSI is oversold.
