EUR/JPY - Bullish Butterfly (150+ Pips)
Updated
Here we are looking at EUR/JPY on a 4h chart with a perfect bullish butterfly harmonic pattern, price is currently bearish but I am looking for price to stall out on our D point followed by a major reversal heading towards resistance at 113.900 before continuing to make a moving lower.
Spotting a 'perfect' bullish butterfly can be difficult, here are the ratios:
B: 0.786
C: 0.50 or 0.886
D: 1.618 (Almost perfect)
X to D: 1.272
All-round we have a very good opportunity, price is oversold and we are trading with a 1:2 risk to reward. I will be waiting for further confirmation before entering!
Do you want more trading inspiration? Connect with me below :)
Instagram: instagram.com/lewglasgow/
Facebook: facebook.com/lewglasgow
Spotting a 'perfect' bullish butterfly can be difficult, here are the ratios:
B: 0.786
C: 0.50 or 0.886
D: 1.618 (Almost perfect)
X to D: 1.272
All-round we have a very good opportunity, price is oversold and we are trading with a 1:2 risk to reward. I will be waiting for further confirmation before entering!
Do you want more trading inspiration? Connect with me below :)
Instagram: instagram.com/lewglasgow/
Facebook: facebook.com/lewglasgow
Trade active
Entry: 112.200Note
Stop loss moved into profitTrade closed: target reached
📈 Master the Art and Science of Trading: sixfigurecapital.com
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.