GBPJPY | Butterfly pattern in the making?
Updated
GBPJPY | Butterfly pattern in the making? (short-term bearish)
- Point-B validated (?)
- Point-C must reach the 38. 2% retracement of AB leg but not exceed 88.6%
+ Ascending channel pattern indicates uptrend until it breaks the support
+ Stop loss is your friend
+ Take profit depends on your risk appetite
Harmonic Butterfly Pattern:
Point-B | 78.6% of XA
Point-C | 38.2% - 88.6% of AB
Point-D | 127.2% of XA
PRZ | 161.8% - 261.8% of BC
Harmonic Gartley invalidated (tradingview.com/chart/GBPJPY/vIHjQ9PW-GBPJPY-Gartley-pattern-in-the-making/)
- Point-B validated (?)
- Point-C must reach the 38. 2% retracement of AB leg but not exceed 88.6%
+ Ascending channel pattern indicates uptrend until it breaks the support
+ Stop loss is your friend
+ Take profit depends on your risk appetite
Harmonic Butterfly Pattern:
Point-B | 78.6% of XA
Point-C | 38.2% - 88.6% of AB
Point-D | 127.2% of XA
PRZ | 161.8% - 261.8% of BC
Harmonic Gartley invalidated (tradingview.com/chart/GBPJPY/vIHjQ9PW-GBPJPY-Gartley-pattern-in-the-making/)
Note
Harmonic Butterfly pattern invalidated
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