Hey guys, this is a setup I talked about in my weekly webinar which just happened yesterday.
This is CHFJPY on the 4hr chart.
Pattern Identification
I see a bearish butterfly completing at 114.50.
The B point is slightly higher than 78.6, it is still a valid butterfly as long as it does not hit the 88.6 retracement.
Trade Execution
I will look to go short on CHFJPY once it hits my PRZ at 114.50.
At the PRZ, I will lookout for candlestick reversal and RSI divergence for me to decide on my short.
The SL will be at 115.20 and the TP will be at 112.20. I will make 1:3 R:R on this setup if this trade is successful.
This setup will be invalidated if price does not react at PRZ and just goes straight to the SL level.
This is CHFJPY on the 4hr chart.
Pattern Identification
I see a bearish butterfly completing at 114.50.
The B point is slightly higher than 78.6, it is still a valid butterfly as long as it does not hit the 88.6 retracement.
Trade Execution
I will look to go short on CHFJPY once it hits my PRZ at 114.50.
At the PRZ, I will lookout for candlestick reversal and RSI divergence for me to decide on my short.
The SL will be at 115.20 and the TP will be at 112.20. I will make 1:3 R:R on this setup if this trade is successful.
This setup will be invalidated if price does not react at PRZ and just goes straight to the SL level.
Note
Moving nicely towards 114.50Note
Strong support holding at 113.40.
Still waiting for push towards 114.50 for shark pattern completion.
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.
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.