I don't mind butterflies in nature, but in TA they look really nasty to me. There are a lot of preconditions to be fulfilled if this is to become butterfly pattern, but as we can see from yellow marked area, that this can happen in matter of one 4H candle.
First, LTC should't rise above point C.
Secondly, both supports marked red will have to get broken, together with not so powerful support line from previous two lows.
And then we could count on this scenario to happen. Point D is far away of being defined, for now I have this green range in mind.
Let's wait and see.
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
First, LTC should't rise above point C.
Secondly, both supports marked red will have to get broken, together with not so powerful support line from previous two lows.
And then we could count on this scenario to happen. Point D is far away of being defined, for now I have this green range in mind.
Let's wait and see.
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
Note
Looking good. Let's see how low will it go.Note
Small entry at 41.30.Order cancelled
Related publications
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.