GBPUSD Possible Formation of Bearish Butterfly Pattern
Hi traders,
Looks like we're having a possible bearish butterfly pattern forming due to the confirmation of the below rules:
AB: 78.6 retracement of XA
BC: 50.0 retracement of AB
CD: possible 1.272 retracement of XA
CD leg also coincides with extreme pivot high (no.1).
Watching for break above 50 fibonacci retracement. If confirmed, you can trade the completion of the D leg with targets set at pivot high no.3,2 and 1.
As always, be careful when trading these set-ups and always wait for confirmation of the pattern to be on the safe side. I'll be watching this very closely.
Happy trading!
Looks like we're having a possible bearish butterfly pattern forming due to the confirmation of the below rules:
AB: 78.6 retracement of XA
BC: 50.0 retracement of AB
CD: possible 1.272 retracement of XA
CD leg also coincides with extreme pivot high (no.1).
Watching for break above 50 fibonacci retracement. If confirmed, you can trade the completion of the D leg with targets set at pivot high no.3,2 and 1.
As always, be careful when trading these set-ups and always wait for confirmation of the pattern to be on the safe side. I'll be watching this very closely.
Happy trading!
