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You have the current USDCAD Daily on 27/1/17 chart showing a classic butterfly pattern. The price is currently moving down to the last point D, to complete the setup. If this point is met chart theory suggests you can get a Fibonacci retracement of at least 38.2%.
This is an extension pattern that uses specific Fibonacci ratios to validate the structure. This trade gives better than a 4:1 risk ratio with a potential 2.3% gain.
You have the current EURJPY 4h on 27/1/17 chart showing a classic butterfly pattern. The price is currently moving up to the last point D, to complete the setup. If this point is met chart theory suggests you can get a Fibonacci retracement of at least 38.2%.
This is an extension pattern that uses specific Fibonacci ratios to validate the structure. This trade gives better than a 5:1 risk ratio with a potential 1.1% gain.
EURUSD on the 27/1/17
the price is moving upwards creating an ascending wedge looking for a break of the support line. Unfortunately charting software unable to put stop loss and take profit at an angle.
Looking for a 1% change in price with over 3.5/1 ratio
The AUD has been depreciating since the since September 2016 but in the past month and a half we have seen a reduction in the trading range. This narrowing of trading range has now shown 3 possible confirmations of a resistance level that the price has rebounded off to create a triangle pattern.
Chart theory suggests that if the pattern is broken, the move can be magnified. If the price breaks above resistance level, looking at the height of the triangle, theory would suggest the next level would be around the high back at the end of 2015.
EUR has been dropping in value over the past few days and if this trend continues a possible setup for a butterfly pattern will emerge. If the C mark is hit, then a possible final leg up to D to complete the pattern could take place. The pattern will likely be confirmed or voided over the next 2 weeks.
From the current level of 1.41 the rate could fall toward point C on the chart below which sits around the 1.404 level.
Chart theory suggests that if the XABC points have all been met and the price moves towards the last level D, and reaches that point, the pattern would indicate a reversal at this level and a possible retracement of 38.2 - 61.8% of the CD distance.
EUR has been dropping in value over the past couple of weeks and if this trend continues it will create the final leg of the indicator. Currently 4 points have been met on the indicator which chart theory suggests the price should then move back towards the bottom line.
From the current level of 0.86 the indicator would suggest the rate could fall toward point the bottom line on the chart below which sits around the 0.83 level.
Cable has been dropping in value since Brexit and since the start of the new year and we have seen multiple waves that could be setting up a Wolfe wave pattern. Currently 4 points have been met on the indicator which chart theory suggests the price should then move back towards the bottom line.
From the current level of 1.254 the indicator would suggest the rate could fall toward point the bottom line on the chart below which sits around the 1.199 level.
Looking for a butterfly pattern. From the D point of 0.89995, the rate could fall toward the 38.2% retracement level or CD line according to chart theory. Point D is just below a significant round number 0.9 which are often seen as strong resistance line which adds further confirmation around the level.
Since the start of the year, Sterling has seen some strength after the large drop around Brexit. The USD index has dropped during this time, from above 103 to below 100 as uncertainty is creeping in. Since the start of the new year, a Wolfe Wave has appeared which has been discussed in a previous blog entry. After the 5th wave, we have seen a further move higher within the Wolfe Wave which has created the 4th point of a butterfly pattern.
You also have a round number causing a key support level which has been tested at X and B. Traders looking to trade the CD leg would generally want to close the trade before it gets to this level.
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Currently, you have a strong support area that has been tested multiple times forming a triangle pattern. The right wing of the butterfly pattern is currently forming and you have a couple of strong entry points ti take advantage of.
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