GBPJPY – Potential Bullish Butterfly


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– Potential bullish butterfly emerging on the 4 hour time frame
– Could reverse off Zone 1 (previous demand zone 1) – in that case it wouldn’t be a valid butterfly.
– Reversing  off Zone 2 (previous demand zone 2) would constitute a butterfly pattern.
Would look for price action (candlestick patterns or other reversal signs – possibly off lower time frames) at the 2 zones before initiating any position.
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This entry was posted in Butterfly, Fibonacci, Forex, GBPJPY, Harmonic Pattern, Misc. Setups, Support (Demand) - Resistance (Supply). Bookmark the permalink.

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