GBPJPY – Potential Bullish Butterfly

Click here to view the chart.
– 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.
This entry was posted in Butterfly, Fibonacci, Forex, GBPJPY, Harmonic Pattern, Misc. Setups, Support (Demand) - Resistance (Supply). Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s