I had been drawing several butterflies on the hourly for the Eur/USD and the first two had activated. Having closed the GBP long I thought I should keep something going in the same direction so I opend one at 1.4600 - and suddenly it was +30 so i set a stop to B/E and came back to work.
I'm posting the picture here now to support my previous post regarding some bullish patterns - you can see several of them and they seem to be progressively triggering as they push through the B point of the various butterflies.
What I am finding interesting is that EWI are commenting on those same levels in their analysis today
"Prices are at initial resistance at 1.4662-1.4670"
That is where the middle of the three butterflies in my picture completes after having activated at 1.4582.
They then say that next resistance is at 1.4720 ish which is the C point of the largest butterfly in the pic, not quite where I would put resistance though obviously theres some history at that level.
And of course they say 1.4850 is the break point for any bearish case. According to the butterfly theory I;m working with a clean break of where we are now - 1.4670 - means that the large butterfly has activated and it should go to 1.4850.
No position at the moment just watching - seeing what plays out but theoretically if it breaks higher I should go long... not saying I will tho
I took this snag last night, but the PA is still in the grey zone
Ichi gave good H1/H4 signals earlier for a max of around 100 and 50 pips respectively, although I didnt take the trade it was definitely a missed opportunity .
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Originally Posted by arco
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