Sive,
I was just wondering if the price action on the H4 would classify as a bearish butterfly pattern? If so, I think right now at 1.286x is worth a short because if it is a bearish butterfly pattern, fib extension 161.8 from X-A is at 1.287x.
If this is a bearish butterfly pattern, a SL 20-30 pips above 161.8 extension would be a good R:R......
EDIT: Also note that 1H Stoch and MACD are beginning to cross to the downside. Of course, it may just touch and go back up. But it can be an indicator that bulls on 1H TF are slowing down? I would prefer if the MACD showed a steeper angle down. Right now it looks pretty flat. Using MACD and Stoch combination, if MACD does turn bearish for 1H and stoch does cross to the downside, I think it could be a good indicator of a short.
I was just wondering if the price action on the H4 would classify as a bearish butterfly pattern? If so, I think right now at 1.286x is worth a short because if it is a bearish butterfly pattern, fib extension 161.8 from X-A is at 1.287x.
If this is a bearish butterfly pattern, a SL 20-30 pips above 161.8 extension would be a good R:R......
EDIT: Also note that 1H Stoch and MACD are beginning to cross to the downside. Of course, it may just touch and go back up. But it can be an indicator that bulls on 1H TF are slowing down? I would prefer if the MACD showed a steeper angle down. Right now it looks pretty flat. Using MACD and Stoch combination, if MACD does turn bearish for 1H and stoch does cross to the downside, I think it could be a good indicator of a short.
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