CHART PATTERN: RED BUTTERFLY ON EURJPY MAY SEND PRICE HIGHER



It’s been a quiet trading week so far for me, though I have had a lot of off-trading activities done already; then,  I thought it’s about time I got things started already – behold! A fine butterfly!

The overall trend on 1-hour time frame is uptrend so the bias is to go long immediately after a bounce at the red cluster, and set stop loss below the swing low; and target at a new high.

However, I will be wary of resistance between C and D (that is if D forms).




Share on Google Plus

About Moshow

Oseni Moshood ( Moshow) is a physicist, a blogger and a spot trader with years of experience. He trades only price actions partly because he thinks Economics is boring; or, probably because he failed Economics; and he loves fine artistic works.
    Blogger Comment
    Facebook Comment

0 comments:

Post a Comment