USD/JPY Trade 123 formation within Butterfly pattern
I found this interesting pattern in USD/JPY 4hr, I put my eyes on it to take a possible two pattern trades, the first one is bullish 123 formation, and if it works it'll form a bearish butterfly pattern.
According to the basic rules, there is impulsive wave and waiting for a pattern, there is a resistance in 78 fibo level, and not a support at 23 levels, which mean that it'll go up again to touch 1.27 fibo level, if the price find a hard support in 23 fibo level, then I'll go long to 1.27 levels to make my 123 trade, just waiting for a conformation for this trade.
If this happened, I hope so, then I'll make a new setup to go short with a butterfly pattern, after getting the necessary conformation first.
I'm going to update this post till find a good pattern trade to take.
good luck for all
Things work as planed, now it forming a 123 pattern, I'll go long with this trend, my target is to touch at least 118 Fibo line, good luck every body
According to the basic rules, there is impulsive wave and waiting for a pattern, there is a resistance in 78 fibo level, and not a support at 23 levels, which mean that it'll go up again to touch 1.27 fibo level, if the price find a hard support in 23 fibo level, then I'll go long to 1.27 levels to make my 123 trade, just waiting for a conformation for this trade.
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If this happened, I hope so, then I'll make a new setup to go short with a butterfly pattern, after getting the necessary conformation first.
I'm going to update this post till find a good pattern trade to take.
good luck for all
__________________________
Long with a 123 pattern
Things work as planed, now it forming a 123 pattern, I'll go long with this trend, my target is to touch at least 118 Fibo line, good luck every body

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