FX:AUDNZD   Australian Dollar/New Zealand Dollar
198 7 8
Looking to buy the completion of this bullish butterfly , stops around .998 and target around 1.086

Respect your equity boundaries - Don't overtrade and good luck
Comment: Do not enter buys yet. We're not done dropping. Currently it's forming a sucker leg. Don't get caught.
Still waiting ?
I placed a long and close it manually with micro loss. Let's give her some time :)
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Yup. Still waiting. Expecting it to spike down and then catch all the buyers with pendings just above parity.
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I'm looking exactly at the same pattern, but my signal system already gave me an entry. Are you in already, or waiting for the 1,27 XA ?
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Hi. I suspected that this initial move up that we saw yesterday and today was a bull trap.
My understanding of market psychology tells me that this ''low'' that was made, was in fact a bull trap, simply put. People who bought the low, now have their stops at at around 1.02
The sellers will probably blow the stop losses of these people, and take their profits once this happens.

This will cause a spike when the price retests this area. It will take out as many stops as it can before the previous sellers take their profits. When they do this, the price will likely move up, triggering the uptrend as per bullish butterfly standards.

I hope this helps you understand why I'd rather wait with my entry. :)
+1 Reply
ChristianHoeghHolm ChristianHoeghHolm
Furthermore, I'm not specifically waiting for the 1.27 XA. I'm more interested in the BC. I hope to enter between 161.8 and 261.8 extension of the BC
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enter after data release :D ?
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nice setup mate....
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