This is a bat not a butterfly. Not sure why I labeled it butterfly
ForceFollower
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Does it make a difference regarding the odds of success?
TradersClassroom
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A little. A bullish bat is about 6-8% more successful than a bullish butterfly (data from fxgroundworks.com). This coupled with structure gives it the best chance to be a success
ForceFollower
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So your correction is for the good. :) I'm glad to hear that.
TradersClassroom
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Yeah I hope the structure holds. Feel like I'm walking in front of a freight train. Over the last 2 weeks NZD has been strong but you've got to take a shot to make money. Plus I don't worry about any one trade too much because I manage my risks.
ForceFollower
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Very clever of yours. The only way to make money is to do it in a smart way.
I am long and I'm watching this freight train with concern as well.
The NZD has been strengthening significantly in recent hours, whereas the AUS has been relatively stable. This is why we observe another leg down in this pair. When the kiwi loses its steam, the bearish pressure on this pair is going to abate. I think that even if we get to see new lows here, this market won't get much traction to the down side; rather - it's going to bounce back up again.