EURCAD - Bearish Butterfly completion
Hey guys, this is a nice H1 setup on EURCAD to sell.
Pattern Identification
Bearish butterfly pattern completion.
Type 2 entry.
Trade Execution
This sell entry should fall between 1.4450 to 1.4470.
SL will be set at 1.4510 and TP is the 886 retracement at 1.4270.
Easily a 1:3 R:R on this setup.
This trade will be invalidated if it breaks above 1.4460 and goes above 1.4510.
Pattern Identification
Bearish butterfly pattern completion.
Type 2 entry.
Trade Execution
This sell entry should fall between 1.4450 to 1.4470.
SL will be set at 1.4510 and TP is the 886 retracement at 1.4270.
Easily a 1:3 R:R on this setup.
This trade will be invalidated if it breaks above 1.4460 and goes above 1.4510.
Trade closed: stop reached:
This trade went back to the PRZ, came out of the zone and I entered around 1.4455. When the big bullish candle completes at 1.4490, I got out and took a 35 pips loss on this.
This is a setup where I followed all my rules and got stopped out.
Probably looking back, the only thing that I see which could have caused this loss is that this pattern on the initial test has already dropped and hit TP1.
Going forward, any setups which has already hit TP1 on the initial test, i will avoid entering them on a type 2 setup.
This is a setup where I followed all my rules and got stopped out.
Probably looking back, the only thing that I see which could have caused this loss is that this pattern on the initial test has already dropped and hit TP1.
Going forward, any setups which has already hit TP1 on the initial test, i will avoid entering them on a type 2 setup.