Euro/usd butterfly Short

FX:EURUSD60

Euro Fx/U.S. DollarFXCM

Description

⋅ Feb 25, 2015 7:56 AM

A casual bat which might be triggered by today's news around Draghi and the FED

Comments

MinervaFX

⋅ Feb 25, 2015 8:15 AM

FeelsFX

⋅ Feb 25, 2015 8:41 AM

nice i didnt see it quite well

MinervaFX

⋅ Feb 25, 2015 8:45 AM

but it is not 100% cypher as the B-C leg should be at least 113.1% and it is just between 113 and 100. That's why I'm cautious and I might short it later with a small position.

Nico.Muselle

⋅ Feb 25, 2015 8:18 AM

Just asking, no critics .. but isn't that BC retracement a little deep for a butterfly ? What criteria do you use for this ?

FeelsFX

⋅ Feb 25, 2015 8:19 AM

786 retracement as it was mentioned by Carney in the book

FeelsFX

⋅ Feb 25, 2015 8:20 AM

strict 1.272 and .786 retracements for the butterfly

Nico.Muselle

⋅ Feb 25, 2015 8:23 AM

You're absolutely right .. have to refresh my butterfly knowledge, haven't been trading it lately :)

FeelsFX

⋅ Feb 25, 2015 8:24 AM

i triple check the levels before i confirm it :D

Nico.Muselle

⋅ Feb 25, 2015 8:25 AM

Excellent, better check too much than too little ! Keep up the good job ! :)

MinervaFX

⋅ Feb 25, 2015 8:06 AM

I'm looking at cypher which could be triggered at around 1.14 level which is your trendline. But it might be very busy today so I agree with your bat pattern as well.