fximperija
Long

Bull butterfly

FX:EURUSD   Euro Fx/U.S. Dollar
119 3 2
Nice RR. T2 high point for TC             .
HatZ
3 years ago
There is also a bullish deep crab on the H1 chart which has completed at the current level.

I'm a little skeptical about this pattern. This pair has broken below an established trendline, similar to what happened on jan02.
I would say, taking this trade would be to trade against the new dominant trend.
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HatZ
3 years ago
It looks like you were right. It bounced perfectly off of 127.2.

Can you tell me how you judge when to take an oppertunity against the primary trend and when not to?
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fximperija HatZ
3 years ago
Well, there's a down trend channel on H4 and the completion of the butterfly landed alomost on the lower TL boundary showing me that a possible CT trade is highly probable. Whenever a price reaches a channel boundary a very high probability of retracement is present. Therefore, even if the price reaches both targets, it would still be inside the channel, following the major trend.
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