FX:GBPAUD   British Pound/Australian Dollar
As expected the bears tested all of the fib extensions of the butterfly . I also expected the bulls would start to kick in at the predefined zone of 1.9383 - 1.9363. Price even pinched lower to 1.9293 to trigger the bat entries. Unfortunately I didn't see the bullish bat , but that price alignment really gave the bulls a good risk:reward ratio.

Now I'm both long and short with the GBPAUD             . I took partial profit at 1.9363 and closed two short positions. At the same time I entered long with the butterfly . I expect the bulls will drive up the price because of the following:

(1) price went down extreme, but eventually a lot of buyers stepped in producing a very large wick.

(2) there was no strong follow up after that candlestick . this tells me that the bears are still there.

(3) The bears have tried to counter the previous candlestick . But if you look closely, initally they failed.

Now I have a bearish cypher pattern on my radar which lines up with my desired selling zone to scale in short.
Mikoxl. PRO
2 years ago
Well I'm short again, I scaled in with three short positions. Took off all the remaining long positions of the butterfly, which was a nice shortterm counterplay. Now I'm looking (hoping) for more downside pressure into the 1.8700-18900 area.
Reply
Mikoxl. PRO Mikoxl.
2 years ago
Well, this cypher did perform very well!
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out