FX:GBPAUD   British Pound / Australian Dollar
138 2
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.
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.
Mikoxl. Mikoxl.
Well, this cypher did perform very well!
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