dojitrader
Short

Butterfly With A Bent Wing ?

FX:GBPAUD   British Pound / Australian Dollar
104 4 0
The A to B leg comes up short of the required .786 of X to A *the bent wing*
B to C is about right and --- if it gets to D this leg is the most important at
1.272 of X to A. Plus, this will be a new high for the swing which is often
an additional validation -although not a new "all time" high -
sucks in the final bulls who think it's another leg up.
Requires small stops, so it might be worth a try if we get there.
Sharp reversals are a final clue you're on the right side.
{another bent wing butterfly in EurUsd}
Whew !!!!!!!
Glad I took a second look at this trade and decided to RUN !!!
not walk, and cancel this set up.
Once and awhile not trading works !
Reply
Cancel this trade !!!!!
Further analysis says this is a break out from a triangle formation,
even though the triangle is a bit shaky,
AND it's in the 3rd wave.
Wait to see what the Fed does and maybe there will be another opportunity. !!!
Reply
tntsunrise dojitrader
Yes. Trader. I feel that when One Side wave comes, harmonic pattern not working so good
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Looking to see how the candlestick forms at the top of the hour.
Hangman candles are not a high probability for a trend change,
usually more likely to signal a neutral change. But, a spinning top
followed by 2 hangman is worth a close look.
The big figure -- 1.8400 might have enough pull to get there.
I'm a little bit gun shy, so, I'm letting the candles set my entry/stops.
Only putting half my usual size trade and tight stops since news high
probably signal more new highs.
Reply
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