GBPCHF - Right at the PRZ! Be Patient. Short

British Pound/Swiss FrancFXCM

Description

⋅ Apr 13, 2017 2:26 PM

Hey guys, keep an eye on GBPCHF.

Price has fully tested the PRZ betwen 1.2592 to 1.2605

Pattern Identification

Bearish Bat completes at 1.2605.

Trade Execution

Price has bounced away from the PRZ on the H4 chart.

However, I note that the RSI OB zone has not been tested.

I will be patient and wait for a final retest of the RSI before executing my shorts.

It might spill over a little higher than 1.2605 and that is perfectly normal.

If price just falls from current level, I will miss this trade.

EP: 1.2605
SL: 1.2690 (85)
TP1: 1.2460 (165)
TP2: 1.2370 (235)

Comment

⋅ Apr 21, 2017 11:40 AM

I waited for the price to hit RSI OB before executing my short.

Entered at 1.2615, got stopped out at 1.2690.

Followed all my rules, probably the only thing I should monitor in the future is that price should leave PRZ before I enter my trades.

Comments

UnknownUnicorn669425

⋅ Apr 14, 2017 2:52 AM

Spot a butterfly, don't sure got it correctly or not. 1st time draw this pattern.

TerryHarmonicTrading

⋅ Apr 14, 2017 3:03 AM

@naiveme, the B point is 88.6. It is likely to go to the 161.8 of the XA extension upwards to complete a bearish crab instead. Stay patient.

trungle83

⋅ Apr 13, 2017 10:18 PM

Nice one Terry. I will look to follow you on this one.
Also, Thanks for sharing the video from previous week. I got caught up being so busy I didn't get a chance to say thank you.
I just watched your new weekly video last night, appreciate you bringing Scott on board to discuss about the rules and subjectivity in Harmonics.
I hope he can attend every week so we can ask him more questions :)
Thanks again

kristiinaz

⋅ Apr 13, 2017 3:56 PM

Nice setup and arguments.