Gmanns777

OMGUSD Bearish Butterfly

Short
BITFINEX:OMGUSD   OmiseGo / Dollar
Price is currently at 61.8 from all time high. At this level we have a Butterfly pattern completing at 1.272 ext. As described in video you can get short with a healthy R:R. Make sure to have a stop in place.
Comment: Price has moved nicely towards a 1:1 of the XA leg (arrow in chart) which is the sign to move stop to break even or lock in a small profit as you can consider the pattern has done its job.

March central monthly pivot is also lower so reason to think price will continue down.
Given price turned at 61.8 level i expect is to head down towards the 23.6 (eye in chart) so I will leave this trade on until it gets there. slightly below is a missed weekly central pivot at $10.76 so I would not be surprised if price got back there before heading higher.
Comment:
Comment: price sitting in 200MA 4hr chart which is also 1:1 of XA leg of butterfly. Now is the time to move stop to break even / lock in a little bit of profit. This being the case you can say that the Butterfly pattern has done its job. If that is your view you can close the trade.

Having said that price still looks like it will head down to March central pivot and then possibly to 23.6 (circa $12.11) so the choice is your.
Trade closed: target reached: Price had gone to / past all of the price targets... its now very close to a level where price could trun around so time to take profit and get ready to go long.

Comments

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