Trendhopper
Short

USD CAD - BUTTERFLY TOP - SHORT @ 130300

FX:USDCAD   U.S. Dollar/Canadian Dollar
94 0 4
3 months ago
Bearish Butterfly pattern - short at 1.30300 - (sorry D point is out of screenshot at 1.30300)
3 months ago
Comment:
snapshot


Here we are ...point D now clear.......
3 months ago
Trade active
3 months ago
Comment:
snapshot


Butterfly has gone to the 1.618 extension ....thats the problem with the butterfly...can be either 1.272 ext or 1.618....my stop is over 1.305.....so covers this possibility.....
3 months ago
Comment:
snapshot


Looks like the bearish butterfly did its job, although unusual to see price go higher straight after...its just held nicely at 1.30350 .618 retracement...so looking good so far
3 months ago
Comment:
snapshot


Take profit ...safe option is around 28.25......however , I will be watching oil.....if its bullish and goes on a 5th wave unto 55-60 area...then I will be targeting 1.25 (double bottom)
3 months ago
Comment:
snapshot


Ive exited the trade, very small loss incurred, the butterfly was on a short timeframe and did reverse price to 1.30.( but its affects have worn off) ......price now looks too bullish and in a channel it wants too retest the top for a 3rd time, RSI no longer convincing, I will continue to monitor this alongside DXY.....I will look at price action and RSI around the 0.618 retracement level. and short on a pullback...an oil breakout upwards is due in the next 2-3 days and USDCAD will fall.
3 months ago
Comment:
snapshot


Im loving the butterfly today !!!

USDCAD now looks to be headed for 1.315 as this is end of the AB=CD impulse @ 1.618 ext and also .786...fib..(the butterfly fib)....so I will be shorting at 1.315......this could be the road to the 1.34 area ...see my previous post on USDCAD...either way its very likely a reversal at this level....
3 months ago
Comment:
snapshot


5 wave and ABC correction....shame I will be in bed and miss this!!!
3 months ago
Comment:
snapshot


oops,, here is the chart
3 months ago
Comment:
snapshot


Butterfly top pattern looks likely due to the 0.786 retrace.....so short at D ...TP 1.3065........
3 months ago
Comment:
snapshot


Heres the right chart!!!

allow stop loss to 1.318....as butterfly could extend to 1.618 extension and finish around 1.3110
3 months ago
Comment: should have read SL @ 1.3118
3 months ago
Comment:
snapshot


Nice !
3 months ago
Comment:
snapshot


This is still a topping formation..the 5 wave sequence confirms this....just adjusted stop loss a little to allow for a longer spike...longer ABC correction with this pattern :0)))
3 months ago
Comment:
snapshot


Another butterfly...if you aren't in...another short opportunity.....1.33108
3 months ago
Comment: correction......1.3108
3 months ago
Comment: lets get it right... 1.31308.......there
3 months ago
Trade active:
snapshot


Just completed ..so shorted at 1.3132.....SL is over 1.35......reason is because 1.35 is the next fib line of resistance....
3 months ago
Comment:
snapshot


1.3474...this is a reversal level ...0786 fib....I think price will finallyt urn down now...target is the 1.295 resistance area.....
3 months ago
Comment: numbers are confusing...its 1.31474
3 months ago
Trade closed: target reached: Ive taken profit on two of the shorts at 1.30005

Ive opened a small long position with TP of 1.3105

I will let my other short run for now...
3 months ago
Trade closed: stop reached: my long was Stopped out. (small amount)..it was a bit risky I was going against trend and had too tight a stop....

I made a lot on the short so not too fussed...

It may have bottomed at 1.30....but I wont be buying again unless we are around 1.295 area......it should bounce off one of these prices up to 1.309...1.3105....I will be shorting in that area....
3 months ago
Trade closed manually: TAKEN PROFIT ON SHORT FROM 1.313
3 months ago
Trade active: Gone long at 1.2955
SL 1.2935
TP 1.306 - 1.31 area...watch price action
3 months ago
Trade closed: stop reached: Another valuable lesson learned......rushed in a bit too early on this one...

Related Ideas

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