pavan15589
Short

USDCHF - Bearish Butterfly..

FX:USDCHF   U.S. Dollar / Swiss Franc
This is the most beautiful and perfect butterfly I have ever seen. The Fib Ratios of the pattern fill the criteria so perfectly with a really good risk to reward ratio, I am giving into my temptation of catching the butterfly ....

Rules of Engagement.....

Shorting at point 'D'.....
With stops above 'D'...
And
Target 1 - At 38% reatracement of 'CD' which beautifully falls on the previous structure resistance ....

With stops moved to Point 'D".....

Target 2 - At 60% retracement of 'CD' which also falls on the intermediate resistance levels i.e Point 'B'....

Just curious who's criteria you are using in this pattern.
Scott Carney, my personal favorite, requires an A to B
of .786. But, perhaps there is some other "expert" who
has a more liberal interpretation and was wondering
who that might be ?
Thanks for your thoughts !!!!
Wishing you lots of pips in your pocket, too ~~~~~~
Reply
pavan15589 dojitrader
Most of the patterns I post, all meet the standard Fib Ratios, but I did see a lot of patterns with tolerances and other criteria when I was trying to understand them.. And if this isn't right, then I would surely accept it cos I am still new to this and your charts are pretty awesome....Probably it will extend into a crab....
Thank you for your feedback.... :-)
Reply
pavan15589 dojitrader
And hey...!! As I was hoping, RSI has gone oversold on Daily and 4 hrs....
Reply
pavan15589 pavan15589
Sorry...Overbought I mean...
Reply
najibmulik dojitrader
You are not only Mr. Perfect, But also Mr. Polite....
Reply
pavan15589 najibmulik
:-) Hey....Thank You for that.... Loads of success to you....:-)
Reply
I'm so sorry but I thought Butterfly is

B should be at 78.6 of XA
D can be 127% or 162% of XA
and 162% or 2.618% of BC for have smaller price cluster.
Reply
Yeah...But I usually keep a tolerance between 61.8% to 78%....It has worked before, but you could see a crab if it extends further.... I would short after the confirmation....
+1 Reply
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